IoT-based Asset Tracking and Monitoring Market Analysis

IoT-based Asset Tracking and Monitoring Market Analysis

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Based on application, the market is divided into livestock monitoring, transportation & logistics, manufacturing, cold chain monitoring, and others. The transportation & logistics segment dominated the global market with a share of over 25% in 2023. Businesses involved in logistics & transportation are always looking for methods to lower expenses and increase operational effectiveness. Real-time information on vehicle locations, routes, and operational status is provided by IoT-based asset tracking and monitoring systems, which facilitate improved fleet management, fuel economy, and route planning.
 

This real-time visibility results in improved asset utilization and reduced idle times, saving significant costs. When shipping goods, especially hazardous materials, perishables, or high-value items, transportation & logistics operators have to comply with strict regulatory requirements. By offering features, such as temperature control monitoring, making sure that conditions inside transport vehicles stay within specified bounds, and logging data for audit purposes, IoT-based systems can guarantee compliance with such regulations.
 

Based on connectivity type, the market is divided into Wi-Fi, Bluetooth, cellular, NB-IoT, LoRaWAN, SigFox, GNSS, Ultra-wideband (UWB), and others. The LoRaWAN segment is expected to register a CAGR of over 15% during the forecast period and reach a revenue of over USD 3.5 billion by 2032. LoRaWAN offers long-range communication capabilities, which can penetrate deeply into urban environments and reach several kilometers in rural ones. This makes it ideal for tracking assets across big spaces, such as vast industrial sites, transportation networks, and agricultural lands. One major benefit is the ability to stay connected over long distances without requiring a mesh network or numerous repeaters. As smart cities continue to develop, there is a growing need for connected devices that can be deployed easily across various environments. LoRaWAN's robustness and range make it suitable for smart city applications such as street lighting control, waste management, and public safety monitoring, boosting its adoption and growth.
 

Asia Pacific IoT-based asset tracking and monitoring market is expected to grow at a CAGR of over 13% by 2032. Rapidly expanding retail and e-commerce industries in the region are using Internet of Things (IoT)-based technologies to effectively manage inventories and guarantee the timely delivery of goods to an expanding customer base. Asset tracking facilitates order fulfillment, delivery route optimization, and warehouse operations simplification, all of which improve customer satisfaction.
 

Businesses can improve delivery routes, monitor inventory in real time, and run warehouses more efficiently using IoT-based asset tracking systems. In the e-commerce ecosystem, these features are necessary to keep products moving quickly and reliably as customers expect. In addition, sectors within the area are increasingly using automation and data analytics. IoT-based asset tracking produces vast amounts of data, which, upon analysis, offer insights that facilitate more astute business choices. This comprises enhanced asset utilization, optimal resource allocation, and predictive maintenance.
 

IoT-based Asset Tracking and Monitoring Market Share

Quectel Wireless Solutions Co., Ltd and u-blox AG hold a significant share of over 5% in the IoT-based asset tracking and monitoring industry. Quectel Wireless Solutions Co., Ltd. secures a major market share in IoT-based asset tracking and monitoring by offering a comprehensive range of innovative, high-performance IoT modules. These modules support various wireless communication technologies essential for reliable connectivity. Quectel’s commitment to R&D, coupled with their global sales and support network, ensures widespread adoption in industries seeking advanced asset management solutions.
 

u-blox AG holds a major market share in IoT-based asset tracking and monitoring due to its robust portfolio of reliable, high-precision positioning and wireless communication modules. Their products are integral for enabling seamless connectivity and accurate location tracking in diverse environments. u-blox's commitment to innovation, quality, and extensive global distribution network further solidifies their leadership in the IoT solutions market.