Market Research
In the modern world, billions of dollars’ worth of shipments are lost or delayed daily due to inadequate tracking of assets and objects. This widespread issue has prompted the development of solutions aimed at enhancing asset tracking and management. This document presents an overview of how XXX, a provider of indoor location solutions, addresses this challenge using battery-less tags and beacons.
Challenges
The key challenges faced by XXX include the need to estimate several critical factors related to the potential market for their indoor location solutions. These challenges encompass determining the number of large corporations and small and medium-sized enterprises (SMEs) willing to invest in digital asset tracking, identifying the number of buildings per site in various geographic zones, understanding the distribution of buildings or sites by customer category (corporate vs. SME), calculating the average building size per site, and estimating the average number of assets to be tracked per building (such as tools, pallets, boxes, etc.). These estimates must be provided for different geographic zones, including North America (with specific data for the United States), Europe, and Asia (with specific data for China, India, and Japan). Additionally, these figures need to be categorized based on different sectors, such as industry and logistics.
Solution
To solve the challenge of estimating the number of RFID chips required for asset tracking in all the warehouses across specific jurisdictions, we followed a step-by-step approach:
Categorized Customers: First, we categorized customers into two groups – Corporate (Corp) and Small and Medium Enterprises (SME). This allowed us to understand the different requirements and scales of asset tracking.
Geo-Zone Analysis: Next, we analyzed the different geographic zones in the target jurisdictions. We determined the number of buildings per site in each zone for both customer categories.
Building Surface Analysis: We calculated the average building surface area per site and per building in square meters (M2) for each geo zone, taking into account variations in building sizes.
Asset Tracking Requirement: We assessed the average number of assets to be tracked and located in each building. This involved considering various asset types such as tools, pallets, boxes, and more.
Estimation: Using the data obtained in the previous steps, we estimated the total number of RFID chips required for asset tracking across all warehouses in the specified jurisdictions. This calculation considered the number of buildings, their sizes, and the assets to be tracked.
By following this method, we successfully estimated the required number of RFID chips for asset tracking, providing an efficient and data-driven solution to the challenge.
Results
The data collection process involves conducting secondary searches across various paid and unpaid databases, investigating trade journals, associations, company annual reports, product releases, published studies and surveys, and supplier’s association publications. The collected information includes figures related to the number of businesses, market size, historical usage trends, country-level warehouse numbers and sizes, numbers of corporations and SMEs in each geographic zone, and statistics related to various industries. In cases where exact data is unavailable for specific geographies or industries, educated estimations will be made, and clear hypotheses will be provided to support these estimations.
As an example, data extrapolation for the United States was performed, estimating the number of SMEs, large corporations, and warehouses owned or leased by them. Similarly, an estimate of the average number of pallets and boxes in a warehouse was calculated based on warehouse size and typical stacking heights.
Conclusion
The comprehensive methodology presented in this document not only addressed the challenges faced by XXX but also demonstrated a commitment to providing accurate and data-backed solutions in the realm of asset tracking and management. By leveraging innovative technologies and a systematic approach to estimation, XXX is well-positioned to meet the growing demand for indoor location solutions and contribute to the optimization of asset-tracking processes worldwide.
