The iot based asset tracking and monitoring global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
IoT Based Asset Tracking And Monitoring Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The iot based asset tracking and monitoring market size has grown rapidly in recent years. It will grow from <b>$4.66 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. </b> The growth in the historic period can be attributed to demand for supply chain efficiency, expansion in industrial iot, predictive maintenance implementation, focus on asset security, regulatory changes and standards.
The iot based asset tracking and monitoring market size is expected to see rapid growth in the next few years. It will grow to <b>$8.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. </b> The growth in the forecast period can be attributed to sustainability and green initiatives, integration with ai and analytics, remote monitoring demand, retail and inventory management expansion, adoption in smart city initiatives. Major trends in the forecast period include integration of iot devices, demand for supply chain optimization, advancements in sensor technology, rise in industrial iot adoption , focus on fleet management.
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Scope Of IoT Based Asset Tracking And Monitoring Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
IoT Based Asset Tracking And Monitoring Market Overview
Market Drivers –
The growing demand for advanced monitoring solutions is expected to propel the growth of the IoT-based asset tracking and monitoring market. Smart monitoring solutions and devices are products integrated with intelligence technologies like sensor networks that gather data from the environment. These IoT-based asset tracking and monitoring technologies integrate IoT and automation into consumer devices to make them work intelligently. These technologies track the location and status of assets and equipment, allowing real-time visibility into critical asset locations. Such integrated and intelligent technology demand increases the use of IoT-based asset tracking and monitoring due to the growing importance and concern about safety, security, and convenience. For instance, in an article published by McKinsey & Company, a management consulting company, the global number of IoT-connected devices is expected to increase to 43 billion by 2023, nearly tripling from 2018. Therefore, the growing demand for advanced monitoring solutions will drive the IoT-based asset tracking and monitoring market.
Market Trends –
Technological advancement is a key trend gaining popularity in the IoT-based asset tracking and monitoring market. Major companies operating in IoT-based asset tracking and monitoring are focused on providing technologically advanced solutions to strengthen their market position. For instance, in April 2021, Sierra Wireless, a Canada-based communications equipment company, launched Acculink Cargo, a new managed IoT solution for asset tracking. Acculink Cargo allows firms to avoid shipping delays, minimize dwell time, protect against theft, and troubleshoot environmental factors resulting in asset damage.
The iot based asset tracking and monitoring market covered in this report is segmented –
1) By Connectivity Type: Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Other Connectivity Types
2) By Technology: Device Management, Application Management, Network Management
3) By Application: Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, Other Applications
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Regional Insights –
North America was the largest region in the IoT-based asset tracking and monitoring market share in 2023. The regions covered in the iot based asset tracking and monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the iot based asset tracking and monitoring market report are Quectel Wireless Solution Co. Ltd., Fibocom Wireless Inc., Sierra Wireless Inc., Telit Corporate Group, u-blox AG, Sequans Communications S.A., Nordic Semiconductor ASA, GosuncnWelink Corporation, Laird Connectivity LLC, Thales Group, Semtech Corporation, Mediatek Inc., Analog Devices Inc., HiSilicon Technologies Co. Ltd., Skyworks Solutions Inc., MeiG Smart Technology Co. Ltd., NXP Semiconductors N.V., Infineon Technologies India Private Ltd, STMicroelectronics N.V., Texas Instruments Incorporated, Samsung Electronics Co.Ltd., LG Electronics Inc., Micron Technology Inc., SMART Modular Technologies Inc., Kingston Technology Company Inc., Western Digital Corporation, Seagate Technology plc, Renesas Electronics Corporation, Panasonic Holdings Corporation, Toshiba Corporation
Table of Contents
1. Executive Summary
2. IoT Based Asset Tracking And Monitoring Market characterstics
3. IoT Based Asset Tracking And Monitoring Market Trends And Strategies
4. IoT Based Asset Tracking And Monitoring Market – Macro Economic Scenario
5. Global IoT Based Asset Tracking And Monitoring Market Size And Growth
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31. Global IoT Based Asset Tracking And Monitoring Market Competitive Benchmarking
32. Global IoT Based Asset Tracking And Monitoring Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IoT Based Asset Tracking And Monitoring Market
34. IoT Based Asset Tracking And Monitoring Market Future Outlook and Potential Analysis
35. Appendix
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