Market for IoT-based asset tracking and monitoring set to grow, offering opportunities for industry.
From GlobeNewswire: 2025-01-22 21:30:00
The global IoT-based asset tracking and monitoring market is projected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029, with a CAGR of 12.8% during this period. Manufacturing industries benefit from IoT adoption, enhancing production cycles and equipment management for improved operations and profitability.
The market offers opportunities for product launches and partnerships, especially in the Asia Pacific region due to high production and consumption of electronic devices. The demand for IoT-based asset tracking and monitoring modules is expected to increase significantly, particularly in manufacturing and cold chain monitoring applications.
Key industry players include Quectel Wireless Solutions Co., Ltd, u-blox, Fibocom Wireless Inc., Telit, Semtech Corporation, Samsara Inc., SEQUANS, and more. The adoption of automated solutions in the manufacturing sector reduces accidental risks, while challenges include security concerns related to IoT technologies.
The IoT-based asset tracking and monitoring industry for automotive applications is set to grow at a substantial CAGR, with benefits including fleet tracking, SKU handling in logistics, and construction equipment monitoring. Indoor monitoring within the industry also shows promise, leveraging technologies like Wi-Fi and Bluetooth for asset tracking in enclosed spaces like warehouses and factories.
The cellular segment of the IoT-based asset tracking and monitoring industry is expected to hold a significant market share, with North America and Europe leading in the development of smart cities using 4G LTE networks. North America is projected to dominate the industry, with asset tracking and monitoring playing a crucial role in the automotive sector to improve supply chain visibility and reduce downtime.
Read more at GlobeNewswire: Discover the Future: IoT-Based Asset Tracking and