IoT-based Asset Tracking and Monitoring Market - By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRaWAN, SigFox, GNSS, Ultra-wideband (UWB)), By Application & Forecast, 2024 – 2032

IoT-based Asset Tracking and Monitoring Market Size 

IoT-based Asset Tracking and Monitoring Market was valued at over USD 4.5 billion in 2023 and is estimated to register a CAGR of over 12.5% between 2024 and 2032. The rise of smart cities and infrastructure is a major force behind the growth of the industry. Real-time tracking and management of diverse assets, such as critical infrastructure components including water pipes, streetlights, and public transportation, are made possible by these solutions. Major players are collaborating for the development of smart cities, further contributing to market growth.

For instance, in October 2022, Honeywell collaborated with Accelerator for America to launch the Honeywell Smart City Accelerator Program, aiming to help cities strategically plan their futures and build capacity to fund transformational initiatives. To expedite the development of its strategic planning for smart cities, Honeywell collaborated with five American cities to offer in-kind support. The cities are Waterloo in Iowa; Cleveland in Ohio; Louisville in Kentucky; Kansas City in Missouri; and San Diego in California.
 

The urban efficiency that smart cities aim for is greatly increased by the use of this real-time data, which assists city managers in streamlining operations, cutting expenses, and improving service delivery. Smart cities are implementing cutting-edge mobility solutions, such as electric buses, shared vehicle services, and networked public transit systems, in response to the growing urban population. In order to manage these assets and provide information on vehicle locations, operational status, and maintenance requirements, IoT-based tracking systems are crucial. These systems ensure dependable and effective transportation services, which are essential to contemporary cities operating smoothly.
 

The deployment of IoT-based asset tracking systems requires a substantial upfront investment in hardware including sensors, trackers, and other IoT devices. These parts can be expensive, particularly if a company needs to buy a large quantity. The initial hardware cost is further increased by higher-end models that come equipped with sophisticated features such as precision tracking technology, ruggedness for harsh environments, or longer battery life. Beyond purchasing hardware, setting up an IoT-based asset tracking system often necessitates additional infrastructure, such as gateways, network equipment, and enha
nced security measures, to handle the data traffic and protect against potential cyber threats.
 

The installation of these systems can also be complex and costly, requiring professional services to ensure proper deployment and integration with existing systems. While the hardware enables data collection, the software and platforms needed to analyze, visualize, and manage this data also incur a significant cost. These platforms require licenses and may have ongoing subscription fees. Customizing the software to suit specific business needs or integrating it with other enterprise systems further raises the initial costs.
 

IoT-based Asset Tracking and Monitoring Market Trends

To improve data analysis capabilities, IoT asset tracking solutions are rapidly being integrated with Machine Learning (ML) and Artificial Intelligence (AI). These technologies enable predictive analytics, anomaly detection, and more intelligent decision-making based on past data trends. AI can decrease downtime and operating expenses by anticipating when an asset is likely to malfunction or need maintenance. As businesses look for instant insights into their operations, there is a growing demand for real-time data analytics and processing. It gives instant information on the location, state, and environmental conditions of assets, allowing for quicker responses to possible problems.
 

In IoT asset tracking, edge computing is becoming more prevalent to process data locally instead of sending it to a centralized cloud server. This method enhances responsiveness, conserves bandwidth, and lowers latency. Applications for asset tracking that demand quick decisions based on real-time data, such as fleet management for cars, benefit greatly from edge computing.
 

IoT-based Asset Tracking and Monitoring Market Analysis

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.
 

IoT-based Asset Tracking and Monitoring Market Companies

Major players operating in the industry are:

• Quectel Wireless Solutions Co., Ltd.
• u-blox AG
• Fibocom Wireless Inc.
• Telit Cinterion Group
• Semtech Corporation
• Samsara Inc.
• Nordic Semiconductor ASA
   

IoT-based Asset Tracking and Monitoring Industry News

• In September 2023, u-box launched the SARA-S520M10L multi-mode cellular and satellite IoT module with embedded GNSS positioning to meet industry demand for hybrid connectivity. The module uses Geostationary (GEO) satellites to deliver LTE-M/NB-IoT and L-band connectivity, all housed in a 400 mm2 form factor. Using up to four satellite constellations, the module's embedded GNSS navigation capability provides location fixes.
   

The IoT-based asset tracking and monitoring market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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Market, By Connectivity Type

• Wi-Fi
• Bluetooth
• Cellular
• NB-IoT
• LoRaWAN
• SigFox
• GNSS
• Ultra-wideband (UWB)
• Others

Market, By Application

• Livestock monitoring
• Transportation & logistics
• Manufacturing
• Cold chain monitoring
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA