CHICAGO, March 14, 2024 /PRNewswire/ -- The global IoT-based asset tracking and monitoring market size is expected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029, at a CAGR of 12.8% from 2024 to 2029 according to a new report by MarketsandMarkets. Machine-to-machine (M2M) applications, such as asset tracking, are on the other extreme of the complexity and sophistication scale, pushing the boundaries of what is technically achievable. The adoption of IoT for asset tracking is based on commercial realities. A delivery vehicle is an example of a typical M2M and asset tracking combination. A wireless transmitter and GPS positioning are combined in an active asset tracking system for fleet management, which offers the vehicle's real-time location, engine data, and similar status at all times, as well as alerts regarding any attempted heist or tampering with the truck. As the controller in the head office can divert the vehicle to a new pick-up spot or avoid traffic congestion, it also supports increased efficiency.
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IoT-based Asset Tracking and Monitoring Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 5.0 billion |
Estimated Value by 2029 | $ 9.2 billion |
Growth Rate | Poised to grow at a CAGR of 12.8% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Connectivity Type, Monitoring Type, Application and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | IoT technologies related security concerns |
Key Market Opportunities | Growing use of 5G technologies and data analytics in automotive industry |
Key Market Drivers | Increasing adoption of automated solutions meeting safety standards helps reduce accidental risks |
The market for indoor monitoring segment is expected to gain a significant market share during the forecast period.
Indoor asset tracking is a rapidly growing segment within the broader IoT-based asset tracking and monitoring market. It leverages various technologies like Wi-Fi, Bluetooth, and low-power wide-area networks (LPWANs) to locate and monitor valuable assets within enclosed spaces like warehouses and factories. For instance, monitoring of individual animals within the barns and enclosures to track their feed, water consumption, and health comes under the indoor asset tracking of livestock monitoring. For automotive application indoor monitoring includes tracking robots, equipment, and material within the factory.
Cellular segment is expected to hold a substantial market share during the forecast period.
North America and Europe are rapidly moving toward the development of smart cities by leveraging the widespread use of 4G LTE networks available in these regions. Governments in countries such as the US, the UK, Germany, and France are encouraging the widespread adoption of cellular IoT technologies for environmental monitoring applications. Companies usually interact with many communication providers to secure connectivity at each site due to the patchwork quilt of cellular carrier coverage and the unexpected nature of the next location to successfully convey data. When scaling hundreds of drilling rigs across large regions with unknown coverage and service provider alternatives at each location, Pason faces operational issues. To resolve them, the AirLink RV50X Industrial LTE-A Gateway offered by Sierra Wireless was chosen by Pason for its North American communications services.
Automotive application segment to grow at an impressive CAGR during the forecast period.
The scope of the automotive segment includes fleet tracking and management, SKU handling in logistics, and construction equipment such as off-highway vehicle tracking and monitoring. IoT-enabled sensors and gadgets make it feasible to access GPS trackers. IoT allows for asset tracking, automatic location tracking, and geofencing solution tracking. IoT allows effective tracking of usage hours, like acceleration sensors. With IoT in asset trackers, real-time notifications of the asset's arrival enable better process management. It is possible to monitor warehouse stocks using Bluetooth Low Energy (BLE) Beacons that broadcast data to smartphones or electronic devices. This helps to streamline the asset storage, receiving, and transmission processes.
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North America is expected to hold a significant market share of the IoT-based asset tracking and monitoring market during the forecast period.
The North American IoT-based asset tracking and monitoring industry has been studied for the US, Canada, and Mexico. Asset tracking and monitoring play a vital role in the automotive industry. As more and more automobile manufacturers integrate IoT technologies into their supply chains, managers are also reaching new levels of quality control. In June 2023, a news published by IBM mentioned that 99% manufacturing foundries have no visibility about the parts that where they are going. Further, up to 50% of unscheduled downtime in manufacturing facilities occur due to a lack of spare parts or stockouts. Thus, making asset tracking and monitoring an important aspect in North America.
Key Players
The key players in the IoT-based asset tracking and monitoring companies include Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), SEQUANS (France) and others.
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