In today’s fast-paced corporate world, the ability to track and manage assets efficiently is more than a luxury—it’s a requirement. Asset tracking systems have evolved into critical tools for businesses seeking to optimize operations, improve security, and improve overall asset management. However, one issue that frequently arises for firms contemplating asset tracking adoption is: How much does asset monitoring cost? According to sources like Expert Market and Tech.co most asset tracking units cost around $15-$40 per unit. More expensive units can range from $100-$200 per unit and these units come with more expansive features.

Top Providers

Provider	Top Features	Target Audience	Pricing Information
Asset Panda	– Customizable platform – Mobile app with barcode scanning – Compliance tracking	Businesses of all sizes, various industries	Scalable annual plans, quotes based on requirements
Verizon Connect	– Real-time GPS tracking – Long battery life – Geofencing – Proactive maintenance	Industries with heavy-duty equipment	Custom pricing based on business needs
Motive	– Real-time GPS tracking – Geofence alerts – Preventive maintenance – Compact tracking devices	Construction, trucking, logistics, agriculture	Custom pricing based on business needs
Samsara	– 360-degree visibility – Utilization reporting – Preventative maintenance – High-speed 4G LTE connectivity	Various industries, heavy equipment management	Custom pricing based on business needs
Asset Tiger	– 360-degree visibility – Utilization reporting – Preventative maintenance – High-speed 4G LTE connectivity – Free plan	Startups, corporations	Free for up to 250 assets, subscription plans for more

Editors note: 360Connect does have financial connections with some of these suppliers listed here

Understanding Asset Tracking

Asset tracking is the process of tracking physical assets by scanning barcode labels attached to the assets or by utilizing GPS or RFID (Radio Frequency Identification) tags that broadcast their location. These technologies give real-time data on the location and status of assets ranging from equipment and vehicles to workers and goods. Asset tracking can give real-time location or just keep records of who checked out certain devices and tools depending on the system you need. To find out more about how asset tracking works, check out our article here:

How Asset Tracking Helps You:

Tools like asset tracking can help you solve a variety of problems including, but not limited to:

• Minimize asset loss and theft.
• Optimize asset utilization and performance.
• Ensure compliance with regulatory standards.
• Improve customer service through better resource management.

Asset tracking software and tags can be used to track items such as:

• Machinery
• Vehicles
• Tools
• Equipment.
• And more!

Key Components of Asset Tracking Systems

Hardware

Tags and Sensors: These are the key tracking tools. The complexity and capabilities of RFID tags, GPS trackers, and barcodes vary. GPS trackers, for example, are suitable for long-distance real-time location tracking, whereas RFID tags are better suited for short-distance tracking and rapid scanning. Barcodes are simpler tags better suited for tracking who has which tools and keeping a general record of your assets. The type of tags you use will have a huge impact on the asset tracking system you choose.

Scanning Devices: Barcode scanners and RFID readers, for example, are used to read data from tags. The type of scanner used can have an impact on efficiency; for example, handheld scanners enable mobility, whereas fixed scanners give automatic tracking at certain points. A mobile solution may be better for a warehouse where you have to walk around the complex scanning for items.

Software

Asset Management Software: This is the foundation of any asset monitoring system. It enables the tracking, analysis, and reporting of asset data. Asset registration, maintenance scheduling, and historical tracking of asset movement are all common features found in asset tracking software.

Integration capabilities: Integration between software is key to keeping track not only of your assets but also your inventory. Make sure you choose asset-tracking software that is adaptable or can integrate with any other platforms you are using.

Asset Tracking Cost Factors

Scale and Number of Assets

Larger companies with more assets may incur greater costs as they need more technology and a more robust software system. Not to mention, larger companies will most likely need to track different types of assets often meaning they need a combination of different types of tagging systems. For instance, using GPS on tractor-trailers but using barcodes for a chainsaw.

Type of Assets and Complexity

As mentioned above, different types of assets require different types of tracking, and this may affect price. Assets used in harsh environments may also require more durable and expensive tracking devices.

On-Premises vs Cloud-Based Solutions

On-premises solutions often require a significant initial investment in hardware and infrastructure. Cloud-based solutions often require continuous subscription payments, but they may eliminate the need for in-house IT support. While you may not have to have a huge IT, you’ll still need an asset tracking manager to register items and head up tracking.

Customization and Features

Tailoring solutions to unique business requirements can result in large cost increases. Real-time data, usage forecasts, and industry-specific functionality can all add to the cost. In general, the more advanced the system the pricier it’s going to be.

Asset Tracking Cost Breakdown

Initial Setup Costs

• Hardware Purchase:
• Tags and sensors (RFID, GPS, etc.)
• Scanning devices (barcode readers, RFID readers)
• Installation and deployment costs

Software Licensing:

• Asset management software
• One-time purchase or subscription fees

Operational Costs

• Recurring fees for cloud-based platforms
• Updates and cloud storage costs
• Regular hardware servicing and repairs
• Software updates and IT support
• These costs may be included in your subscription

Potential Hidden Costs

• Future software upgrades or feature additions
• Hardware upgrades for expanded capabilities
• Replacement of damaged or outdated equipment

Top 5 Asset Tracking Companies

Asset Panda

Asset Panda provides a flexible cloud-based asset management and tracking platform that is appropriate for both digital and physical assets. Its main strength is its scalability to different corporate demands, offering a customizable solution for tracking everything from IT equipment to contracts. The platform’s adaptability extends to its integration features, which enable smooth interaction with existing tech stacks. Asset Panda differentiates itself through features such as asset assignment for accountability, asset kitting for efficient management, and unique barcode generation for convenient tracking. The platform also includes sophisticated checkout and return procedures, as well as compliance tracking to guarantee that guidelines and standards are followed.

Pricing

The price structure of Asset Panda is based on scalable annual plans that are adapted to the specific needs of each organization. These plans contain important features such as unlimited users and configurable tools, as well as integrations and expert onboarding. Multi-year contracts, educational institutions, and nonprofit organizations are eligible for special savings.

Verizon Connect

Verizon Connect provides GPS asset tracking devices and software designed to monitor and manage high-value equipment successfully. Their system is designed for various asset categories, such as heavy-duty machinery, trailers, and other high-value items. The software is supported by dependable, next-generation hardware created by Verizon Connect, resulting in a responsive and personalized user experience. One of their most prominent features is that they offer up to five years of battery life for powered assets and over ten years for non-powered assets. You’ll also be able to view the location of your assets across devices including desktop and mobile.

Verizon Connect will also give you in-depth analytics about utilization, notifications for maintenance, and the ability to set up a geofencing perimeter. 

Pricing

Verizon Connect also offers custom pricing based on a company’s size and needs. However, Verizon Connect is geared towards larger companies and enterprises.

Motive

Motive provides an all-in-one equipment and trailer monitoring system that provides unique visibility into the location, utilization, and health of equipment. This solution is intended to automate major operational workflows and is applicable to a wide range of industries such as construction, trucking, logistics, and agriculture. Not only do they provide GPS tracking capabilities, but they can also provide trackers with temperature monitoring as well, which separates them from some of the other suppliers. Like others on this list, you’ll be able to monitor when an asset leaves a geofenced area and be able to track stolen items in real-time.

Pricing

Reports put them in the range that we stated in our introduction, however, you can expect custom pricing as well.

Samsara

Samsara is one of the largest companies when it comes to fleet management and asset tracking. They provide a comprehensive solution for large-scale businesses. This system is designed to enhance visibility, improve utilization, streamline maintenance, and assist in billing and job costing. Samsara’s system includes high-speed 4G LTE cellular connectivity, allowing for effective tracking of both unpowered and powered devices. Their gadgets’ rugged design ensures endurance in harsh situations, and the system’s seamless integration of telematics data improves overall operating efficiency. All of this combines to give you one of the most robust systems that use utilization reports to keep costs low and manage your assets effectively.

Pricing

Samsara’s pricing is also custom; however, you’ll find that their selection of devices and asset tracking is some of the best on the market. A truly comprehensive system that can be customized to you. Asset tracking cost will always fluctuate between among providers.

Asset Tiger

Asset Tiger is a popular cloud-based asset management application due to its low cost and capabilities. It is intended to manage a wide range of assets and is particularly well-known for offering the most competitive costs in cloud-based asset management. The platform is appropriate for a wide range of businesses and organizations, with a free edition that allows you to manage up to 250 assets.

Unlike others on this list, Asset Tiger is focused on providing some of the cheapest asset-tracking software and making some of the best asset tags on the market. Asset Tiger is one of the best options on the market if you’ve already bought your tracking methods and need software to manage these assets. You’ll be able to track items, set alerts, generate reports, reserve assets in advance, and more in this intuitive software.

Pricing

Taken for Asset Tiger

Need Asset Tracking for Your Business?

360Connect has your back! We help pair customers with high-quality suppliers every day. Just fill out our 1–2-minute form. From, there we’ll contact you to verify your information and needs. After that, up to 5 suppliers will reach out to you with quotes for their services. This process is free, and you can complete it in minutes.