IoT based Asset Tracking & Monitoring
IoT based Asset Tracking & Monitoring Market by Component (Automatic Lighting Controls, Bluetooth Low Energy Transmitters, CCTV Systems), Connectivity (Bluetooth, Cellular, Global Navigation Satellite System), End-User - Global Forecast 2024-2030
360iResearch Analyst
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[185 Pages Report] The IoT based Asset Tracking & Monitoring Market size was estimated at USD 7.10 billion in 2023 and expected to reach USD 7.80 billion in 2024, at a CAGR 10.54% to reach USD 14.32 billion by 2030.

The IoT based Asset Tracking and Monitoring includes a broad spectrum of technologies and applications designed to leverage Internet of Things (IoT) solutions to track and monitor physical assets. Continuous improvement in IoT technologies and infrastructure, such as enhanced connectivity and the development of more sophisticated sensors, drives the market growth. IoT based asset tracking and monitoring solutions significantly reduce operational costs and enhance efficiency by automating processes, providing real-time data for decision-making. With the globalization of supply chains and the rise in consumer expectations for prompt delivery and service, the demand for real-time asset tracking and condition monitoring has surged. However, the collection and transmission of vast amounts of data raise concerns regarding data privacy and security, potentially hindering adoption among businesses wary of cyber threats. The challenge of integrating advanced IoT solutions with existing legacy systems can be a significant barrier, requiring substantial investment and technological expertise. Moreover, integrating AI and Machine Learning technologies with IoT-based solutions offers immense opportunities for predictive analytics, enabling businesses to anticipate failures and schedule timely maintenance, further optimizing asset utilization. Exploring new applications and verticals, such as smart agriculture for livestock tracking and crop monitoring, are expected to drive new revenue streams and expand market reach.

Regional Insights

In the Americas region, the U.S. has led the adoption of IoT for asset tracking, driven by its robust logistics, manufacturing, and healthcare sectors. Notable initiatives, including investments in smart city projects and supply chain visibility tools, are driving significant growth in the Americas region. The European Union's stringent regulations on data protection and sustainability standards drive the market's direction in the EMEA region. Countries such as Germany and Sweden stand out for their advanced manufacturing sectors, leading in adopting Industrial IoT (IIoT) practices. The Middle East region presents a mixed picture, with the Gulf countries (notably the UAE and Saudi Arabia) advancing rapidly in adopting IoT for infrastructure and asset management, primarily driven by smart city projects. The primary consumer need in the African region is for cost-effective and scalable solutions that can address the challenges of harsh environmental conditions and remote monitoring. In the APAC region, Chinese consumers prioritize efficiency and integration capabilities, leading to significant investments in developing IoT protocols and networks such as NB-IoT. Japan's focus on quality and innovation drives its adoption of IoT asset tracking, notably in automotive and electronics manufacturing. India's IoT adoption in asset monitoring is burgeoning, particularly in agriculture, healthcare, and transportation, driven by the need for operational efficiency and the government's "Digital India" campaign.

IoT based Asset Tracking & Monitoring Market
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Market Dynamics

The market dynamics represent an ever-changing landscape of the IoT based Asset Tracking & Monitoring Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Surging adoption of Industry 4.0 technologies by end-use sector
    • Increased deployment of cloud computing platforms in manufacturing sector
    • Rising adoption of cost-effective and intelligent connected devices and sensors
  • Market Restraints
    • Lack of interoperability and standardization
  • Market Opportunities
    • Rising investment in data analytics and emergence of 5G technologies globally
    • Technological advancement in IoT based asset tracking & monitoring
  • Market Challenges
    • Security and Privacy Concerns
Market Segmentation Analysis
  • Component: The integral role of IoT components in asset tracking, energy management, and safety monitoring

    Automatic lighting controls employ IoT to adjust lighting based on occupancy or ambient light conditions, ensuring energy efficiency and operational convenience. Automatic lighting controls are ideal for energy management in commercial buildings and public spaces to reduce electricity consumption and enhance user experiences. BLE transmitters, or beacons, enable asset tracking within short ranges by broadcasting signals that can be received by nearby devices, facilitating indoor location tracking and proximity-based interactions. Bluetooth low energy (BLE) transmitters are suitable for indoor environments such as retail, healthcare, and logistics, where high precision and low power consumption are critical. Closed-circuit television (CCTV) systems offer real-time video surveillance capabilities, critical for security and monitoring of assets in various settings. Energy sensor trackers monitor and report energy usage of assets in real time, aiding in energy management and optimization practices. GPS tracking tags are suited for outdoor tracking of vehicles, shipments, and high-value assets across global supply chains. Smart locks are optimal for residential properties, rental businesses, and any premise needing robust access management without physical keys. IoT-enabled smoke & monoxide detectors provide real-time alerts on smoke and carbon monoxide levels, allowing prompt response to potential hazards.

  • Connectivity: "Exploring the spectrum of IoT-based asset tracking from bluetooth to UWB technologies

    Bluetooth technology, renowned for its low energy consumption and short-range connectivity, is predominantly preferred for indoor tracking environments where high precision is not crucial. Bluetooth technology is ideal for tracking assets in confined areas, such as warehouses or office spaces. Cellular connectivity, utilizing 4G/LTE and, increasingly, 5G networks, enables wide-area coverage and supports mobile asset tracking across global locations. GNSS, encompassing systems such as GPS, GLONASS, and Galileo, provides accurate location-tracking capabilities critical for outdoor asset monitoring across industries. LoRa stands out for its ability to offer long-range communication at low power consumption, making it suitable for monitoring assets over vast areas, such as agricultural lands, or during long-haul transport. NB-IoT specializes in providing deep penetration and low power consumption for assets located in remote or difficult-to-reach areas. SigFox offers a unique low-power wide-area network (LPWAN) solution that provides basic but efficient communication for asset tracking. Ultra-Wideband (UWB) technology is known for its high precision in asset tracking, capable of determining the exact location with centimeter-level accuracy. Wi-Fi connectivity, although commonly associated with internet access, also serves asset tracking purposes, especially in indoor environments, offering a balance between range, accuracy, and power consumption.

Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the IoT based Asset Tracking & Monitoring Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the IoT based Asset Tracking & Monitoring Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the IoT based Asset Tracking & Monitoring Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the IoT based Asset Tracking & Monitoring Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the IoT based Asset Tracking & Monitoring Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the IoT based Asset Tracking & Monitoring Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the IoT based Asset Tracking & Monitoring Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the IoT based Asset Tracking & Monitoring Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the IoT based Asset Tracking & Monitoring Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the IoT based Asset Tracking & Monitoring Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

As a leading provider of IoT solutions, Biz4Intellia Inc. faced challenges in navigating the rapidly evolving IoT landscape. The 'IoT based Asset Tracking & Monitoring Market Research Report' by 360iResearch offered invaluable insights and actionable strategies, specifically on the rising adoption of cost-effective and intelligent connected devices and sensors. Leveraging this report, we enhanced our product offerings, leading to increased customer satisfaction and operational efficiency. We highly recommend this report to any organization looking to stay ahead in the competitive IoT market.
Biz4Intellia Inc.
FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the IoT based Asset Tracking & Monitoring Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the IoT based Asset Tracking & Monitoring Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • ORBCOMM Inc. Unveils Solar-Powered Asset Tracking for Fleet Management

    ORBCOMM Inc. has recently expanded its CT 1000 product line with a pioneering solar-powered asset tracking solution engineered to provide fleets of all sizes with an efficient and cost-effective means of monitoring trailers, intermodal containers, and other transport assets. This innovative solution facilitates operational oversight by enabling the monitoring of asset location, motion status, and customizable alerts. Leveraging the power of IoT technology, the system enhances fleet management through geofencing, enabling accurate estimation of arrival times, detection of asset misuse, and rapid implementation of corrective actions to minimize operational delays. [Published On: 2024-02-05]

  • Vi Business Unveils IoT Smart Central Platform for Enhanced Asset Tracking and Monitoring

    Vi Business has introduced the Vi Business IoT Smart Central, an integrative platform designed for the efficient management of IoT connectivity and devices. This cutting-edge solution facilitates real-time, remote management of IoT assets across diverse sectors, including automotive, finance, and utilities, streamlining the SIM lifecycle for both simple and sophisticated projects. [Published On: 2023-09-25]

  • Qualcomm Unveils Pioneering Satellite-Capable Modems for Enhanced IoT Connectivity and Asset Management

    Qualcomm Technologies, Inc. introduces two innovative modem chipsets, the Qualcomm 212S Modem and the Qualcomm 9205S Modem, equipped with satellite capabilities, marking a substantial advancement in off-grid connectivity solutions. These newly launched modems are designed to power industrial applications requiring robust standalone non-terrestrial network (NTN) connectivity or a hybrid model incorporating terrestrial networks. The Qualcomm 212S Modem, notable for its ultra-low power consumption, caters to stationary IoT devices, ensuring sustained connectivity in remote setups, thus ideally suiting applications such as infrastructure monitoring and environmental management. [Published On: 2023-06-22]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the IoT based Asset Tracking & Monitoring Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

As a leading provider of cloud computing solutions, we faced a challenge in understanding the rapid advancements and potential of the IoT-based asset tracking & monitoring market. The 360iResearch report on increasing investment in data analytics and the emergence of 5G technologies globally provided us with critical insights and actionable strategies. These insights have been pivotal in shaping our service offerings and strategic initiatives. By leveraging the data from the report, we enhanced our analytics capabilities, which led to improved client satisfaction and engagement. The well-researched and detailed findings empowered us with the knowledge needed to stay ahead in the industry. Overall, the report positively transformed our operations and strategic direction, making it an invaluable resource for AWS.
Amazon Web Services, Inc.
Key Company Profiles

The report delves into recent significant developments in the IoT based Asset Tracking & Monitoring Market, highlighting leading vendors and their innovative profiles. These include Biz4Intellia Inc., Amazon Web Services, Inc., Analog Devices, Inc., 3d Signals, Thales Group, Huawei Technologies Co., Ltd., Skyworks Solutions, Inc., Avnet, Inc., Comarch SA, Wireless Links Inc., Sequans Communications, Accruent, LLC, AT&T Inc., iottag, Cyient, Indio Networks, Azuga Inc., Telit Corporate Group, Edge Impulse Inc., Hilti Corporation, Nordic Semiconductor, Sony Semiconductor Solutions Corporation, ALPS ALPINE CO., LTD., ElastiSense, TEKTELIC Communications Inc., Euristiq, Link Labs, RAD Data Communications Ltd., Semtech Corporation, Oracle Corporation, Applied Satellite Technology Ltd, SmartMakers GmbH, Laird Connectivity, MeiG Smart Technology Co., Ltd., WIXTrac, Datacake GmbH, Neoway Technology Co. Ltd., GosuncnWelink Corporation, Radiant RFID, LLC, HCL Technologies Limited, VVDN Technologies, Samsara Inc., FitMech Sp. z o.o., Quectel Wireless Solutions Co., Ltd., Particle Industries, Inc., u-blox AG, Fibocom Wireless Inc., Tata Communications, and Omnitracs, LLC.

IoT based Asset Tracking & Monitoring Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the IoT based Asset Tracking & Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Automatic Lighting Controls
    • Bluetooth Low Energy Transmitters
    • CCTV Systems
    • Energy Sensor Trackers
    • GPS Tracking Tags
    • Smart Locks
    • Smoke & Monoxide Detectors
  • Connectivity
    • Bluetooth
    • Cellular
    • Global Navigation Satellite System
    • Long Range
    • NarrowBand-Internet of Things
    • SigFox
    • Ultra-Wideband
    • Wi-Fi
  • End-User
    • Agriculture
    • Construction
    • Education
    • Healthcare
    • Law Enforcement
    • Logistics
    • Manufacturing

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

We were facing significant challenges in our transition to modern cloud computing platforms within the manufacturing sector. The IoT Asset Tracking & Monitoring Market Research Report from 360iResearch provided crucial insights and actionable strategies that turned the tide for us. The detailed analysis facilitated our understanding of market dynamics, enabling us to optimize our asset tracking and realize cost efficiencies. Thanks to the report, we have successfully enhanced our deployment strategies, resulting in smoother operations and considerable growth. We highly recommend 360iResearch for their in-depth and impactful reports.
Analog Devices, Inc.
This research report offers invaluable insights into various crucial aspects of the IoT based Asset Tracking & Monitoring Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. IoT based Asset Tracking & Monitoring Market, by Component
  7. IoT based Asset Tracking & Monitoring Market, by Connectivity
  8. IoT based Asset Tracking & Monitoring Market, by End-User
  9. Americas IoT based Asset Tracking & Monitoring Market
  10. Asia-Pacific IoT based Asset Tracking & Monitoring Market
  11. Europe, Middle East & Africa IoT based Asset Tracking & Monitoring Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 312]
  16. List of Companies Mentioned [Total: 49]
IoT-based Asset Tracking & Monitoring: A Game-Changer for Industry 4.0
June 14, 2023
IoT-based Asset Tracking & Monitoring: A Game-Changer for Industry 4.0
In recent times, Industry 4.0 technologies have gained rapid momentum, revolutionizing the way manufacturing and industrial plants operate. With smart factories, machines, and equipment, IoT-based Asset Tracking & Monitoring is emerging as a game-changer, helping sectors streamline operations, reduce costs, and enhance efficiency. This blog explores the benefits of implementing Asset Tracking & Monitoring in IoT, its use cases, and its importance to the industry.

Benefits of IoT-Based Asset Tracking & Monitoring:

IoT-based Asset Tracking & Monitoring systems enable end-users to track their assets' location accurately. This technology provides insights into how assets perform and predicts potential problems before they occur, reducing downtime and maintenance costs. IoT-based Asset Tracking & Monitoring systems can also provide data insights into how assets are utilized, allowing businesses to make informed decisions about their usage, repair, or replacement. These benefits lead to enhanced productivity, reduced maintenance and repair costs, and improved customer service.

Use Cases of IoT-Based Asset Tracking & Monitoring:

Asset tracking and monitoring applications are growing rapidly in the automotive, aviation, logistics, and manufacturing industries. For example, in the manufacturing industry, IoT-based Asset Tracking & Monitoring helps to track the movement of components and raw materials through facilities, ensuring production processes are streamlined and timely by a lack of materials. Additionally, logistics, asset tracking, and monitoring applications help companies respond better to their customers' queries by providing real-time information about delivery times, delays, and shipment progress. Hence, IoT-based Asset Tracking & Monitoring is ideal for manufacturing, logistics, and other industries that rely heavily on logistics management.

Importance of IoT-Based Asset Tracking & Monitoring to the Industry:

IoT-based Asset Tracking & Monitoring is increasingly crucial for businesses to optimize operations, reduce costs, and offer better customer service. Asset tracking and monitoring provide real-time data insights that help end-users make informed decisions about their assets' usage, repair, and replacement. IoT-based Asset Tracking & Monitoring also helps companies promote sustainability by identifying inefficiencies and reducing waste. This technology enables end-users to track the environmental impact of their operations and identify ways of reducing their carbon footprint. As more businesses embrace Industry 4.0 technologies, manufacturers and logistics companies requiring Asset Tracking & Monitoring services will increase.

Challenges of IoT-Based Asset Tracking & Monitoring:

IoT-based Asset Tracking & Monitoring has been experiencing challenges due to security issues, data privacy concerns, and the cost of implementing these systems. For example, cyber-attacks such as ransomware or malware have resulted in significant losses for companies that rely on IoT-based Asset Tracking & Monitoring. Maintaining data integrity and security is also challenging, as data breaches can lead to losing confidential client information. The cost of implementing an IoT-based Asset Tracking & Monitoring system is also a challenge, as businesses may require upgrading their existing infrastructure to accommodate the new system's communication requirements.

IoT-based Asset Tracking & Monitoring is an essential solution for businesses seeking to optimize operations, reduce costs, and improve customer service. Real-time tracking, data insights, and sustainability considerations make this technology a crucial component of Industry 4.0. While some challenges, such as security and cost, need to be addressed, the benefits of IoT-based Asset Tracking & Monitoring far outweigh these challenges. As more businesses adopt Industry 4.0 technologies, IoT-based Asset Tracking & Monitoring will rapidly increase demand.

Frequently Asked Questions
  1. How big is the IoT based Asset Tracking & Monitoring Market?
    Ans. The Global IoT based Asset Tracking & Monitoring Market size was estimated at USD 7.10 billion in 2023 and expected to reach USD 7.80 billion in 2024.
  2. What is the IoT based Asset Tracking & Monitoring Market growth?
    Ans. The Global IoT based Asset Tracking & Monitoring Market to grow USD 14.32 billion by 2030, at a CAGR of 10.54%
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