IoT-Based Asset Tracking and Monitoring Market is Predictable to Touch USD 9.46 Billion with Registering a Massive CAGR of 11.5% Forecast to 2030

According to the research report published by Polaris Market Research, the global IoT based asset tracking and monitoring market was valued at USD 3.77 billion in 2021 and is expected to reach USD 9.46 billion by 2030, to grow at a CAGR of 11.5% during the forecast period.

IoT based asset tracking and monitoring market

IoT-based asset tracking and monitoring are based on IoT-enabled devices that track assets and equipment. IoT-based asset tracking systems are equipped with various technologies such as Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, and SigFox. These solutions will help monitor and identify issues such as missing parts and faulty areas. The system provides valuable data related to temperature, shock, and tilt to gain insights into quality control.

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IoT-based asset tracking and monitoring solutions enable automation, real-time data collection, and workflow support. They can be deployed quickly and easily. They can be used in various applications, including fleet management, inventory control, and security. Growing demand for real-time information on assets fuels the growth of the IoT-based asset tracking and monitoring market.

IoT-Based Asset Tracking and Monitoring Market: Growth Drivers

The changing performance of industrial assets due to the smart internet of things solutions is driving the growth of the IoT-based asset tracking and monitoring market. The increasing adoption of connected devices, IoT, is boosting market growth. Increasing data flow applications across different sectors such as agriculture, cold chain monitoring, manufacturing, aviation, and automotive is another factor positively influencing the market growth. Due to the smart internet of things solutions, the production quality of industrial assets has been increasing. This is another factor flourishing the market expansion.

Moreover, rising investment by the government and key market players in the internet of things technologies is augmenting the growth of the IoT-based asset tracking and monitoring market. Further, increasing digitization, growing expansion of the connected and IoT-based asset tracking and monitoring activities, and the surge in the number of R&D activities are expected to create opportunities in the industry.

Top Key Players:

  • Analog Devices
  • Fibocom Wireless Inc.
  • Gosuncnwelink Corporation
  • Laird Connectivity
  • Mediatek Inc.
  • Nordic Semiconductor
  • Quectel
  • Semtech
  • Sequans
  • Sierra Wireless
  • Sony Semiconductor Israel Ltd.
  • Telit
  • Thales
  • U-Blox

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IoT-Based Asset Tracking and Monitoring Market: Report Segmentation

By Connectivity Type

Based on connectivity type, the cellular segment is anticipated to witness the largest share in the global IoT-based asset tracking and monitoring market. This growth can be attributed to the development of 5G services and the integration of the IoT in developing technologies. Also, the high demand for cellular networks from various businesses in order to track and monitor their assets is further expected to positively influence the segment growth in the market.

Geographic Overview: IoT-based Asset Tracking and Monitoring Market

Based on geography, North America is expected to hold the largest revenue share during the forecast period. The key factors contributing to this regional growth include growth in the adoption of IoT-based solutions and services coupled with increasing research and development activities. Also, growing spending on R&D activities in order to develop new technologies is expected to drive market growth in the region.

Furthermore, the Asia Pacific is expected to record a significant CAGR during the projected period owing to the growth in digitalization coupled with rising proliferation and the growing use of smart connected IoT devices. In addition, emerging nations, including India, Japan, China, and South Korea, are the hub for the manufacturing of automobiles, information technology products, and electronic products.

Recent Developments

In April 2022, Semtech Corporation introduced the LoRa Edge™ device-to-Cloud geolocation platform. The new LoRa Edge LR1120 enables direct satellite-connected Internet of Things (IoT) applications in supply chain management and logistics with seamless low-power geolocation on a global scale.

IoT-Based Asset Tracking and Monitoring Market: By Connectivity Type Outlook

  • Wi-Fi
  • Bluetooth
  • Cellular
  • NB-IoT
  • LoRa
  • SigFox
  • UWB
  • GNSS
  • Others

IoT-Based Asset Tracking and Monitoring Market: By Application Outlook

  • Livestock Monitoring
  • Automotive
  • Railways
  • Aviation
  • Manufacturing
  • Cold Chain Monitoring
  • Others

IoT-Based Asset Tracking and Monitoring Market: By Region Outlook

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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