IoT based Asset Tracking and Monitoring Market worth US$6.6 billion by 2027, at CAGR of 11.3%

July 20 20:08 2022
IoT based Asset Tracking and Monitoring Market worth US$6.6 billion by 2027, at CAGR of 11.3%
IoT based Asset Tracking and Monitoring Market
The IoT based Asset Tracking and Monitoring market is size is expected to reach USD 6.6 billion by 2027 from USD 3.9 billion in 2022 to grow at a CAGR of 11.3% from 2022 to 2027.

The report IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application(Automotive, Manufacturing, & Cold Chain Monitoring), Region(North America, Europe, APAC, RoW) – Global Forecast to 2027″, is projected to grow from USD 3.9 billion in 2022 to USD 6.6 billion by 2027; it is expected to grow at a CAGR of 11.3% from 2022 to 2027. The key factors fueling the growth of the IoT based Asset Tracking and Monitoring market include the adoption of IoT for real time tracking and condition monitoring. Moreover, demand for better throughput and reliable connectivity to create abundant opportunities in market.

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IoT based Asset Tracking and Monitoring Market

The LoRa segment is projected to grow at the highest CAGR in the IoT based Asset Tracking and Monitoring market from 2022 to 2027.

LoRa is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech (US) has deployed LoRa technology into its chipsets. These chipsets are integrated into the products offered by its vast network of IoT partners and LPWANs provided by mobile network operators worldwide. The reason LoRa is gaining popularity is mainly due to its open protocol. One of the most promising areas of application is asset tracking.

The livestock monitoring segment of the IoT based Asset Tracking and Monitoring market is expected to foresee moderate growth rate

 IoT-based tracking and monitoring involve collecting real-time location information, health management, routine feeding management, sorting, and similar functions. The growing demand for advanced monitoring solutions, especially for cattle, has led to a surge in demand for livestock monitoring components such as smart tags, sensors, and GPS modules, thereby driving the growth of the livestock monitoring market.

Europe region is expected to hold the third-largest share in the market during the forecast period.

 Europe has a solid base in manufacturing, designing, and researching advanced technologies used in the IoT industry. Key production centers in the EU and European Free Trade Association (EFTA) include Austria, France, Germany, Italy, Ireland, and the Netherlands. This has resulted in the high growth rate of the IoT-based asset tracking and monitoring market in France and the UK.

 The key players operating in the IoT based Asset Tracking and Monitoring market include are Fibocom Wireless Inc. (China), Quectel (China), Sierra Wireless (Canada), Telit (U.K.), u-blox (Switzerland), Thales (France), Sony Semiconductor Israel Ltd. (Israel), Nordic Semiconductor (Norway), GosuncnWelink Corporation (China), Laird Connectivity (US), Semtech (US), and Mediatek Inc. (Taiwan) among others.

Recent Developments

In April 2022, Semtech announced the addition of multi-band capabilities to the LoRa Edge device-to-Cloud geolocation platform. This will allow integration with applications such as supply chain management and logistics.

In March 2022,  Fibocom Wireless Inc. launched the 5G smart module SC171 specially designed for AIoT industry applications such as smart robots, automobile manufacturing, smart homes, and logistics.

In February 2022, Laird Connectivity has launched a new series of Bluetooth modules for IoT connectivity. The series is ideal to be used as asset tags for industrial solutions.

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