Chicago, July 27, 2022 (GLOBE NEWSWIRE) -- IoT based Asset Tracking and Monitoring Market size 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, according to a new report by MarketsandMarkets™. The key factors fuelling the growth of the IoT based Asset Tracking and Monitoring market include the adoption of IoT for real time tracking and condition monitoring. Moreover, demand for better throughput and reliable connectivity to create abundant opportunities in market.
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The LoRa segment is projected to grow at the highest CAGR in the IoT based Asset Tracking and Monitoring market from 2022 to 2027.
LoRa is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech (US) has deployed LoRa technology into its chipsets. These chipsets are integrated into the products offered by its vast network of IoT partners and LPWANs provided by mobile network operators worldwide. The reason LoRa is gaining popularity is mainly due to its open protocol. One of the most promising areas of application is asset tracking.
The livestock monitoring segment of the IoT based Asset Tracking and Monitoring market is expected to foresee moderate growth rate
IoT-based tracking and monitoring involve collecting real-time location information, health management, routine feeding management, sorting, and similar functions. The growing demand for advanced monitoring solutions, especially for cattle, has led to a surge in demand for livestock monitoring components such as smart tags, sensors, and GPS modules, thereby driving the growth of the livestock monitoring market.
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Europe region is expected to hold the third-largest share in the market during the forecast period.
Europe has a solid base in manufacturing, designing, and researching advanced technologies used in the IoT industry. Key production centers in the EU and European Free Trade Association (EFTA) include Austria, France, Germany, Italy, Ireland, and the Netherlands. This has resulted in the high growth rate of the IoT-based asset tracking and monitoring market in France and the UK.
The key players operating in the IoT based Asset Tracking and Monitoring market include are Fibocom Wireless Inc. (China), Quectel (China), Sierra Wireless (Canada), Telit (U.K.), u-blox (Switzerland), Thales (France), Sony Semiconductor Israel Ltd. (Israel), Nordic Semiconductor (Norway), GosuncnWelink Corporation (China), Laird Connectivity (US), Semtech (US), and Mediatek Inc. (Taiwan) among others.
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