Chicago, April 18, 2023 (GLOBE NEWSWIRE) -- IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application(Automotive, Manufacturing, & Cold Chain Monitoring), Region(North America, Europe, APAC, RoW) - Global Forecast to 2027, The IoT based Asset Tracking and Monitoring market is projected to grow from USD 3.9 billion in 2022 to USD 6.6 billion by 2027; it is expected to grow at a CAGR of 11.3% from 2022 to 2027.
Cellular is the most attractive segment, creating tremendous market scope for IoT-based asset tracking and monitoring solution providers
Various cellular technologies, notably the emergence of fifth-generation cellular connectivity (5G) and older generations of services, are used to track assets worldwide. From many kilometers away, cellular asset monitoring, such as placement utilizing 2G, can detect an object’s state, city, or even neighborhood. However, it is not particularly precise. As a result, cellular asset tracking is usually reserved for larger assets that are easy to locate, e.g., 18-wheelers and buses. The most apparent benefit of cellular asset monitoring is that it can typically be used from the point of origin to the point of delivery without the use of additional technology.
Real-time location tracking benefit of IoT-based asset tracking and monitoring for better planning to fuel demand
A good asset tracking and monitoring plan supports organizational objectives while maximizing industrial performance and reducing expenses. As opposed to other business arenas, the manufacturing industry players are widely adopting IoT-enabled asset tracking and monitoring systems. IoT-enabled asset management helps manufacturing businesses track, organize, and locate every piece of equipment. All these tasks take a lot of time and effort to complete manually. Most industries employ pricey handheld scanners for inventory control. These assets can now be tracked automatically using asset tracking solutions that are IoT enabled.
To manage on-floor equipment, companies are moving toward IoT-enabled asset tracking, which, in turn, is creating demand for highly reliable and faster connectivity modules such as 5G cellular. For instance, in March 2022, to have a competitive edge in the market, Fibocom Wireless Inc. launched the 5G smart module SC171, which is mainly designed for industrial applications such as smart manufacturing for asset tracking.
North America to contribute maximum in terms of value generation in the global IoT based Asset Tracking and Monitoring market
North America is estimated to lead the global market during the review period owing to a high inclination toward technologically advanced products. The region is a hub for technological innovations and an early adopter of new technologies. The large presence of major companies in the region, high demand for connected technologies, increased use of innovative devices, and rising deployment of connected technologies are expected to drive the growth of the North American IoT-based asset tracking and monitoring market during the review period.
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IoT based Asset Tracking and Monitoring Market Dynamics:
Opportunity: Rising adoption of data analytics and 5G technologies in automotive sector
The emergence of automation has changed the working of the automotive sector inside-out and made the IoT popular. For instance, automobile manufacturers are utilizing IoT in advanced planning and scheduling to capture real-time production and inventory data and minimize waste and cycle time. They are also using IoT-based analytics in multiple applications, from optimizing inventory in hand to adopting replenishment strategies in production lines for quality testing using optical-based analytics.
Asset management standards serve organizations in the automotive industry in various ways, one of which is lowering acquisition costs. Due to preventative maintenance programs and asset life cycle management, businesses are less likely to replace and purchase new equipment. The capacity to track automotive assets in real-time is one of the benefits of having an asset management strategy in place. Asset tags in the form of barcodes, QR codes, GPS trackers, and wireless beacons are all examples of common asset tracking tools.
Thus, the substantial vehicle production volume is expected to create notable opportunities for the market players in the automotive segment.
Challenge: Trade-off complications related to connectivity technologies
IoT-based asset tracking and monitoring modules are based on various technologies such as Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, and SigFox. These solutions vary in terms of their range, power consumption, and accuracy.
However, the development of a single solution with all these benefits is a key challenge solution providers face. IoT-based asset tracking and monitoring modules comprise hardware and software for continuously tracking and delivering real-time location of assets and resources. Tags, readers, and sensors track and/or monitor assets, individuals, or valuable resources, with increased accuracy in the areas that fall under their network coverage. However, IoT-based asset tracking and monitoring modules face challenges owing to a complicated trade-off between accuracy, power consumption, and range. Narrowband-based tags are not used in some critical applications since they lack in terms of accuracy. Wideband-based tags provide accuracy but have a limited range. Some wideband-based tags are large and have high power consumption. For instance, the channel environment also poses a challenge to IoT-based asset tracking and monitoring modules based on UWB or NB-IoT. When the distance between transmitter and receivers increases, it results in degraded impulse response, limiting an IoT module’s performance and possible range.
This research report categorizes the IoT based Asset Tracking and Monitoring Market based on connectivity type, application, region.
By Connectivity Type:
- Wi-Fi
- Bluetooth
- Cellular
- NB-IoT
- LoRa
- SigFox
- UWB
- GNSS
By Application:
- Livestock Monitoring
- Automotive
- Railways
- Aviation
- Manufacturing
- Cold Chain Monitoring
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Leading Players in the IoT based Asset Tracking and Monitoring Market
Quectel is a global IoT solutions provider focusing on technological developments, with over 2,300 employees in its R&D centers located across three continents. Quectel offers cellular and global navigation satellite system (GNSS) modules for a broad range of cellular technologies, such as 5G, LTE/LTE-A, NB-IoT/LTE-M, Universal Mobile Telecommunications System (UMTS)/High-speed Packet Access (HSPA (*)), and Global System for Mobile Communications (GSM)/General Packet Radio Service (GPRS). The company delivers a broad set of IoT modules widely used across M2M/10T applications, such as smart payments, smart transportation, smart energy, smart cities, public safety, wireless gateways, medical devices, agricultural equipment, and environment monitoring. The company focuses on product innovation with a significant capital investment in R&D every year. Quectel has been a pioneer in launching new technologies. For instance, the company has introduced NB-IoT and LTE modules. Likewise, it has launched an Al-based smart module for next-generation IoT applications. The company is expanding rapidly, evident from its self-owned factory in Hefei and new R&D centers in Vancouver and Foshan. The company has a global presence across Asia Pacific, EMEA, Latin America, and North America, with a major focus on the Australia, New Zealand, Brazil, China, Japan, South Korea, India, Thailand, Mexico, Southeast Asia, and Africa markets.
Thales offers innovative technology solutions through five segments: Defense & Security, Aerospace, Digital Identity & Security, and Transport. The company has a presence in 68 countries. Over the past five years, Thales has invested more than USD 8.5 billion in digital technologies such as AI, connectivity, big data, and cybersecurity. In April 2019, Thales acquired Gemalto, a global security solution provider specializing in digital identity access and security services. The Digital Identity & Security segment offers a wide range of services and solutions, including digital identity management, secure identity management, identity verification, biometrics, physical and digital payment credentials, digital banking security, mobile and IoT security and connectivity, multi-model authentication, data encryption, cloud security, and software license protection. The company has 100+ eSIM deployments worldwide.
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