IoT-based Asset Tracking and Monitoring Market Size

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.

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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.