The Business Research Company’s report on the IoT Based Asset Tracking And Monitoring Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the iot based asset tracking and monitoring market?
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. For instance, in December 2022, according to the National Highway Traffic Safety Administration, a US-based government agency, there will be 3.5 million self-driving vehicles on U.S. roads by 2025 and 4.5 million by 2030. Therefore, the growing demand for advanced monitoring solutions will drive the IoT-based asset tracking and monitoring market.
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How has the iot based asset tracking and monitoring market size evolved, and what are the latest forecasts for its expansion?
The IoT based asset tracking and monitoring market size has grown strongly in recent years. It will grow from $5.06 billion in 2024 to $5.56 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. 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 $9.62 billion in 2029 at a compound annual growth rate (CAGR) of 14.7%. 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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Which major companies dominate the iot based asset tracking and monitoring market?
Major companies operating in the IoT based asset tracking and monitoring market 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
What trends will shape the future of the in-vitro toxicology testing market?
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 June 2024, Digital Matter, an Australia-based GPS and IoT tracking device manufacturer company, launched Device Manager. It is a next-generation IoT asset-tracking device management platform that enhances the management and performance of its diverse range of hardware. Users can control over 200 device settings to tailor performance according to specific use cases, allowing for optimized operations. The platform enables quick monitoring and troubleshooting of devices, improving overall customer satisfaction by addressing issues promptly.
Which region dominates the iot based asset tracking and monitoring market, and what factors contribute to its leadership?
North America was the largest region in the IoT-based asset tracking and monitoring market share in 2024. 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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How is the iot based asset tracking and monitoring market segmented, and which segment holds the largest share?
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
Subsegments:
1) By Wi-Fi: Standard Wi-Fi, Wi-Fi 6
2) By Bluetooth: Bluetooth Classic, Bluetooth Low Energy (BLE)
3) By Cellular: 3G, 4G Or LTE, 5G
4) By NB-IoT (Narrowband IoT): Standalone NB-IoT, LTE-M (Long-Term Evolution for Machines)
5) By LoRa (Long Range): LoRaWAN (Long Range Wide Area Network)
6) By SigFox: SigFox Network Technology
7) By UWB (Ultra-Wideband): Time-Of-Flight (ToF) Applications
8) By GNSS (Global Navigation Satellite System): GPS, GLONASS, Galileo
9) By Other Connectivity Types: Zigbee, RFID (Radio-Frequency Identification)
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How is the iot based asset tracking and monitoring market defined?
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.
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