IoT based Asset Tracking and Monitoring Market Share, Size, Trends, Industry Analysis Report, By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Others); By Application; By Region; Segment Forecast, 2022 - 2030
- Published Date:Aug-2022
- Pages: 118
- Format: PDF
- Report ID: PM2528
- Base Year: 2021
- Historical Data: 2018-2020
Report Outlook
The global IoT based asset tracking and monitoring market was valued at USD 3.77 billion in 2021 and is expected to grow at a CAGR of 11.5% during the forecast period. The use of technological knowledge, such as the Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI), has led to a new phase of digital tracking and monitoring industry growth.
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The performance of industrial assets is changing significantly owing to the smart internet of things solutions, which have a favorable effect on production quality. Real-time monitoring is a novel idea that involves sensor-based surveillance of the assets' temperature, pressure, condition, and other parameters to create an accurate analysis for better decision-making.
Additionally, increasing investment by the government as well as major industry players in the internet of things technologies across the globe is accelerating the growth of the market. Furthermore, growing digitization, increasing proliferation of the connected and IoT-based asset tracking and monitoring initiatives, and the rise in the number of research and development activities globally are creating lucrative opportunities for the IoT based asset tracking and monitoring market demand over the coming years.
The outbreak of COVID-19 has negatively impacted the growth of the IoT based asset tracking and monitoring market. The pandemic badly affected the economic activities of industries across the globe including automotive, railway, aviation, manufacturing, and other industries. The need for business and government facilities to ensure the proper management of their assets declined due to the halt in operating activities.
Furthermore, the demand for the IoT based asset tracking and monitoring market was also affected owing to the disruption in the supply chain. There was a shortage in supply of the parts and components that are heavily used in the production of such systems due to the worldwide lockdown and stringent regulation in order to curb the deadly disease.
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Industry Dynamics
Growth Drivers
The market is growing at a faster pace as the internet of things connects digital and physical worlds by transmitting and sharing data via the internet. Connected devices can communicate automatically and deliver information to the relevant location without the need for human intervention owing to the availability of IoT based asset tracking and management software.
The development and use of the internet of things in asset tracking and management creates significant advantages to improve asset lifecycle management and equipment efficiency. According to several studies and reports, one of the top industrial use-cases for the internet of things that will evolve in the near future is the internet of things based management.
For instance, the inclusion of sensors turns any physical device into a digital device. The central tracking and monitoring system can be connected to the sensors. As a result, the sensors will automatically transmit the pertinent data to the central tracking and monitoring system, including the position, running status, condition, and potential problems. With this knowledge, the asset manager can create a work order for the specific asset that needs urgent maintenance and act immediately.
Report Segmentation
The market is primarily segmented on the basis of connectivity type, application, and region.
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By Connectivity Type |
By Application |
By Region |
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Cellular is expected to hold a strong market demand
With the emergence of 5G services and integration of the IoT in developing technologies, the demand for the segment is anticipated to grow over the forecast period. There is an increased high power demand for cellular networks across the industries in order to track and monitor their assets.
The Bluetooth segment is anticipated to account for a significant share over the forecast period. The rising development in the Bluetooth® location methodologies permits companies and organizations to achieve high accuracy and reliability. Environments such as offices, hospitals, construction sites, factories, and retail spaces, among others, can equip Bluetooth tracking tags that are capable of performing tracking and monitoring functions.
Geographic Overview
North America is expected to account for the largest share over the forecast period. The high market in the region is accelerated by the increased adoption of IoT-based solutions and services as well as the rising research and development activities. The increasing investment in R&D activities is leading to the advancement of novel technologies in the region, which in turn, contributes to the digital tracking and monitoring of market growth.
Furthermore, several 5G service providers are investing in the region in order to strengthen and enhance their telecom networks and focus on the development of the 5G infrastructure, which is anticipated to drive market growth.
Moreover, the Asia Pacific market is anticipated to account for a significant CAGR over the forecast period. The rapid digitalization and increasing proliferation and integration of smart connected IoT devices are stimulating the growth of the IoT-based asset tracking and monitoring market.
Furthermore, the economies such as India, Japan, China, and South Korea are emerging countries in APAC that are responsible for the production of automobiles, information technology products, and electronic products that are key parts and components of the tracking and monitoring systems.
Competitive Insight
Some of the major players operating in the global market include Analog Devices, Inc., Fibocom Wireless Inc., Gosuncnwelink Corporation, Laird Connectivity, Mediatek Inc., Nordic Semiconductor, Quectel, Semtech, Sequans, Sierra Wireless, Sony Semiconductor Israel Ltd., Telit, Thales, and U-Blox.
Recent Developments
In April 2022, Semtech Corporation introduced the LoRa Edge™ device-to-Cloud geolocation platform. The new LoRa Edge LR1120 enables direct satellite-connected Internet of Things (IoT) applications in supply chain management and logistics with seamless low power geolocation on a global scale.
In February 2022, Laird Connectivity launched advanced Bluetooth LE module series to accelerate iot development. The Lyra Series of Bluetooth Low Energy (LE) modules are based on the silicon labs EFR32BG22 SoC, that provides customers a range of flexible modules.
IoT based Asset Tracking and Monitoring Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 3.77 Billion |
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Revenue forecast in 2030 |
USD 9.46 Billion |
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CAGR |
11.5% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2022 to 2030 |
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Segments covered |
By Connectivity Type, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Analog Devices, Inc., Fibocom Wireless Inc., Gosuncnwelink Corporation, Laird Connectivity, Mediatek Inc., Nordic Semiconductor, Quectel, Semtech, Sequans, Sierra Wireless, Sony Semiconductor Israel Ltd., Telit, Thales, and U-Blox |
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