Global IoT-based Asset Tracking and Monitoring Market to Grow at CAGR of 8.65% during 2024-2030

Published | 09 July 2024

Global IoT-based Asset Tracking and Monitoring Market is flourishing due to organizations’ increasingly high adoption of IoT for real-time monitoring, improved supply chain efficiency, and regulatory compliance requirements.

BlueWeave Consulting, a leading strategic consulting, and Market research firm, in its recent study, estimated Global IoT-based Asset Tracking and Monitoring Market size by value at USD 5.27 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects Global IoT-based Asset Tracking and Monitoring Market size to expand at a CAGR of 8.65% reaching a value of USD 9.43 billion in 2030. Global IoT-based Asset Tracking and Monitoring Market is driven by a spurring demand for real-time data analytics, improved operational efficiency, and enhanced connectivity. The adoption of IoT technologies in industries like transportation, logistics, manufacturing, and cold chain monitoring, along with stringent regulatory requirements, and emerging technologies like AI, is also expected to contribute to the expansion Global IoT-based Asset Tracking and Monitoring Market in the coming years.

Opportunity – Increasing adoption of data analytics and 5G by automotive industry

Surge in the adoption of data analytics and 5G technologies in the automotive industry is projected to fuel the growth of Global IoT-based Asset Tracking and Monitoring Market. Automakers are using IoT in advanced planning, scheduling, inventory collection, waste reduction, and cycle times. This technology is also improving inventory and implementing replenishment plans for quality testing. By optimizing inventory management and implementing smart replenishment plans, the automotive sector is setting new benchmarks in quality testing and operational efficiency.

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Impact of Escalating Geopolitical Tensions on Global IoT-based Asset Tracking and Monitoring Market

Global IoT-based Asset Tracking and Monitoring Market is anticipated to be heavily impacted by escalating geopolitical tensions across various regions. These escalating tensions are causing disruptions in supply chains and limiting access to essential components in the market. Trade restrictions, tariffs, and sanctions are significant barriers to market growth. Additionally, cybersecurity threats from state-sponsored actors are heightening concerns about data security, prompting companies to invest more in protective measures. Despite these challenges, the need for advanced tracking and monitoring solutions is increasing as companies strive to secure their assets in an increasingly unstable geopolitical landscape. This growing demand highlights the market's resilience and its critical role in maintaining asset security in the face of global uncertainties.

Global IoT-based Asset Tracking and Monitoring Market

Global IoT-based Asset Tracking and Monitoring Market – By Application

Based on application, Global IoT-based Asset Tracking and Monitoring Market is divided into Transportation & Logistics, Manufacturing, Livestock Monitoring, and Cold Chain Monitoring segments. The transportation & logistics sector is the largest application segment in Global IoT-based Asset Tracking and Monitoring Market. The sector is utilizing IoT to optimize supply chain operations, fleet management, and efficiency. IoT helps transportation & logistics companies in real-time monitoring of goods in transit, ensuring timely deliveries, reducing theft and loss, and maintaining perishable goods condition. The segment's growth in the market is also driven by e-commerce demand and global trade expansion.

Competitive Landscape

Global IoT-based Asset Tracking and Monitoring Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Quectel Wireless Solutions Co., Ltd, u-blox, Semtech Corporation, Fibocom Wireless Inc., Telit, Solera, Nordic Semiconductor, Samsara Inc., Laird Connectivity, SEQUANS, Sierra Wireless, Thales, Sony Semiconductor Israel Ltd, GosuncnWelink Corporation, and Analog Devices, Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in Global IoT-based Asset Tracking and Monitoring Market.

Don’t miss the business opportunity Global IoT-based Asset Tracking and Monitoring Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global IoT-based Asset Tracking and Monitoring Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Global IoT-based Asset Tracking and Monitoring Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the Market.

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