Overview and Scope
IoT-based asset tracking and monitoring refer to a solution that involves tracking the location and position of assets and equipment using IoT-enabled devices. The primary purpose is to allow remote surveillance and control of an asset’s geolocation and movements. It improves asset control efficiency and reduces equipment loss.
Sizing and Forecast
The iot based asset tracking and monitoring market size has grown rapidly in recent years. It will grow from $4.66 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. 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 $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. 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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The iot based asset tracking and monitoring market report table of contents includes:
1. Executive Summary
2. IoT Based Asset Tracking And Monitoring Market Characteristics
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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26. South America IoT Based Asset Tracking And Monitoring Market
27. Brazil IoT Based Asset Tracking And Monitoring Market
28. Middle East IoT Based Asset Tracking And Monitoring Market
29. Africa IoT Based Asset Tracking And Monitoring Market
30. IoT Based Asset Tracking And Monitoring Market Competitive Landscape And Company Profiles
Top Major Players:
- Quectel Wireless Solution Co. Ltd
- Fibocom Wireless Inc.
- Sierra Wireless Inc
- Telit Corporate Group
- u-blox AG
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