IoT Based Asset Tracking And Monitoring Growth Forecast 2025-2034: Trends, Opportunities, and Key Insights You Need to Know
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What is the Predicted CAGR for the IoT Based Asset Tracking And Monitoring Market Over the Forecast Period of 2025 to 2034?
The market size for asset tracking and monitoring using IoT has shown significant growth lately. Predictions show an increase from $5.06 billion in 2024 to $5.56 billion in 2025, registering a compound annual growth rate (CAGR) of 9.9%. This past growth is largely due to the need for efficient supply chains, the growth of industrial IoT, the implementation of predictive maintenance, a heightened focus on asset security, as well as regulatory changes and standards.
In the coming years, the market size of asset tracking and monitoring based on IoT is set to witness a swift expansion. It’s estimated to escalate to a value of $9.62 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.7%. The development anticipated in the projected time frame is credited to factors like sustainability and green initiatives, the amalgamation with artificial intelligence, and analytic measures, along with increased demand for remote monitoring. Other contributing factors are the augmentation of retail and inventory handling along with its implementation in smart city schemes. The major trends to watch out for during this forecast period comprise the incorporation of IoT devices, desire for betterment in supply chain management, advancement in sensor-based technology, the surge in the adoption of industrial IoT, and the focus on fleet administration.
What Key Drivers Are Accelerating the Growth of the iot based asset tracking and monitoring Market During the Forecast Period?
The increasing need for sophisticated tracking solutions is projected to fuel the growth of the IoT-based asset tracking and monitoring market. Intelligent monitoring devices and solutions, ingrained with sensor networks that capture environmental data, are elevating the demand for such IoT-enabled asset tracking and monitoring systems. These advanced technologies incorporate IoT and automation into everyday devices, enhancing their functionality and making them operate more efficiently. Through tracking the whereabouts and state of assets and equipment, the integrated high-tech solutions provide real-time visibility, boosting safety, security, and convenience. The McKinsey & Company management consulting firm published that the worldwide count of IoT-connected devices is anticipated to rise to 43 billion by 2023, nearly three-fold growth from 2018. For example, the National Highway Traffic Safety Administration, a US government agency, stated in December 2022 that there would be 3.5 million autonomous vehicles on the roads of U.S. by 2025, and 4.5 million by 2030. Given these circumstances, it is clear that the surging need for superior monitoring solutions is set to propel the IoT-based asset tracking and monitoring market.
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Who Are the Top Companies Driving Innovation and Growth in the IoT Based Asset Tracking And Monitoring Market?
Major companies operating in the IoT based asset tracking and monitoring market are:
• Quectel Wireless Solution Co. Ltd._x000D_
• Fibocom Wireless Inc._x000D_
• Sierra Wireless Inc._x000D_
• Telit Corporate Group_x000D_
• u-blox AG_x000D_
What Key Trends Are Currently Impacting the IoT Based Asset Tracking And Monitoring Market’s Development?
The increasing embrace of technological innovation is a prominent trend in the market for IoT-based asset tracking and monitoring. Primarily, businesses in this market are leveraging advanced technologies to boost their market standing. For example, Digital Matter – a company established in Australia that produces GPS and IoT tracking devices – unveiled its Device Manager platform in June 2024. This state-of-the-art IoT asset-tracking device management platform refines the management and functioning of a wide variety of hardware. It empowers users to adjust over 200 device settings to fine-tune performance to suit specific scenarios, thus enabling streamlined operations. Moreover, the platform allows for rapid monitoring and resolution of device issues, thereby enhancing customer satisfaction by swiftly addressing their concerns.
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Which Primary Segments of the IoT Based Asset Tracking And Monitoring Market Are Driving Growth and Industry Transformations?
The IoT based asset tracking and monitoring market covered in this report is segmented –
1) By Connectivity Type: Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Other Connectivity Types
2) By Technology: Device Management, Application Management, Network Management
3) By Application: Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, Other Applications
Subsegments:
1) By Wi-Fi: Standard Wi-Fi, Wi-Fi 6
2) By Bluetooth: Bluetooth Classic, Bluetooth Low Energy (BLE)
3) By Cellular: 3G, 4G Or LTE, 5G
4) By NB-IoT (Narrowband IoT): Standalone NB-IoT, LTE-M (Long-Term Evolution for Machines)
5) By LoRa (Long Range): LoRaWAN (Long Range Wide Area Network)
6) By SigFox: SigFox Network Technology
7) By UWB (Ultra-Wideband): Time-Of-Flight (ToF) Applications
8) By GNSS (Global Navigation Satellite System): GPS, GLONASS, Galileo
9) By Other Connectivity Types: Zigbee, RFID (Radio-Frequency Identification)
Which Geographical Regions Are Pioneering Growth in the IoT Based Asset Tracking And Monitoring Market?
North America was the largest region in the IoT-based asset tracking and monitoring market share in 2024. The regions covered in the IoT based asset tracking and monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Defining Aspects of the IoT Based Asset Tracking And Monitoring Market Landscape?
IoT-based asset tracking and monitoring refer to a solution that involves tracking the location and position of assets and equipment using IoT-enabled devices. The primary purpose is to allow remote surveillance and control of an asset’s geolocation and movements. It improves asset control efficiency and reduces equipment loss.
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