The Global IoT based Asset Tracking & Monitoring Market size was estimated at USD 3,218.37 million in 2022 and expected to reach USD 3,636.44 million in 2023, projecting growth at a CAGR of 13.66% to reach USD 8,969.70 million by 2030.
The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 to 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.
Cumulative Impact of COVID-19:
The COVID-19 pandemic has had an enormous impact on the IoT-based asset tracking & monitoring market. Businesses have had to drastically reduce their workforce, and in doing so, they have had to find new ways to keep track of their assets. Companies are now turning to IoT-based asset tracking & monitoring systems that can help them monitor their assets remotely and with minimal manpower.
Cumulative Impact of Russia-Ukraine Conflict:
The ongoing conflict between Russia and Ukraine has also had a cumulative effect on the IoT-based asset tracking & monitoring market. With tensions running high and sanctions being imposed on Russia, companies are having to find alternative ways to ensure the secure delivery of goods and services. By adopting an IoT-based asset tracking & monitoring system, companies can maintain secure delivery routes even when traditional routes become inaccessible due to conflicts or other geopolitical issues.
Cumulative Impact of High Inflation:
High inflation rates across many countries have also had an influence on the IoT-based asset tracking & monitoring market as well. Companies need reliable cost control measures in order to manage their inventory effectively in times of high inflation rates. By using an IoT-based asset tracking & monitoring system, companies can easily monitor their inventory levels and make informed decisions about pricing and production levels in order to remain profitable during periods of high inflation rates.
The market dynamics represent the ever-shifting landscape of the Global IoT based Asset Tracking & Monitoring Market by providing actionable insights into supply and demand levels. Taking such factors into account helps inform strategies, investments, and future developments to capitalize on opportunities or avoid potential pitfalls related to political, geographical, technical, social, and economic conditions. Such market observations also highlight consumer behaviors while influencing both manufacturing costs as well as consumer purchasing decisions.
- Rising adoption of cost-effective and intelligent connected devices and sensors
- Increased deployment of cloud computing platforms in manufacturing sector
- Rising adoption of Industry 4.0 technologies by end-use sector
- Lack of interoperability and standardization in IoT based asset tracking & monitoring
- Rising investment in data analytics and emergence of 5G technologies globally
- Technological advancement in IoT based asset tracking & monitoring
- Security and privacy concerns associated with IoT based asset tracking & monitoring
Market Segmentation & Coverage:
- Based on Connectivity, the market is studied across Bluetooth, Cellular, GNSS, LoRa, NB-IoT, SigFox, UWB, and Wi-Fi.
- Based on End-User, the market is studied across Agriculture, Automotive & Transportation, Aviation, and Manufacturing.
- Based on Region, the market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.
This research report categorizes the Global IoT based Asset Tracking & Monitoring Market in order to forecast the revenues and analyze the trends in each of the following sub-markets:
Company Usability Profiles:
The report profoundly explores the recent significant developments by the leading vendors and innovation profiles in the Global IoT based Asset Tracking & Monitoring Market, including Amazon Web Services, Inc., Analog Devices, Inc., Biz4Intellia Inc., Comarch SA, Datacake GmbH, Fibocom Wireless Inc., Hilti Corporation, Huawei Technologies Co., Ltd., Link Labs, MeiG Smart Technology Co., Ltd., Neoway Technology Co. Ltd., Nordic Semiconductor, Omnitracs, LLC, Particle Industries, Inc., Quectel Wireless Solutions Co., Ltd., Radiant RFID, LLC, Samsara Inc., Semtech Corporation, SmartMakers GmbH, Sony Semiconductor Solutions Corporation, Tata Communications, TEKTELIC Communications Inc., Telit Corporate Group, Thales Group, and u-blox AG.
The report provides insights on the following pointers:
- Market Penetration: Provides comprehensive information on the market offered by the key players
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
- What is the market size and forecast of the Global IoT based Asset Tracking & Monitoring Market?
- What are the inhibiting factors and impact of COVID-19 shaping the Global IoT based Asset Tracking & Monitoring Market during the forecast period?
- Which are the products/segments/applications/areas to invest in over the forecast period in the Global IoT based Asset Tracking & Monitoring Market?
- What is the competitive strategic window for opportunities in the Global IoT based Asset Tracking & Monitoring Market?
- What are the technology trends and regulatory frameworks in the Global IoT based Asset Tracking & Monitoring Market?
- What is the market share of the leading vendors in the Global IoT based Asset Tracking & Monitoring Market?
- What modes and strategic moves are considered suitable for entering the Global IoT based Asset Tracking & Monitoring Market?