Dublin, April 12, 2024 (GLOBE NEWSWIRE) -- The "Global IoT-based Asset Tracking and Monitoring Market by Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, ZigBee, Thread), Monitoring Type (Indoor, Outdoor), Application (Manufacturing, Automotive), Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global IoT-based asset tracking and monitoring market is expected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029, at a CAGR of 12.8% from 2024 to 2029. IoT solutions and services are offering manufacturing companies the benefit of digital disruption. With the growing adoption of industrial automation, hundreds of manufacturers have connected thousands of machines across their factory floors through IoT platforms, which helps manufacturers increase their capacity utilization and gain more business to remain competitive in the market. 
Outdoor segment is projected to grow at an impressive CAGR during the forecast period
In railways outdoor monitoring includes derailers, mileposts, signals, and rail tracks. In aviation, tracking aircraft in real-time, for instance, GPS enabled trackers provide location, movement, and performance data for efficient scheduling, optimized flight paths, and improved fuel efficiency.
Manufacturing includes outdoor storage areas, vehicle and mobile equipment used for transporting materials across remote locations. Further, cold chain monitoring includes tracking refrigerated trucks, containers, tracking vaccine coolers, and medical kits comes under the outdoor monitoring of assets in IoT-based asset tracking and monitoring market.
NB-IoT segment is projected to grow at an impressive CAGR during the forecast period
NarrowBand-Internet of Things (NB-IoT) is based on LPWAN developed for a wide range of IoT solutions. IoT applications requiring frequent communications will be better served by NB-IoT, which has no duty cycle limitations operating on the licensed spectrum.
NB-IoT is being deployed frequently in logistics for capturing the location of goods and delivery information in real time, temperature monitoring in cold-chain, near real-time location and information of high-value medical equipment with shock and temper alerts, livestock monitoring, and container monitoring, among others. For instance, NB-IoT technology offers several benefits for healthcare applications. It includes remote patient monitoring through medical devices such as heart and blood pressure monitors and tracking of medical equipment in hospitals.
Aviation application is expected to hold significant market share during the forecast period
For effective management of airport transportation, asset tracking and monitoring are critical in the industry. The aviation industry uses crucial and cost-intensive assets such as ground support equipment, unit load devices, spare parts, and inventories. Besides, hundreds and thousands of assets in operation need tracking and monitoring for effective operations.
Airports can find and track all essential assets that keep airport operations running smoothly owing to the usage of real-time tracking technology like real-time location systems (RTLSx). Airports are extremely busy places with thousands of passengers and staff. There are million passengers passed through the several Airports. Thus, airports rely significantly on their assets because of the enormous number of visitors they receive each year.
The market in Europe is expected to grow at a impressive CAGR during the forecast period
Europe has a solid base in manufacturing, designing, and researching advanced technologies used in the semiconductor industry. Key production centers in the EU and European Free Trade Association (EFTA) include Austria, France, Germany, Italy, Ireland, and the Netherlands.
The UK is one of the key economies in Europe. Digital transformation, technological advancements, and industrial automation initiatives are expected to drive the market's growth in the country. At present several smart factories across the UK have planned to deploy 4G IoT-based asset management modules to improve device connectivity across floors. These technologies will help reduce power consumption, enable broader connectivity, and offer a long battery life for devices.
Research Coverage
The IoT-based asset tracking and monitoring market has been classified by monitoring type, connectivity type, applications, and region. The market by monitoring type has been classified into indoor and outdoor. The connectivity type segment is divided into Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, and others. The market has been divided into automotive, livestock monitoring, railways, aviation, manufacturing, cold chain monitoring and others by application segment. The study also forecasts the market size in four key regions - North America, Europe, Asia Pacific, and RoW.
Major players profiled in this report are as follows: Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Solera (US), Samsara Inc. (US), SEQUANS (France), Semtech Corporation (US), Nordic Semiconductor (Norway), Laird Connectivity (US) and others.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $5 Billion |
| Forecasted Market Value (USD) by 2029 | $9.2 Billion |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Global |
Premium Insights
- Growing Demand in Manufacturing and Cold Chain Monitoring Applications to Drive Market
- Cellular Segment to Dominate Market in 2029
- Manufacturing Segment to Capture Largest Market Share in 2029
- Manufacturing Segment and US to Hold Largest Market Shares in North America in 2023
- China to Exhibit Highest CAGR in Global Market During Forecast Period
Market Dynamics
- Drivers
- Surging Use of Intelligent Connected Devices and Sensors in Different Industries
- Increasing Adoption of IoT-based Asset Trackers and Monitors in Manufacturing Industry
- Rising Interest in Deploying Cloud Computing Platforms
- Growing Focus on Use of Automated Solutions to Meet Industrial Safety Standards
- Restraints
- High Initial Cost of Investment
- Lack of Standardization and Interoperability Between IoT and Other Devices
- Opportunities
- Rapid Deployment of Automation Technologies in Automotive Industry
- Rising Need for Supply Chain Optimization
- Growing Requirement for IoT-based Asset Trackers in Warehouse and Logistics Management
- Need for AI and IoT Convergence for Data Monetization
- Challenges
- Rising Security Concerns Related to IoT Technologies
Case Study Analysis
- Fiway and Telit Developed Co.Bo. for Accurate Cold Chain Monitoring
- Cainthus Launched Feed Monitoring System to Track Accessibility of Feed
- Anglia Deployed Fleet Complete's Tracking Solution to Track Vehicle Fleet
Companies Featured
- Quectel Wireless Solutions Co. Ltd
- Fibocom Wireless Inc.
- U-Blox
- Telit Cinterion
- Semtech Corporation
- Laird Connectivity
- Nordic Semiconductor
- Samsara Inc.
- Sequans
- Solera
- Advanced Tracking Technologies, Inc.
- Azuga
- Digital Matter
- Fleet Complete
- Geotraq
- Gosuncnwelink Corporation
- Neoway Technology Co. Ltd.
- Particle Industries, Inc.
- Queclink Wireless Solutions Co. Ltd.
- Shenzhen Jimi IoT Co. Ltd.
- Sunsea Aiot Technology Co. Ltd.
- Tektelic Communications Inc.
- Teltonika
- Trackimo
- Xiamen Cheerzing IoT Technology Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/eixtt3
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