IoT-based Asset Tracking and Monitoring Market Size & Share

Updated on : Oct 22, 2024

The global IoT-based asset tracking and monitoring market size is expected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029, at a CAGR of 12.8% during the forecast period from 2024 to 2029

IoT adoption in manufacturing industries helps manufacturers achieve the necessary data to manage complex production cycles and manufacturing equipment better, leading to improved operations and profitability. IoT in manufacturing solutions also enables manufacturers to shift from scheduled to predictive maintenance and continuous plant or machine monitoring to reduce downtime and boost production efficiency.

For instance, with the emergence of IoT, solutions such as connected logistics and predictive maintenance enable automobile manufacturers to provide real-time data management and increase the machine life, reducing time and costs. Similarly, IoT-based asset tracking and monitoring solutions allow tracing shop floor tools and equipment to prevent misuse, overuse, or underuse and send alerts for maintenance.

IoT-based Asset Tracking and Monitoring Market Forecast to 2029

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IoT-based Asset Tracking and Monitoring Market Trends

DRIVERS: Increasing adoption of automated solutions meeting safety standards helps reduce accidental risks

Regulatory compliance is a difficult task. Companies worldwide must manage an ever-increasing number of regulations, regardless of industry, scale, or complexity of corporate operations. This is notably true in the US, where new rules such as the Food Safety Modernization Act (FSMA), Pesticide Container and Containment Rule, and Unique Device Identification Rule are gaining the most attention recently. Compliance with regulatory regulations is necessary but often time-consuming and costly.

To adhere to these mandates, cold chain companies are moving toward adopting IoT-based asset tracking solutions in their facilities and logistics. Manufacturing involves operating heavy machinery, which can be hazardous and lead to fatal accidents due to human errors or any system/component failure. Hence, regional governments have established mandates that must be adhered to on manufacturing floors and factories to avoid mishaps. This is fueling the adoption of IoT. Plant operators can better track information, such as alerts, on assets with increased visibility and real-time production information. Depending on the system and solution employed, it can also link PPE requirements for an item in the tracking system if needed.

Notification can be automated by tying a physical item to information. Before a violation or dangerous circumstance happens, employees have rapid access to important information via a message. Today, manufacturers can use material-specific tags and labels to avoid mishaps. Hazardous materials are better controlled with fewer errors, and employees are at a lower risk. Thus, using automated solutions meeting safety standards helps reduce accidental risks.

RESTRAINTS: Lack of standardization and interoperability

Since IoT devices use proprietary operating systems and device settings, it is challenging to integrate them with other technologies and systems. True IoT interoperability refers to using the same standardized data components by all IoT devices and services. When all devices and systems use the same data elements, they can be kept in a single data repository, resulting in a single uniform version of data across all departments. This interoperability issue restraint the growth of IoT adoption in asset management. According to the World Economic Forum, the lack of interoperability and standards is a major barrier to integrating IoT on any shop floor.

OPPORTUNITIES: Growing use of 5G technologies and data analytics in automotive industry

With many countries being well underway of establishing 5G network, the combination of 5G with IoT will create enormous opportunities for the automotive industry as it will provide the capacity required for analyzing real-time video data received from vehicles and transport infrastructure. The duo will also enable digitalized monitoring and predictive maintenance of electrical systems.

In June 2021, Verizon Communications launched its first private 5G network to provide governments and businesses with high-speed (4–5 Gigabytes/sec) connectivity. It will enable the smooth functioning of data-intensive applications in which technologies such as machine learning, IoT, augmented reality, and computer vision are used.

CHALLENGES: IoT technologies related security concerns

The implementation of IoT devices is growing exponentially. Unfortunately, most of the solutions deployed in IoT systems are developed without appropriate security control, leading to serious security concerns. Often IoT systems are networked over the public internet. Connectivity technologies used in IoT are 2G, 3G, 4G-LTE, 5G, Bluetooth, or other old wireless protocols. These network devices connect several governments, corporate, domestic, and global businesses. If not properly secured, this interconnectivity could result in security risk.

Iot-Based Asset Tracking And Monitoring Market Ecosystem

Prominent companies in this market include well-established, financially stable manufacturers such as Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), and SEQUANS (France). These companies have been operating in the market for several years and possess a diversified product portfolio and strong global sales and marketing networks. Along with the well-established companies, there are a large number of small and medium companies operating in this market, such as Neoway Technology Co. LTD. (China) and Azuga (US).

Iot-Based Asset Tracking And Monitoring Market Segment

The IoT-based Asset Tracking and Monitoring Industry for LoRa segment is expected to grow with highest CAGR during the forecast period.

LoRa is a long-range, low-power wireless platform used to build IoT networks across a compelling mix of long-range, low-power consumption, and secure data transmission. This technology is developed and promoted by the LoRa Alliance, an open, non-profit association that various companies initiated to standardize the LPWAN protocol. It is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech Corporation (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 IoT-based Asset Tracking and Monitoring Market for manufacturing segment is projected to grow with substantial CAGR during the forecast period.

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, raw materials, and finished products. For instance, CNC machines, robots, conveyor belts, and other production machinery for performance monitoring and predictive maintenance and finished products in storage areas for quality control and efficient shipment. 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.

IoT-based Asset Tracking and Monitoring Market by Region

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Iot-Based Asset Tracking And Monitoring Market Regional Analysis

The IoT-based Asset Tracking and Monitoring Market in Asia Pacific is projected to hold the substantial market share in 2029.

Asia Pacific is one of the major markets for chip and module manufacturing. The key countries in Asia Pacific considered for this study are China, Japan, India, India, and the Rest of Asia Pacific. China has the largest vehicle fleet in the world with the high adoption of IoT owing to the financial and strategic involvement of the government in the R&D of IoT-related technologies. As China is a major hub of semiconductor fabrication and manufacturing, its participation in implementing and developing IoT-based asset tracking modules and supporting connectivity technologies is crucial for the growth of these markets. With an increasing vehicle fleet, the demand for automated management is expected to increase, creating opportunities for such solution providers. Thus, many companies in the market are working towards capitalizing on these opportunities. For instance, Shenzhen Jimi IoT Co., Ltd. (China) offers solutions for car rental fleet management, taxi and ride-hailing fleet management, trailer tracking, logistics, and delivery. Companies offer solutions such as real-time location tracking, instant alert, geo-fencing, preventive maintenance, and similar insights.

Top IoT-based Asset Tracking and Monitoring - Key Market Players

• Quectel Wireless Solutions Co., Ltd (China),
• u-blox (Switzerland),
• Fibocom Wireless Inc. (China),
• Telit (US),
• Semtech Corporation (US),
• Samsara Inc. (US), and
• SEQUANS (France) are among a few top players in the IoT-based asset tracking and monitoring companies.

IoT-based Asset Tracking and Monitoring Market Report Scope

IoT-based Asset Tracking and Monitoring Market Highlights

This research report categorizes the IoT-based asset tracking and monitoring market by monitoring type, connectivity type, applications, and region.

Recent Developments in IoT-based Asset Tracking and Monitoring Industry

• In December 2023, Quectel Wireless Solutions Co., Ltd announced SG520B series of 5G Sub-6GHz, Wi-Fi 6E and Bluetooth smart modules. This module series of the company was developed to meet growing needs for smart modules which can support not only connectivity in operation.
• In September 2023, u-blox launched SARA-S520M10L, which is cellular and satellite IoT module with accurate, low-power positioning, and great connectivity. It is mainly used in asset tracking, fleet management, mining, utilities, maritime transportation, and smart agriculture applications.
• In September 2023, Telit announced the WE310K6, a fully integrated, low-power module. It has a feature of dual-band, dual-stream Wi-Fi and dual-mode Bluetooth/ Bluetooth Low Energy. It is used for the applications such as asset management, pet, animal trackers, and more.

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