Global IoT based Asset Tracking and Monitoring Market Size, Share & Industry Trends Analysis Report By Connectivity Type (Cellular, NB-IoT, SigFox, Wi-Fi, LoRa, GNSS, Bluetooth, and Others), By Application, By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the IoT based Asset Tracking and Monitoring Market
Market Report Description
The Global IoT based Asset Tracking and Monitoring Market size is expected to reach $6.7 billion by 2028, rising at a market growth of 10.7% CAGR during the forecast period.
Today, most businesses provide extremely easy-to-configure cloud-based video management platforms. By merely enrolling into the mobile app with legitimate credentials, users have the freedom to combine multiple cameras with one VMS. Additionally, they can utilize the same procedure to grant numerous individuals’ access to examine security footage.
Without the assistance of experts, anyone can complete the configuration procedure entirely on their own. It only takes a few minutes to get everything functioning. The use of the Internet of Things (IoT)-enabled devices to follow the position and condition of mobile assets and equipment is known as asset tracking. The location of crucial assets can be tracked in real-time using an IoT asset tracking system.
A system for asset locating can also produce data that can be utilized to optimize maintenance schedules and increase asset usage. Fleet management, inventory management, and security are just a few uses for IoT asset tracking. Asset tracking IoT solutions are systems that track the location and condition of priceless assets in real-time using sensors and other IoT devices. These programs can be used to keep track of a variety of assets, including stock, vehicles, machinery, and people.
IoT solutions for asset tracking often gather information about asset location using radio frequency identification (RFID) tags or GPS tracking devices. A central server receives this data and transmits it so that authorized users can view it. IoT systems for asset tracking have various advantages, including increased asset usage, less theft and loss, and improved asset deployments. IoT solutions for asset tracking will spread across more industries as they continue to develop.
COVID-19 Impact Analysis
The demand for computers, network peripherals, displays, and home entertainment internet services increased considerably during the pandemic as more individuals studied and worked from home, placing a significant strain on the semiconductor supply chain. Due to this, there is now a massive global imbalance between supply & demand for semiconductor chips. Manufacturers of IoT asset tracking modules encountered this problem, which had a significant negative impact on income creation. As a result of all these variables, the market experienced an increase in prices and a noticeable lengthening of lead times. This presented a difficult situation for the market participants.
Market Growth Factors
Growing Adoption Of Cost-Efficient And Connected Devices & Sensors
IoT is producing significant amounts of data as a result of the growing use of connected devices, and as a result, data flow applications are expanding in many industries, including agriculture, manufacturing, aviation, cold chain tracking, and the auto industry. Due to lower infrastructure costs, it is now possible to generate in big quantities and speed up product deliveries. IoT and analytics are being used by enterprises to run and enhance operations and maintain market competitiveness. A recent survey found that a significant percentage of US firms, gather and then use data from smart IoT modules to improve production procedures, fleet management, livestock feed monitoring, and related tasks.
Increasing Acceptance Of Data Analytics And 5g Technologies In The Automotive Industry
The rise of automation has fundamentally altered how the automotive industry operates and increased public awareness of the IoT. For example, automakers are using IoT in advanced planning & scheduling to collect real-time inventory and production data, reduce waste, and shorten cycle times. They are also utilizing IoT-based analytics in a variety of applications, from improving in-hand inventory to implementing replenishment plans in manufacturing lines for quality testing with optical-based analytics.
Market Restraining Factors
High Initial Investment Attached To These Solutions
The majority of the technology in modern buildings was not designed with IoT in mind. While some machines may be retrofitted for IoT fast, doing so can be expensive. Deploying IoT solutions in various applications comes at a significant cost. The price includes the development of the application and the hardware and an added life cycle cost. The procedure of developing an application is costly and varies from nation to nation. There are many small firms that have limited budgets and could not afford such a hefty amount of investment, which would further hinder the growth of the market during the forecast period.
Connectivity Type Outlook
Based on connectivity type, the IoT based Asset Tracking and Monitoring Market is segmented into Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS and Others. LoRa segment acquired a substantial revenue share in the IoT-based Asset Tracking and Monitoring Market in 2021. LoRa provides a solution for IoT applications that use batteries and is simple to integrate into the current infrastructure. In its chipsets, Semtech (US) has included LoRa technology. Such chipsets are included in the goods sold by its extensive network of IoT customers as well as the LPWANs supplied by mobile network operators all over the globe.
By application, the IoT based Asset Tracking and Monitoring Market is divided into Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring and Others. The automotive segment registered a significant revenue share in the IoT-based Asset Tracking and Monitoring Market in 2021. The advent of automation has completely altered how the car industry operates and popularized the IoT. To collect real production and inventory data, reduce waste, and shorten cycle times, automakers, for instance, are using IoT in sophisticated planning and scheduling.
|Market size value in 2021||USD 3.4 Billion|
|Market size forecast in 2028||USD 6.7 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 10.7% from 2022 to 2028|
|Number of Pages||238|
|Number of Tables||353|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling|
|Segments covered||Connectivity Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region-wise, the IoT based Asset Tracking and Monitoring Market is analyzed across North America, Europe, Asia Pacific and LAMEA. North America emerged as the leading region in the IoT-based Asset Tracking and Monitoring Market in 2021. It is due to the rising preference for technologically improved products. The area is a centre for technological advancements and a leading user of new technologies. The region has a significant concentration of leading corporations, and during the review period, the regional IoT-based asset tracking and monitoring market is anticipated to grow due to the region's rising sales of connected technologies, increasing deployment of connected technologies, growing utilization innovative devices, and more.
Free Valuable Insights: Global IoT based Asset Tracking and Monitoring Market size to reach USD 6.7 Billion by 2028
KBV Cardinal Matrix - IoT based Asset Tracking and Monitoring Market Competition Analysis
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Sony Semiconductor Israel Ltd. is the major forerunner in the IoT based Asset Tracking and Monitoring Market. Companies such as Sierra Wireless, Inc., Semtech Corporation and U-blox Holding AG are some of the key innovators in IoT based Asset Tracking and Monitoring Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., Sierra Wireless, Inc., Telit corporate group (DBAY Advisors Limited), Analog Devices, Inc., Semtech Corporation, Quectel Wireless Solutions Co., Ltd., U-blox Holding AG, Fibocom Wireless, Inc., Sony Semiconductor Israel Ltd. (Sony Corporation), and Nordic Semiconductor ASA.
Strategies deployed in IoT based Asset Tracking and Monitoring Market
- Jun-2022: U-blox launched the MIA-M10, the world’s smallest GPS module which can be employed as a dependable, long-lasting solution for asset tracking. This product offers various benefits and is a combination of exceptional sensitivity and short acquisition times of the ultra-low-power u-Blox M10 GNSS platform. Along with that, the MIA-M10 series provides a highly attractive solution for power- and size-constrained end devices, especially in the expanding wearable tracking device market.
- Apr-2022: Semtech Corporation introduced the addition of multi-band capabilities to its LoRa Edge device-to-Cloud geolocation platform. Through LoRa Edge LR1120, intercontinental logistics enterprises would leverage highly integrated, more versatile connectivity for a streamlined operation, ultra-low power trackers with improved interoperability, and global mobility across numerous regulatory regions.
- Mar-2022: Sierra Wireless extended its agreement with T-Mobile, the 5G leader, with the largest and fastest nationwide 5G network in the United States. This expansion aimed to boost the global Low Power Wide Area (LPWA) connectivity offering via its Smart Connectivity service. In addition, this agreement would strengthen Sierra Wireless’ IoT connectivity offering by integrating its purpose-built IoT network and management tools with LPWA, 4G LTE, and 5G coverage from T-Mobile’s powerful mobile network.
- Feb-2022: Thales released the ELS62 series. This series would complement Thales’ 360° approach1 and offer cost-effective solutions to streamline design, simplify development and boost time-to-market for IoT solutions.
- Dec-2021: Quectel Wireless Solutions, along with Point One Navigation released the LG69T-AM, a new addition to the LG69T GNSS Module Series. Point One’s positioning engine would empower the LG69T-AM and would allow centimeter-level global accuracy by combining augmented GNSS in an affordable yet simple to utilize module with open-source API.
- Oct-2021: Sony Semiconductor Solutions Corporation unveiled its AITRIOS edge AI sensing platform in Japan, the U.S., and Europe. This product launch would help Sony to facilitate the development of optimal systems, wherein the edge and the cloud function in synergy, to help its partners to expand and popularize environmentally conscious sensing solutions utilizing edge AI, offer new value, and assist in solving challenges faced by numerous industries.
- Oct-2021: Sierra Wireless signed an agreement with STMicroelectronics, a global semiconductor leader serving customers across the spectrum of electronics applications. This agreement aimed to enable the STM32 microcontroller (MCU) user community to use flexible cellular IoT connectivity along with edge-to-cloud solutions from Sierra Wireless.
- Apr-2021: Sierra Wireless introduced Acculink Cargo, a new managed IoT solution. This solution can locate the location and condition of high-value and sensitive assets. Whenever it comes to high-value and sensitive assets, several enterprises no longer want to just monitor their location as they travel via their supply chains.
- Oct-2020: Semtech, along with Actility unveiled LR1110 LoRa Edge Evaluation Kit. These products consist of a tracking device based on the latest Semtech’s LR1110 chipset and Actility’s LoRaWAN network management expertise. The solution would offer ultra-low power meter-accurate positioning both indoors as well as outdoors. In addition, the kit would enable solution providers and integrators to rapidly analyze this latest technology and simply experience how it effectively decreases the cost and complications of developing a solution for locating and monitoring IoT assets.
- Jul-2020: Fibocom, along with SHENZHEN CAPITAL GROUP CO., LTD., Shenzhen Jianxin Huaxun Equity Fund Management Co., and Shenzhen Qianhai Red Earth M&A Fund Partnership, acquired the automotive embedded module product line of Sierra Wireless via its joint venture company, Rolling Wireless Technology Co., Limited. This acquisition aimed to strengthen Fibocom's industrial benefit in the IoT sector and would assist in further improving its global market share in the automotive embedded module business.
- Feb-2020: Sierra Wireless unveiled the Ready-to-Connect RC Series of embedded modules. These modules can streamline IoT development, decrease costs and boost time to market. In addition, RC Series would enable enterprises to quickly connect their implementation anywhere in the world to the global network with top-class reliability and security.
- Jan-2020: Sierra Wireless took over the M2M group of companies in Australia. This acquisition aimed to expand Sierra Wireless’ IoT solutions business in the Asia-Pacific region. Along with that, the acquisition is a strategic fit with the IoT Solutions business with slightly more than half of the M2M Group’s revenue coming from subscription-based recurring revenue.
- Jul-2019: u-blox took over Rigado’s Bluetooth modules business. This acquisition aimed to enable u-blox to expand its product line in the area of Bluetooth low energy, Zigbee, and Thread, along with access to additional market segments and channels.
Scope of the Study
Market Segments Covered in the Report:
By Connectivity Type
- Livestock Monitoring
- Cold Chain Monitoring
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Thales Group S.A.
- Sierra Wireless, Inc.
- Telit corporate group (DBAY Advisors Limited)
- Analog Devices, Inc.
- Semtech Corporation
- Quectel Wireless Solutions Co., Ltd.
- U-blox Holding AG
- Fibocom Wireless, Inc.
- Sony Semiconductor Israel Ltd. (Sony Corporation)
- Nordic Semiconductor ASA
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What would be the value of the global IoT based Asset Tracking and Monitoring Market by 2028?
The IoT based Asset Tracking and Monitoring Market size is projected to reach USD 6.7 billion by 2028.
What are the key driving factors and challenges in the IoT based Asset Tracking and Monitoring Market?
Growing Adoption Of Cost-Efficient And Connected Devices & Sensors are driving the market in coming years, however, High Initial Investment Attached To These Solutions restraints the growth of the market.
What are the major top companies in the competitive landscape?
Thales Group S.A., Sierra Wireless, Inc., Telit corporate group (DBAY Advisors Limited), Analog Devices, Inc., Semtech Corporation, Quectel Wireless Solutions Co., Ltd., U-blox Holding AG, Fibocom Wireless, Inc., Sony Semiconductor Israel Ltd. (Sony Corporation), and Nordic Semiconductor ASA.
At what CAGR is the IoT based Asset Tracking and Monitoring Market estimate to grow in the forecast period?
The expected CAGR of the IoT based Asset Tracking and Monitoring Market is 10.7% from 2022 to 2028.
Which segment shows a high revenue share of the IoT based Asset Tracking and Monitoring Market in 2021?
The Manufacturing segment acquired maximum revenue share in the Global IoT based Asset Tracking and Monitoring Market by Application in 2021 thereby, achieving a market value of $2.1 billion by 2028.
Which region dominated the IoT based Asset Tracking and Monitoring Market in 2021?
The North America market dominated the Global IoT based Asset Tracking and Monitoring Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.5 billion by 2028.