Use Cases Track and Trace for Industrial Tools & Assets

Track and Trace for Industrial Tools & Assets

Track and trace for industrial tools refer to systems capable of recognizing and reporting the location and status of tools in a facility. Today's production of industrial and consumer goods requires exacting work. Precise application of pressure or torque is required in many industries and operator errors can cause costly defects. Track and trace technology can improve production safety, quality, and productivity.

The goal of ‘Track and Trace’ is to manage handheld power tools in manufacturing and maintenance environments more efficiently.

Asset tracking is currently done via barcode and a variety of manual steps in most cases. However, new solutions leveraging smart tags, near-field communication (NFC), and RFID are coming to market to globally track all varieties of objects in real time.

 

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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 

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