The global WAN connected returnable transport assets tracking market is predicted to witness astonishing growth, exhibiting a CAGR of 12.0% from 2023 to 2033. As per the recent report by FMI, the number of global connections is expected to cross 74.36 million in 2023 and 230.95 million by 2033.
Returnable Transport Assets (RTAs) are specialized durable reusable packaging containers. They include shipping containers, dollies, pallets, and others. RTA tracking is critical for accountability. Solution providers track their RTA to better take care of their assets. They use RFID technology for faster auditing and reducing human error.
The swift digitalization experienced in recent years has augmented the shipments of Wide-Area Network (WAN) technologies. The incorporation of WAN in RTA tracking solutions has been rising due to the rising demand for closed-loop and open-loop supply chains. WAN connected returnable transport assets tracking leverages barcodes, RFID technology, and IoT technologies for precise tracking and accountability.
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WAN technologies incur flexible implementation and remain a long-term proposition for a few types of lower-cost RTAs. The expansion of supply chain networks of various enterprise departments is predicted to catapult the demand for WAN connected returnable transport assets tracking solutions. The innovations in software and IoT are projected to create lucrative growth prospects for the market.
The coronavirus pandemic has significantly boosted the expansion of eCommerce industry. The dynamic consumption patterns, coupled with the rising adoption of omnichannel distribution models are anticipated to uptick market expansion during the forecast period.
Key Takeaways from the WAN Connected Returnable Transport Assets Tracking Market:
- The global WAN connected returnable transport assets tracking market is predicted to reach 117 million connections by 2027.
- The North American region is predicted to attain substantial growth with the United States dominating the regional market.
- The United States market is predicted to flourish due to the food and beverage industry’s consistently rising expansion. Additionally, companies aim for optimum quality and safety of their products during the transportation is anticipated to garner market growth.
- The United Kingdom is anticipated to hold the largest market share in Europe. The growing emphasis on waste reduction and sustainability improvement is projected to bolster the region’s market development.
- Asia Pacific’s market is likely to flourish owing to the high demand for transportation services. The large manufacturing bases in Indonesia, India, China, and other nations are anticipated to bolster market development.
Recent Developments Observed by FMI:
- In February 2022, Link Labs partnered with Wirepas. Link Labs is the pioneer in end-to-end Internet of Things platforms for tracking, finding, and tagging equipment, supplies, and assets. With this partnership, Airfinder OnSite, Link Labs’ flagship product is to be used to assist enterprises in managing, monitoring, and locating packaging, tools, inventory, personnel, and others.
- TrakAssure and Wyld partnered in February 2022 to provide worldwide Long Range Wide-Area Network, LoRaWAN satellite-based IoT connectivity, for asset tracking.
- In June 2021, Safecube launched its new IoT-enabled asset-tracking solution. The new LocaTrack asset will monitor and track assets, offering a global view of the transportation fleet.
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Key Segments of WAN Connected Returnable Transport Asset Tracking Services Industry
WAN Connected Returnable Transport Asset Tracking Services Industry by Product Type
- WAN Connected Returnable Transport Asset Tracking Services Hardware
- WAN Connected Returnable Transport Asset Tracking Services Software
WAN Connected Returnable Transport Asset Tracking Services Industry by Deployment
- On-cloud WAN Connected Returnable Transport Asset Tracking Services
- On-premise WAN Connected Returnable Transport Asset Tracking Services
WAN Connected Returnable Transport Asset Tracking Services Industry by End User
- WAN Connected Returnable Transport Asset Tracking Services for Transportation & Logistics
- WAN Connected Returnable Transport Asset Tracking Services for Aviation
- WAN Connected Returnable Transport Asset Tracking Services for Healthcare
- WAN Connected Returnable Transport Asset Tracking Services for Manufacturing
- WAN Connected Returnable Transport Asset Tracking Services for Food & Beverage
- WAN Connected Returnable Transport Asset Tracking Services for Other End-use Industries
WAN Connected Returnable Transport Asset Tracking Services Industry by Region
- North America WAN Connected RTA Tracking Market
- Latin America WAN Connected RTA Tracking Market
- Europe WAN Connected RTA Tracking Market
- East Asia WAN Connected RTA Tracking Market
- South Asia and Pacific WAN Connected RTA Tracking Market
- Middle East and Africa (MEA) WAN Connected RTA Tracking Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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