IoT-based Asset Tracking and Monitoring Market Segmentation:
Application Segment Analysis
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 Segment Analysis
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
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Connectivity |
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