IoT-based Asset Tracking and Monitoring Market - By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRaWAN, SigFox, GNSS, Ultra-wideband (UWB)), By Application & Forecast, 2024 - 2032

IoT-based Asset Tracking and Monitoring Market - By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRaWAN, SigFox, GNSS, Ultra-wideband (UWB)), By Application & Forecast, 2024 - 2032

Global IoT-based Asset Tracking and Monitoring Market size will record over 12.5% CAGR between 2024 and 2032, driven by the rapid adoption of IoT technologies and advancements in connectivity solutions, such as LTE-M, NB-IoT, and 5G. These innovations are enabling real-time data transmission for enhancing operational efficiency, asset visibility, and predictive maintenance capabilities across industries.

By leveraging IoT devices and robust connectivity, organizations can optimize resource utilization, reduce downtime, and meet the regulatory compliance requirements more effectively. This convergence of technology will drive substantial market growth. For instance, in June 2024, Digital Matter launched Device Manager, an advanced IoT asset tracking device management platform for showcasing its commitment to enhancing management solutions for a diverse hardware portfolio with improved robustness and user-friendliness.

The IoT-based asset tracking and monitoring industry is segmented on the basis of connectivity type, application, and region.

By connectivity type, the cellular segment will witness lucrative growth by 2032 due to widespread coverage, reliability, and scalability to cater effectively to remote and mobile asset monitoring needs. Cellular IoT solutions offer real-time data transmission capabilities crucial for tracking assets across diverse environments. With advancements in LTE-M and NB-IoT technologies, cellular networks are also providing robust connectivity options to enable seamless integration into existing infrastructure for facilitating efficient asset management and operational insights for industries ranging from logistics to utilities.

Based on application, the IoT-based asset tracking and monitoring industry from the manufacturing segment will accumulate notable gains through 2032. This is owing to the increasing adoption of IoT technologies to enhance operational efficiency, reduce downtime, and optimize asset utilization. By leveraging real-time data insights provided by IoT sensors and devices, manufacturers are achieving greater visibility and control over their assets across the supply chain. This strategic integration is improving productivity and facilitating predictive maintenance for ensuring seamless operations and cost savings in the competitive manufacturing.

North America IoT-based asset tracking and monitoring market share will achieve a noteworthy CAGR from 2024 to 2032, fueled by extensive adoption of advanced IoT technologies across industries, such as transportation, healthcare, and manufacturing. Favorable regulatory frameworks have led to significant investments in infrastructure. Moreover, the presence of key market players and the robust technological ecosystem are further enhancing North Americas dominance as a major contributor to the evolving outlook of asset tracking and monitoring solutions.