What Has Been the Growth Trajectory of the IoT Based Asset Tracking And Monitoring Market?
The iot based asset tracking and monitoring market has seen considerable growth due to a variety of factors.
• The market size of IoT-based asset tracking and monitoring has seen considerable growth in the past few years. It is projected to increase from $5.06 billion in 2024 to $5.56 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. The substantial growth experienced during the historic period can be accredited to the increasing demand for efficient supply chains, expansion of industrial IoT, implementation of predictive maintenance, emphasis on asset security, and regulatory changes and standards.
How Does the Forecast Look for the IoT Based Asset Tracking And Monitoring Market?
The IoT Based Asset Tracking And Monitoring market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for asset tracking and monitoring based on IoT is anticipated to experience fast-paced expansion in the upcoming years. The market is estimated to reach $9.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.7%.
This growth during the projection period can be credited to factors such as green and sustainability initiatives, integration with ai and analytics, increased demand for remote monitoring, expansion of retail and inventory management, and its usage in smart city initiatives. Significant trends for the forecast duration include the integration of IoT devices, increased demand for supply chain optimization, progress in sensor technology, upswing in industrial IoT adoption, and emphasis on fleet management.
What Are The Leading Drivers Of Growth In The IoT Based Asset Tracking And Monitoring Market?
Advancements in monitoring solutions are set to catalyze the expansion of the IoT-based asset tracking and monitoring market. Smart monitoring devices that incorporate intelligence technologies, such as sensor networks to accumulate data from their surroundings, represent a growing industry trend. These pioneering solutions fuse IoT and automation into everyday gadgets, imbuing them with heightened functionality. They're designed to trace the whereabouts and condition of assets and equipment, showcasing real-time data about the location of vital assets. The increasing need for integrated technology geared towards safety, security, and convenience is poised to elevate the prominence of IoT-based asset tracking and monitoring. McKinsey & Company, a consultancy firm, has released an article suggesting that the global figure for IoT-linked devices could reach 43 billion by 2023, a number that almost triples that of 2018. In addition, the U.S. government agency, the National Highway Traffic Safety Administration projects that by 2025, there will be 3.5 million autonomous vehicles on American roads, rising to 4.5 million by 2030. Consequently, this surge in demand for innovative monitoring solutions will fuel the promotion and development of the IoT-based asset tracking and monitoring market.
How Are The Segments Defined Within The Global IoT Based Asset Tracking And Monitoring Market?
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 Are New Trends Expected To Influence The Growth Of The IoT Based Asset Tracking And Monitoring Market?
The rise of technological innovation is a prominent trend observed in the IoT-based asset tracking and monitoring industry. Major businesses within this market are channeling their focus towards offering advanced technological solutions, with the aim to solidify their footprint in the market. For example, in June 2024, Digital Matter, a GPS and IoT tracking device producer based in Australia, rolled out Device Manager. This state-of-the-art IoT device management platform stands out in its ability to ameliorate the management and performance of a vast array of hardware. It empowers users to manipulate over 200 device settings, allowing them to customize performance based on specific use scenarios, thus maximizing operational efficacy. The system allows for efficient monitoring and diagnosing of devices, thereby aiding in promptly addressing issues and heightening overall customer satisfaction.
Who Are the Key Players In The IoT Based Asset Tracking And Monitoring Market?
Major companies operating in the IoT based asset tracking and monitoring market include:
• 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 Is The Most Dominant Region In The IoT Based Asset Tracking And Monitoring Market?
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.
