IoT-based Asset Tracking and Monitoring

IoT-based Asset Tracking and Monitoring

Global IoT-based Asset Tracking and Monitoring Market to Reach US$11.2 Billion by 2030

The global market for IoT-based Asset Tracking and Monitoring estimated at US$5.5 Billion in the year 2024, is expected to reach US$11.2 Billion by 2030, growing at a CAGR of 12.8% over the analysis period 2024-2030. Cellular Connectivity, one of the segments analyzed in the report, is expected to record a 11.5% CAGR and reach US$2.5 Billion by the end of the analysis period. Growth in the Wi-Fi Connectivity segment is estimated at 8.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.4 Billion While China is Forecast to Grow at 12.0% CAGR

The IoT-based Asset Tracking and Monitoring market in the U.S. is estimated at US$1.4 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.8 Billion by the year 2030 trailing a CAGR of 12.0% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 11.6% and 11.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.5% CAGR.

Global IoT-based Asset Tracking and Monitoring Market - Key Trends & Drivers Summarized

Why Is IoT Transforming Asset Tracking and Monitoring?

IoT-based asset tracking and monitoring solutions are revolutionizing how businesses manage their assets, providing unprecedented levels of visibility, accuracy, and efficiency. By integrating IoT-enabled sensors, GPS devices, and advanced analytics platforms, these systems allow companies to monitor the location, condition, and performance of their assets in real time. Whether it’s tracking vehicles in a logistics fleet, monitoring equipment in industrial facilities, or ensuring the security of valuable goods during transit, IoT-powered solutions provide actionable insights that optimize operations and reduce costs. The appeal of IoT-based asset tracking lies in its ability to enhance operational transparency and enable predictive maintenance. For example, sensors can detect wear and tear on machinery and alert operators before failures occur, reducing downtime and extending the lifespan of critical assets. Similarly, in the logistics sector, IoT devices ensure real-time tracking of shipments, helping companies improve delivery timelines, reduce theft, and enhance customer satisfaction. This transformation is particularly significant in industries with complex supply chains and high-value assets, such as healthcare, manufacturing, and retail, where the stakes of asset mismanagement are considerable.

What Role Do Technological Advancements Play in IoT-based Asset Tracking?

Technological advancements are driving the rapid evolution of IoT-based asset tracking and monitoring, making these systems more robust, scalable, and user-friendly. The proliferation of low-power wide-area networks (LPWANs) has enabled cost-effective and energy-efficient connectivity for IoT devices, making it feasible to deploy sensors across vast and remote areas. Technologies like Bluetooth Low Energy (BLE) and RFID are being increasingly utilized for short-range tracking, while satellite-based communication ensures reliable connectivity in locations where traditional networks are unavailable. Artificial intelligence (AI) and machine learning (ML) are enhancing the analytics capabilities of IoT asset tracking systems, allowing for real-time data processing and predictive insights. For instance, AI algorithms can identify patterns in asset usage and predict maintenance needs, preventing costly breakdowns. Edge computing is also playing a critical role, enabling data processing at the device level to reduce latency and improve decision-making speed. Furthermore, advancements in 5G technology are enhancing the capacity and reliability of IoT systems, ensuring seamless communication across connected devices. These innovations are significantly expanding the potential of IoT-based asset tracking, enabling it to address increasingly complex operational challenges.

What Are the Key Applications of IoT-based Asset Tracking and Monitoring?

IoT-based asset tracking and monitoring solutions are finding applications across a diverse range of industries, each leveraging these technologies to enhance efficiency, security, and accountability. In the logistics and transportation sector, IoT solutions provide real-time location tracking for shipments, ensuring timely deliveries and reducing instances of theft and loss. Fleet management systems equipped with IoT devices monitor vehicle performance, optimize routes, and ensure compliance with regulatory requirements, improving operational efficiency. In the industrial sector, IoT sensors track equipment performance and detect anomalies, enabling predictive maintenance and reducing downtime. The retail industry uses IoT tracking for inventory management, ensuring that stock levels are optimized and preventing loss due to theft or misplacement. The healthcare sector leverages IoT to track high-value medical equipment and monitor the conditions of temperature-sensitive drugs and vaccines during storage and transit. Even agriculture is adopting IoT-based monitoring to track livestock and optimize the use of farming equipment. These applications illustrate the versatility of IoT solutions in addressing specific operational challenges and delivering measurable benefits across industries.

What Factors Are Driving Growth in the IoT-based Asset Tracking and Monitoring Market?

The growth in the IoT-based Asset Tracking and Monitoring market is driven by several factors, including the increasing demand for real-time visibility into asset performance, advancements in IoT technologies, and the need to enhance supply chain efficiency. Businesses across industries are prioritizing the adoption of IoT tracking solutions to reduce operational inefficiencies, prevent asset losses, and improve decision-making. The rise of e-commerce and the globalization of supply chains have further underscored the importance of real-time asset tracking in ensuring timely deliveries and maintaining customer satisfaction. End-use trends such as the adoption of predictive maintenance in industrial settings and the growing need for temperature-sensitive supply chain monitoring in healthcare are also contributing to market growth. The expansion of IoT infrastructure, supported by advancements in 5G and edge computing, is enabling the deployment of more sophisticated tracking solutions. Additionally, regulatory requirements for traceability in industries such as pharmaceuticals and food are driving the adoption of IoT-based monitoring systems. Together, these factors highlight the critical role of IoT in modernizing asset management practices and addressing the evolving needs of industries worldwide.

SCOPE OF STUDY:

The report analyzes the IoT-based Asset Tracking and Monitoring market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Connectivity Type (Cellular Connectivity, Wi-Fi Connectivity, GNSS Connectivity, LoRaWAN Connectivity, Bluetooth Connectivity, NB-IoT Connectivity, Other Connectivity Types); Application (Transportation & Logistics Application, Manufacturing Application, Livestock Monitoring Application, Cold Chain Monitoring Application, Other Applications)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

Select Competitors (Total 34 Featured) -

• Fibocom Wireless
• Neoway Technology Co., Ltd.
• Nordic Semiconductor ASA
• Quectel Wireless Solutions Co., Ltd.
• Samsara, Inc.
• Semtech Corporation
• Skyworks Solutions, Inc.
• Telit Cinterion
• u-blox Holding AG.

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.