IoT Based Asset Tracking and Monitoring Market Size & Share, by Application (Livestock Monitoring, Automotive, Railways, Aviation, Cold Chain Monitoring); Connectivity - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

  • Report ID: 6471
  • Published Date: Sep 25, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2025-2037

IoT Based Asset Tracking and Monitoring Market size is estimated at USD 4.5 billion in 2024 and is predicted to reach USD 12.4 billion by the end of 2037, expanding at around 8.7% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of IoT based asset tracking and monitoring is assessed at USD 4.9 billion.

The IoT based asset tracking and monitoring uses IoT technology for real-time tracking, monitoring, and managing inventory assets spread across different sectors of industries. Key drivers in the market involve the increasing and ever-evolving need for efficiency, increased utilization, and curtailed operational costs. Also, the development and adoption of IoT devices, sensor technologies, and the growing necessity for predictive maintenance propels the market growth. The rising complexity of supply chains, coupled with the need for real-time visibility of products, is stimulating an increased desire to apply IoT based asset tracking and monitoring solutions.

Integration of AI and ML algorithms into these solutions further enhances the capability of providing predictive analytics and automated capabilities in decision-making. As a result, asset tracking and monitoring in the IoT based direction can be predicted to have high growth, along with applications in logistics, healthcare, manufacturing, and transportation. For example, Walmart has designed an IoT based asset tracking and monitoring system that helps in the optimization process of supply chain operations. The company tracks real-time inventory levels for the location and movement with the help of RFID tags and IoT sensors.


IoT Based Asset Tracking and Monitoring Market Overview
Get more information on this report: Request Free Sample PDF

IoT based Asset Tracking and Monitoring Sector: Growth Drivers and Challenges

Growth Drivers

  • Advancement in IoT technology: Advancement in IoT technology has been a foundation for the substantial growth in the market. For instance, LPWANs such as LoRaWAN, Sigfox, and NB-IoT have gained wide acceptance as they offer connectivity solutions over long distances with low cost and low bandwidth, thus allowing for an added million devices being connected, even into remote or unreachable locations. Sensor technology, such as GPS, RFID, and BLE has also been advanced significantly for increased accuracy and reliability in obtaining data. With the integration of edge computing and AI, data analysis and its processing into a decision may be done at the device level without latency, so that the response is timely improved. Furthermore, 5G networks will bring faster data transfer rates and even lower latency, with greater connectivity speeds, so it is expected further to accelerate the growth of IoT based asset tracking and monitoring. Such developments are driven by an increasing demand for productivity, real-time visibility, predictive maintenance, regulatory compliance, and improved utilization of assets.
  • Increasing demand for operational efficiency: The need to achieve operational efficiency is driving the growth of the IoT based asset tracking and monitoring market. Companies across the globe strategize to streamline their operations and eliminate inefficiencies to remain competitive in the fast-paced business environment. IoT based asset tracking and monitoring solutions enable organizations to attain operational efficiency by opting for several measures such as automating inventory management and tracking, increasing supply chain transparency and predictability, reducing downtime and maximizing asset utilization, and enhancing schedule timing to reduce the effective cost of maintenance. Companies are initiating to improve their bottom line, reduce costs, and enhance customer satisfaction which is likely to increase demand in the foreseeable future.
  • Need for real-time visibility: Many companies require real-time data related to an asset's location, status, and condition. These factors involve the growing complexity of worldwide supply chains, increasing demand for just-in-time delivery, and rising concerns for asset security. Advancements in IoT technology and data analytics, regulatory requirements to track and monitor, and high use of automation and robotics drive market growth. Thus, increasing numbers of organizations take up IoT based asset tracking and monitoring solutions to offer instant tracking and monitoring, transparency, improve stock management, reduce downtime, increase the utilization of an asset, and therefore respond promptly to change to outwit each other in business.

Challenges

  • High initial costs: The initial investments in hardware and software, as well as the cost of implementation, can be very high. This creates a cost barrier for many firms to establish their businesses. Additionally, other running costs related to maintenance, support, and training add to the overall cost. Although effective long-term payoffs of efficiency improvement, cost-cutting, and better decision-making compensate for the one-time investment expense, it further makes it indispensable for an organization to critically look at what it needs and seek cheaper alternatives.
  • Scalability of operations: Scalability is extremely challenging as the organizations cannot scale their solutions easily due to increased complexity and data overload as well as network constraints, integration limitations, and cost constraints. The more the number of additional assets and users added, the difficult it becomes to manage and maintain complex systems. Furthermore, the voluminous data can swamp the system and cause performance failures as well as slower response times. In such a case, the existing infrastructure for the network may not stay abreast of the increased traffic and demands of data transfer, thereby creating connectivity and data loss issues.

IoT Based Asset Tracking and Monitoring Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

8.7%

Base Year Market Size (2024)

USD 4.5 billion

Forecast Year Market Size (2037)

USD 12.4 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

IoT Based Asset Tracking and Monitoring Segmentation

Application (Livestock Monitoring, Automotive, Railways, Aviation, Cold Chain Monitoring)

The cold chain segment is expected to dominate IoT based asset tracking and monitoring marke with a share of 31. 3% during the forecast period, due to the paramount position of temperature-controlled logistics in the conservation of perishable goods, such as pharmaceuticals, vaccines, and food items. Stringent regulations in the pharmaceutical and healthcare industries, increasing demand for temperature-sensitive products, and rising IoT sensor and telemetry technologies are some key factors boosting segment growth. The expansion of cold chain infrastructure in evolving markets, a strong focus on spoilage and waste reduction, and the increased adoption of cloud-based solutions also contribute to the growth.

Connectivity (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS)

The LoRa segment is expected to witness remarkable growth during the forecast period owing to its low-power and wide-area network (LPWAN) technology. Factors driving the growth of the segment include increasing adoption in logistics and supply chain management and growing demand for low-cost, battery-powered devices, and enhancements in the LoRaWAN protocol. Moreover, this segment is witnessing smart agriculture, smart metering, and industrial automation, where a larger and growing ecosystem of LoRa-enabled devices and modules are being incorporated and its advantages are being reaped. In June 2022, Murata co-developed a LoRa product with Abeeway. LoRaWAN is a geolocation module designed for IoT asset tracking and monitoring across several sectors.

Our in-depth analysis of the IoT based asset tracking and monitoring market includes the following segments

Application

  • Livestock Monitoring
  • Automotive
  • Railways
  • Aviation
  •  Cold Chain Monitoring

Connectivity

  • Wi-Fi
  • Bluetooth
  • Cellular
  • NB-IoT
  • LoRa
  • SigFox
  • UWB
  • GNSS

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

IoT Based Asset Tracking and Monitoring Industry - Regional Synopsis

APAC Market Statistics

Asia Pacific is expected to hold a revenue share of 42.6% in the IoT based asset tracking and monitoring market during the forecast period owing to rapid industrialization and urbanization, high expansion of e-commerce in countries such as China, India, and South Korea, and government investments in digital infrastructure and smart city projects.

The IoT based asset tracking and monitoring market in India is expected to register robust revenue growth during the forecast period owing to increasing demand for connected devices, rapid advancements in IoT technology, and high adoption of advanced IoT services across several sectors including livestock monitoring, automotive, railways, aviation, and cold chain monitoring. Companies are investing in India market to enhance their presence and meet consumer demand.

North America Market Analysis

North America market for IoT based asset tracking and monitoring is expected to register rapid revenue growth between 2025 and 2037. This growth can be attributed to rising need for technologically advanced IoT sensors, asset tracking and monitoring systems across several sectors, high usage of these solutions for supply chain optimization, and the presence of leading companies.

In the U.S., the market is expected to expand at a staggering revenue CAGR during the forecast period. The proliferation of 5G networks and LPWAN technologies has enabled wide adoption, and IoT based tracking regulations in the U.S. Department of Transportation have fast-tracked market growth. Technology giants such as Cisco, IBM, and Intel, have facilitated the development of advanced IoT platforms and sensors, hence promoting innovation and competitiveness among players in the market. In May 2022, Cisco announced the launch of Meraki MT Sensors which can be used for monitoring indoor IT facilities along with Cisco Industrial Asset Vision, a new IoT solution that brings together new Cisco sensors.

Research Nester
IoT Based Asset Tracking and Monitoring Market Share
Get more information on this report: Request Free Sample PDF

Companies Dominating the IoT Based Asset Tracking and Monitoring Landscape

    The global IoT based asset tracking and monitoring market is extremely competitive, consisting of key players and manufacturers operating at regional and global levels. These key players are focused on developing advanced, tailored solutions to cater to rising demand across several sectors. Many players are also adopting strategic alliances such as mergers and acquisitions, partnerships, license agreements, and product launches to enhance their product portfolio and strengthen their market position. Here are some of the leading companies operating in the global IoT based asset tracking and monitoring market:

    • Quectel 
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sony Semiconductor Israel Ltd.
    • Fibocom Wireless Inc.
    • Nordic Semiconductor
    • GosuncnWelink Corporation
    • Laird Connectivity
    • Semtech
    • Mediatek Inc.
    • Analog Devices, Inc.
    • MeiG Smart Technology
    • Neoway Technology
    • Xiamen CHEERZING IoT Technology
    • HiSilicon Technologies
    • Skyworks Solutions, Inc.
    • Sunsea AIoT Technology Co., Ltd

In the News

  • In September 2024, u-blox and Wireless Logic Ltd announced a strategic collaboration to offer IoT connectivity services and eSIM solutions.
  • In September 2024, Quectel Wireless Solutions, a global IoT solutions provider announced its participation in Electronica India 2024 showcasing some of the latest solutions designed to accelerate the development of IoT applications.

Author Credits:  Abhishek Verma


  • Report ID: 6471
  • Published Date: Sep 25, 2024
  • Report Format: PDF, PPT
IoT Based Asset Tracking and Monitoring Market Report Scope
logo
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying
Inquiry Before Buying Request Free Sample