The IoT-based Asset Tracking and Monitoring Market is estimated to reach USD 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027.
The rising demand for condition monitoring with the emergence of 5G technology for automation and supply chain optimization using IoT tracking.
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Driver: Rising adoption of cost-effective and intelligent connected devices and sensors
With the rising adoption of connected devices, IoT is generating substantial volumes of data; hence, data flow applications are increasing in many verticals, such as agriculture, cold chain monitoring, manufacturing, aviation, and automotive. Therefore, it is now possible to produce in large masses and accelerate product deliveries as infrastructure costs are reduced. Companies are leveraging IoT and analytics to run and improve businesses and stay competitive in the market. According to a recent study, about 35% of manufacturers in the US collect and use data generated from smart IoT modules to enhance manufacturing processes, livestock feed monitoring, fleet management, and other similar activities.
IoT, where data, processes, and things connect, has become a prevalent concept. According to Cisco, globally, the number of machine-to-machine (M2M) connections is expected to grow 2.4 times within five years (2018–2023). M2M connections include connections in a manufacturing facility, delivery vehicle, and warehouse asset tracking systems. According to the Ericsson Mobility Report, global IoT machine connections are expected to increase 2.3 times from 2020 to 2026, with half of the share held by short-range IoT connections. In addition to the abovementioned factors, the rising number of internet users, growing 5G technology adoption, and increasing IoT and M2M connections are significantly fueling the demand for IoT-based asset tracking solutions.
Miniaturized real-time IoT modules with track-and-trace features for cold chain management, smart packaging, perishable commodities shipping, and real-time box tracking keep a tab on shipments. Using real-time location systems such as IoT-based asset trackers, flag supply chain issues as they arise, replete with accurate location data and a timestamp, and take targeted action to fix them before they spiral out of control. Companies are offering a comprehensive technology portfolio for logistics optimization, which contains all the components required to create safe, low-maintenance, and globally certified systems for tracking assets across a supply chain.
The NB-IoT segment has emerged as widely adopted connectivity for IoT asset tracking and monitoring. NB-IoT is being deployed frequently in logistics for capturing the real-time location of goods and delivery information, 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.
The automotive segment is projected to create abundant opportunities in the IoT based asset tracking and monitoring market from 2022 to 2027 and is projected to grow at a healthy CAGR. The emergence of automation has changed the working of the automotive sector inside-out and made the IoT popular. For instance, automobile manufacturers are utilizing IoT in advanced planning and scheduling to capture real-time production and inventory data and minimize waste and cycle time. They are also using IoT-based analytics in multiple applications, from optimizing inventory in hand to adopting replenishment strategies in production lines for quality testing using optical-based analytics.
Asia Pacific region is estimated to create largest market opportunity in the IoT based asset tracking and monitoring market during the forecast period. IoT has penetrated various verticals in Asia Pacific, such as agriculture, automotive, railways, aviation, manufacturing, healthcare, and food & beverage. The region has fastest-growing economies in the world such as China and India, with a huge population base and steadily increasing per capita income. Additionally, IoT and 5G integration will help enterprises worldwide deploy, manage, and scale their businesses from a unified platform. With unprecedented speed and flexibility, 5G transports more data with high responsiveness and reliability. Thereby, fueling the demand for IoT based asset tracking and monitoring market.
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