IoT based Asset Tracking and Monitoring Market Size Worth $9.46 Billion by 2030 | CAGR: 11.5%

The global IoT based asset tracking and monitoring market size is expected to reach USD 9.46 billion by 2030 according to a new study by Polaris Market Research. The report “IoT based Asset Tracking and Monitoring Market Share, Size, Trends, Industry Analysis Report, By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Others); By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The demand for the industry is driven by the need to get information on the performance and condition of industrial equipment in real-time. It demonstrates to be the most advantageous system across many sectors. These systems are increasingly providing value with their cutting-edge features, regardless of the industry, whether it be transportation, oil & gas, mining, healthcare, or any other.

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There has been rapid adoption of internet of things based resource tracking over the old way of managing resources, including handwritten lists or excel sheets, in order to keep track of the resource's information. These kinds of systems are inefficient and vulnerable to errors and mistakes. This is anticipated to fuel the growth of the industry.

The rapid digitization, along with the increased use of smart devices, is the major factor driving the growth of the industry. Furthermore, the internet of things enabled resource management solutions and services to use sensors that facilitate companies to actively track specific information in regards to their resources without any human intervention. These sensors can be attached to resources along with more conventional asset tags.

Industry participants such as Mediatek Inc., Fibocom Wireless Inc., Semtech, Gosuncnwelink Corporation, Laird Connectivity, Nordic Semiconductor, Quectel, Sequans, Sierra Wireless, Analog Devices, Inc., Sony Semiconductor Israel Ltd., Telit, Thales, and U-Blox are some of the key players operating in the industry.

IoT based Asset Tracking and Monitoring Market Report Highlights

• In connectivity type segment, cellular is expected to hold a strong demand owing to the rising demand for network connectivity solutions to manage intricate and varied network infrastructure
• In application segment, automotive segment is expected to grow at highest CAGR, stimulated by the rising production of vehicles
• North America is expected to account for the largest revenue size during the forecast period due to the growing technological advancements in the region
• The industry is highly competitive owing to the existence of large industry players with global presence Semtech, Gosuncnwelink Corporation, Laird Connectivity, Nordic Semiconductor, Quectel, Sequans, Sierra Wireless, Analog Devices, Inc.

Polaris Market Research has segmented the IoT based asset tracking and monitoring market report on the basis of connectivity type, application, and region:

IoT based Asset Tracking and Monitoring, Connectivity Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Wi-Fi
• Bluetooth
• Cellular
• NB-IoT
• LoRa
• SigFox
• UWB
• GNSS
• Others

IoT based Asset Tracking and Monitoring, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Livestock Monitoring
• Automotive
• Railways
• Aviation
• Manufacturing
• Cold Chain
• Others

IoT based Asset Tracking and Monitoring, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa