Chicago, Aug. 15, 2023 (GLOBE NEWSWIRE) -- The 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 Growth Driver and Industry Forecast to 2027", The key factors fueling the growth of the market include increasing demand for real-time information of assets. Every industry has valuable assets; monitoring their performance, providing them safety, and checking their availability is crucial for every business. IoT-based asset tracking and monitoring technologies and solutions are adaptable. They share real-time information about the asset’s location and health and reduce the consumption of time associated with manual tracking tasks.
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IoT based Asset Tracking and Monitoring Market Report Scope
| Report Attributes | Details |
| Market Size Value in 2022 | USD 3.9 Billion |
| Revenue Forecast in 2027 | USD 6.6 Billion |
| Growth Rate | 11.3% |
| Base Year Considered | 2021 |
| Historical Data Available for Years | 2018–2027 |
| Forecast Period | 2022–2027 |
Key Market Players in IoT based Asset Tracking and Monitoring Market
- Fibocom Wireless Inc. (China),
- Nordic Semiconductor (Norway),
- GosuncnWelink Corporation (China),
- Laird Connectivity (US),
- Semtech (US),
- Mediatek Inc. (Taiwan),
- Analog Devices, Inc. (US),
- Sequans (France),
- MeiG Smart Technology (China)
“Browse in-depth TOC on " IoT based Asset Tracking and Monitoring Market Trends, Growth Drivers"
195 – Tables
62 – Figures
250 – Pages
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 market 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.
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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 IoT based asset tracking and monitoring 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 & monitoring market during the review period.
US is expected to hold the largest share of the IoT based asset tracking and monitoring industry in the North America market during the forecast period. The US is a key country with a substantial presence of leading companies in the 3PL (Third-party logistics), medical, automotive, and aviation verticals. Due to the COVID-19 pandemic, these companies are looking for ways to optimize their operating costs and increase profitability by using IoT solutions such as predictive maintenance, asset tracking, and automated control solutions. The stimulus provided by the state government in the form of CARES ACT will also be an impetus for the IoT-based asset tracking and monitoring market in the US as more companies will focus on increasing the productivity of well-planned asset tracking, monitoring, and predictive maintenance.
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