IoT-based Asset Tracking and Monitoring Market by Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, ZigBee, Thread), Monitoring Type (Indoor, Outdoor), Application (Manufacturing, Automotive), Region - Global Forecast to 2029

IoT-based Asset Tracking and Monitoring Market by Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, ZigBee, Thread), Monitoring Type (Indoor, Outdoor), Application (Manufacturing, Automotive), Region - Global Forecast to 2029

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. IoT solutions and services are offering manufacturing companies the benefit of digital disruption. With the growing adoption of industrial automation, hundreds of manufacturers have connected thousands of machines across their factory floors through IoT platforms, which helps manufacturers increase their capacity utilization and gain more business to remain competitive in the market.

“Outdoor segment is projected to grow at an impressive CAGR during the forecast period.”

In railways outdoor monitoring includes derailers, mileposts, signals, and rail tracks. In aviation, tracking aircraft in real-time, for instance, GPS enabled trackers provide location, movement, and performance data for efficient scheduling, optimized flight paths, and improved fuel efficiency. Manufacturing includes outdoor storage areas, vehicle and mobile equipment used for transporting materials across remote locations. Further, cold chain monitoring includes tracking refrigerated trucks, containers, tracking vaccine coolers, and medical kits comes under the outdoor monitoring of assets in IoT-based asset tracking and monitoring market..

"" NB-IoT segment is projected to grow at an impressive CAGR during the forecast period.”

NarrowBand-Internet of Things (NB-IoT) is based on LPWAN developed for a wide range of IoT solutions. IoT applications requiring frequent communications will be better served by NB-IoT, which has no duty cycle limitations operating on the licensed spectrum. NB-IoT is being deployed frequently in logistics for capturing the location of goods and delivery information in real time, temperature monitoring in cold-chain, near real-time location and information of high-value medical equipment with shock and temper alerts, livestock monitoring, and container monitoring, among others. For instance, NB-IoT technology offers several benefits for healthcare applications. It includes remote patient monitoring through medical devices such as heart and blood pressure monitors and tracking of medical equipment in hospitals.

""Aviation application is expected to hold significant market share during the forecast period.""

For effective management of airport transportation, asset tracking and monitoring are critical in the industry. The aviation industry uses crucial and cost-intensive assets such as ground support equipment, unit load devices, spare parts, and inventories. Besides, hundreds and thousands of assets in operation need tracking and monitoring for effective operations. Airports can find and track all essential assets that keep airport operations running smoothly owing to the usage of real-time tracking technology like real-time location systems (RTLSx). Airports are extremely busy places with thousands of passengers and staff. There are million passengers passed through the several Airports. Thus, airports rely significantly on their assets because of the enormous number of visitors they receive each year.

""The market in Europe is expected to grow at a impressive CAGR during the forecast period.""

Europe has a solid base in manufacturing, designing, and researching advanced technologies used in the semiconductor industry. Key production centers in the EU and European Free Trade Association (EFTA) include Austria, France, Germany, Italy, Ireland, and the Netherlands. The UK is one of the key economies in Europe. Digital transformation, technological advancements, and industrial automation initiatives are expected to drive the market’s growth in the country. At present several smart factories across the UK have planned to deploy 4G IoT-based asset management modules to improve device connectivity across floors. These technologies will help reduce power consumption, enable broader connectivity, and offer a long battery life for devices.

Breakdown of the profiles of primary participants:

By Company Type: Tier 1 - 40%, Tier 2 - 35%, and Tier 3 - 25%

By Designation: C-level Executives - 45%, Directors - 30%, and Others - 25%

By Region: North America - 35%, Europe - 30%, Asia Pacific - 25%, and RoW – 10%

Major players profiled in this report are as follows: Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Solera (US), Samsara Inc. (US), SEQUANS (France), Semtech Corporation (US), Nordic Semiconductor (Norway), Laird Connectivity (US) and others.

Research Coverage

The IoT-based asset tracking and monitoring market has been classified by monitoring type, connectivity type, applications, and region. The market by monitoring type has been classified into indoor and outdoor. The connectivity type segment is divided into Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, and others. The market has been divided into automotive, livestock monitoring, railways, aviation, manufacturing, cold chain monitoring and others by application segment. The study also forecasts the market size in four key regions—North America, Europe, Asia Pacific, and RoW.

Key Benefits of Buying the Report:

The report provides insights on the following pointers:

Analysis of key drivers ( Surging use of intelligent connected devices and sensors, Rising adoption of IoT-based asset trackers and monitors in manufacturing companies, Rising interest to deploy cloud computing platforms, Increasing adoption of automated solutions meeting safety standards helps reduce accidental risks), restraints (High initial cost of investment, Lack of standardization and interoperability), opportunities (Growing use of 5G technologies and data analytics in automotive industry, IoT-based asset tracking and monitoring modules to help Supply chain optimization, Rising adoption of IoT based asset trackers in warehouse and logistics management, AI and IoT convergence to lead data monetization), and challenges (IoT technologies related security concerns) influencing the growth of the IoT-based asset tracking and monitoring market.

Product Development/Innovation: Detailed insights on new products, technologies, research & development activities, funding activities, industry partnerships, and new product launches in the IoT-based asset tracking and monitoring market.

Market Development: Comprehensive information about lucrative markets – the report analyses the IoT-based asset tracking and monitoring market across regions such as North America, Europe, Asia Pacific, and RoW.

Market Diversification: Exhaustive information about new products & technologies, untapped geographies, recent developments, and investments in the IoT-based asset tracking and monitoring market

Competitive Assessment: In-depth assessment of market position, growth strategies, and product offerings of leading players like Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), SEQUANS (France) and among others in the IoT-based asset tracking and monitoring market

Strategies: The report also helps stakeholders understand the pulse of the IoT-based asset tracking and monitoring market and provides information on key market drivers, restraints, challenges, and opportunities.