The Worldwide IoT based Asset Tracking and Monitoring Industry is Expected to Reach $6.7 Billion by 2028

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Sep 26, 2022, 09:45 ET

DUBLIN, Sept. 26, 2022 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

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 is expected to further hinder the growth of the market during the forecast period.

Key Topics Covered:

Chapter 1. Market Scope & Methodology

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints

Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Feb - 2022, Jun) Leading Players

Chapter 4. Global IoT based Asset Tracking and Monitoring Market by Connectivity Type
4.1 Global Cellular Market by Region
4.2 Global NB-IoT Market by Region
4.3 Global SigFox Market by Region
4.4 Global Wi-Fi Market by Region
4.5 Global LoRa Market by Region
4.6 Global GNSS Market by Region
4.7 Global Bluetooth Market by Region
4.8 Global Other Connectivity Type Market by Region

Chapter 5. Global IoT based Asset Tracking and Monitoring Market by Application
5.1 Global Manufacturing Market by Region
5.2 Global Automotive Market by Region
5.3 Global Livestock Monitoring Market by Region
5.4 Global Railways Market by Region
5.5 Global Aviation Market by Region
5.6 Global Cold Chain Monitoring Market by Region
5.7 Global Others Market by Region

Chapter 6. Global IoT based Asset Tracking and Monitoring Market by Region

Chapter 7. Company Profiles
7.1 Thales Group S.A.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research and Development Expense
7.1.5 Recent strategies and developments:
7.1.5.1 Product Launches and Product Expansions:
7.2 Sierra Wireless, Inc.
7.2.1 Company overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.2.5 Recent strategies and developments:
7.2.5.1 Partnerships, Collaborations, and Agreements:
7.2.5.2 Product Launches and Product Expansions:
7.2.5.3 Acquisition and Mergers:
7.3 Telit corporate group (DBAY Advisors Limited)
7.3.1 Company Overview
7.4 Analog Devices, Inc.
7.4.1 Company Overview
7.4.2 Financial Analysis
7.4.3 Regional Analysis
7.4.4 Research & Development Expenses
7.4.5 SWOT Analysis
7.5 Semtech Corporation
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Regional & Segmental Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Product Launches and Product Expansions:
7.6 Quectel Wireless Solutions Co., Ltd.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Research & Development Expense
7.6.4 Recent strategies and developments:
7.6.4.1 Product Launches and Product Expansions:
7.7 u-blox Holding AG
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Segment and Regional Analysis
7.7.4 Research & Development Expense
7.7.5 Recent strategies and developments:
7.7.5.1 Product Launches and Product Expansions:
7.7.5.2 Acquisition and Mergers:
7.8 Fibocom Wireless, Inc.
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Acquisition and Mergers:
7.9 Sony Semiconductor Israel Ltd. (Sony Corporation)
7.9.1 Company Overview
7.9.2 Financial Analysis
7.9.3 Segmental & Regional Analysis
7.9.4 Research & Development Expense
7.9.5 Recent strategies and developments:
7.9.5.1 Product Launches and Product Expansions:
7.9.6 SWOT Analysis
7.10. Nordic Semiconductors ASA
7.10.1 Company Overview
7.10.2 Financial Analysis
7.10.3 Regional Analysis
7.10.4 Research & Development Expense