The IoT-based asset tracking and monitoring market size was valued at USD 3.8 billion in 2022 and is expected to hit around USD 8.32 billion by 2032, with a registered CAGR of 8.2% between 2023 and 2032.
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Most firms now provide incredibly simple-to-configure cloud-based video management tools. Users may unite several cameras with one VMS by simply enrolling in the mobile app with valid credentials. They may also use the same technique to provide several people access to study surveillance footage. Anyone may perform the setting method totally on their own without the aid of specialists. Everything is up and running in a matter of minutes. An IoT asset monitoring system can track the location of critical assets in real time.
A system for finding assets can also generate information or data that can be used to improve maintenance schedules and boost asset utilisation. IoT asset monitoring may be used for a variety of purposes, including inventory management, fleet management, and security. Asset tracking IoT solutions are the systems which use IoT devices and sensors to follow the geographical location and status of the valuable assets on a real time basis. These systems may be used to track a variety of valuable assets, including as cars, machinery, animals, and people. IoT asset tracking systems frequently use GPS tracking devices or radio frequency identification tags to obtain information about asset location. This data is received and transmitted by a central server so that authorised users may read it. IoT asset tracking solutions provide several advantages, including reduced theft, higher asset utilisation, and enhanced asset deployments. As IoT solutions for asset tracking evolve, they will extend to new sectors.
The performance of industrial assets is changing dramatically as a result of smart internet of things solutions, which improve production quality. In order to produce an accurate analysis for better decision-making, real-time monitoring uses sensors to continuously monitor pressure, assets' temperature, condition, and other factors. The government and major industrial players throughout the world are investing more money in internet of things technology, which is accelerating industry expansion. Additionally, the demand for IoT-based asset tracking and monitoring is expected to grow profitably in the coming years due to expanding digitalization, increased proliferation of connected and IoT-based asset tracking and monitoring initiatives, and an increase in the number of R&D activities internationally.
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|Market Size in 2023||
USD 4.09 Billion
|Market Size by 2032||
USD 8.32 Billion
|Growth Rate from 2023 to 2032||CAGR of 8.2%|
|Forecast Period||2023 to 2032|
|Segments Covered||Application, Connectivity, and Geography|
|Companies Mentioned||Quectel (China), Sierra Wireless (Canada), Telit (U.K.), u-blox (Switzerland), Thales (France), Sony Semiconductor Israel Ltd. (Israel), Fibocom Wireless Inc. (China), Nordic Semiconductor (Norway), GosuncnWelink Corporation (China), Laird Connectivity (US), Semtech (US), Mediatek Inc. (Taiwan), Analog Devices, Inc. (US), Sequans (France), MeiG Smart Technology (China), Neoway Technology (China), Xiamen CHEERZING IoT Technology (China), HiSilicon Technologies (China), Skyworks Solutions, Inc. (US), Omnitracs (US), Hilti (US), Samsara (US), Azuga (US), Sunsea AIoT Technology Co., Ltd (China)|
Key Market Drivers
Key Market Challenges
Key Market Opportunities
The cold chain monitoring segment is anticipated to hold close to one-fifth of the market over the projection period. For fleets that transport products that must be maintained at a specified temperature or ranges all through the transit process, such as food, pharmaceuticals, or other necessary commodities, cold chain monitoring devices are an invaluable tool. The devices send real-time temperature data to prevent waste or damage in the cold chain distribution network.
Cold chain monitoring devices, commonly referred to as temperature data loggers, seem to be wireless sensors which use IoT technology to deliver real-time temperature data. Typically installed in reefers, refrigeration units, or cold rooms, these IoT-based asset tracking and monitoring devices help cold chain managers and customers comprehend temperature.
In 2022, the LoRa segment gained a sizable revenue share of the IoT-based Asset Tracking and Monitoring Market. LoRa offers a solution for battery-powered IoT applications that is easy to incorporate into existing infrastructure. Semtech (US) has implemented LoRa technology in its chipsets. Such chipsets are incorporated in the items offered by its vast network of IoT clients, as well as the LPWANs supplied by mobile network operators worldwide.
With the advent of 5G services and the incorporation of IoT into new technologies, demand for the category is expected to rise throughout the projected period. Cellular networks are increasingly being used in high-power applications across sectors to detect and manage assets. The Bluetooth category is expected to account for a sizable proportion over the projection period. The advancement of Bluetooth® location techniques enable businesses and organizations to attain high accuracy and dependability. Bluetooth tracking tags capable of tracking and monitoring functions can be installed in environments such as offices, clinics, building sites, factories, and retail areas, among others.
IoT Based Asset Tracking and Monitoring Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
In the Asia Pacific region, the market is predicted to expand at the fastest CAGR during the forecast period. For the manufacture of semiconductors and modules, Asia Pacific is a significant market. In especially in the developing countries of Asia Pacific, the adoption of IoT and its integration across all industries are anticipated to be in their early phases. The area has become a focal point for considerable investments and business expansion opportunities globally.
Asia Pacific's manufacture and consumption of electronic devices is expected to grow dramatically in the coming years. Additionally, the region IoT-based asset monitoring and tracking market is growing significantly due to the presence of major chip and module manufacturers.
According to estimates, the North American market for IoT-based asset monitoring and tracking would be dominated by the United States throughout the projected period. In the medical, automobile, third-party logistics, and aerospace sectors, the United States is a crucial nation with a sizable presence of top companies. These companies are looking for ways to employ IoT solutions like asset monitoring, predictive maintenance, and automated control solutions to lower operating costs and increase profitability in response to the COVID-19 outbreak. The CARES ACT, a stimulus programme sponsored by the state government, will help the IoT-based asset tracking and monitoring market in the United States as more businesses focus on boosting the productivity of well-planned asset management, monitoring, and predictive maintenance.
Key Market Players
Segments Covered in the Report
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