Track & Trace of Assets
Overview
Track and trace systems provide real-time or periodic updates for the current and historical locations of Containers, vehicles, or other property. Solutions can apply reckoning and reporting of the position of vehicles and Containers that store the tracked property of concern. For example, if it is known the one thousand objects are stored in a Container, it is more cost effective to track the Container than each individual object. However, high value individual objects can also be monitored directly. Wireless tags can be attached to objects with fixed reference points receiving wireless signals from tags to determine their location, as when a pallet is loaded onto a truck. Alternatively, GPS or another technology can track the object using satellite or cellular networks. Examples of real-time locating systems include Tracking products through an assembly line, locating pallets of merchandise in a warehouse, and tracking Containers as they move across warehouses. The physical layer is usually some form of Radio Frequency communication, but some systems use optical or acoustic technology.
Applicable Industries
- Automotive
- Construction & Buildings
Applicable Functions
- Discrete Manufacturing
- Maintenance
Market Size
The track and trace solutions market is projected to reach USD 3.93 billion by 2023 from USD 1.65 billion in 2018, at a CAGR of 18.9%.
Source: Markets & Markets
Case Studies.
Case Study
Increased Range and Flexibility for Custodia Systems Customers
Custodia Systems is a security consultancy based in the UK. It was founded in 2005 by Peter Thompson, a former Goldman Sachs technology and engineering lead, with start up capital of £4,000 (approximately €4,800). It is now the global distributor of Appello tracking devices and its products currently protect £150 million (€180 million) of construction machinery in the UK.The Appello device is a small, portable unit (no bigger than a smartphone) with a battery life of up to two years. It has no external wiring and cannot be located by scanning devices used by professional thieves like GPS (Global Positioning System) units.The device is hidden, for example among the engineering of a piece of plant machinery and sends out a regular signal to mark its present location. Worldwide, Custodia Systems claims 80% of stolen equipment is recovered and back with its owners within eight hours.To ensure consumer confidence and provide a competitive advantage, Custodia Systems needed a fail-safe communications infrastructure that needed to be international, reliable and as accurate as possible. In addition, to support the launch of the AppelloGEO – a new product that can be used globally – Custodia Systems needed a global platform and fixed price international tariffs.
