IoT-based Asset Tracking and Monitoring Market Report Scope & Overview:

The IoT-based Asset Tracking and Monitoring Market was valued at USD 4.5 billion in 2023 and is expected to reach USD 13.1 billion by 2032, growing at a CAGR of 12.69% from 2024-2032.

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This report consists of key insights into the IoT-based Asset Tracking and Monitoring Market, focusing on adoption trends, technology usage, and impact on asset security. It highlights the increasing adoption of IoT-based tracking solutions across industries such as logistics, healthcare, and manufacturing, driven by efficiency gains and cost savings. The analysis covers the market share of key tracking technologies like GPS, RFID, BLE, and NB-IoT, showcasing their role in real-time asset monitoring. Additionally, it examines regional trends in IoT asset tracking device shipments and how these solutions have contributed to reducing asset loss and theft. The report also explores advancements in AI-powered analytics, edge computing integration, and emerging regulatory standards.

The U.S. The IoT-based Asset Tracking and Monitoring Market was valued at USD 0.6 billion in 2023 and is expected to reach USD 2.0 billion by 2032, growing at a CAGR of 13.59% from 2024-2032. driven by increasing demand for real-time visibility, supply chain optimization, and theft prevention across industries. Growth is fueled by advancements in 5G, AI-driven analytics, and the rising adoption of RFID and GPS-enabled IoT solutions. By 2030, the market is expected to expand steadily, with higher adoption in logistics, healthcare, and smart city applications.

IoT-based Asset Tracking and Monitoring Market Dynamics

Drivers

• Businesses are adopting IoT-based tracking to improve asset security, efficiency, and supply chain management.

A major factor fuelling market growth is the increasing demand for real-time tracking and monitoring of assets across industry sectors such as logistics, healthcare, and manufacturing. These include Internet of Things -based asset-tracking solutions that make it possible to increase efficiency, eliminate theft, and utilize assets effectively. GPS, RFID, BLE, and NB-IoT tracking enables the tracking of products, equipment, and people, helping to enhance supply chain management. Moreover, emerging regulatory mandates for asset security and traceability across sectors like pharmaceuticals and food & beverage are also compelling firms to embrace IoT solutions. This significantly improves the precision and effectiveness of asset-tracking systems.

Restraints

• The high costs of IoT infrastructure and cybersecurity risks hinder market adoption.

While IoT-based asset-tracking solutions present numerous advantages, the high costs of hardware, software, and infrastructure for initial investment act as a barrier to the widespread adoption of these solutions. More small and medium-sized enterprises (SMEs) find it difficult to afford a costly deployment of an extensive tracking system. Then, there is the issue of data privacy and cybersecurity that presents a formidable challenge, with asset tracking systems amassing large amounts of sensitive data. Barriers to adoption include unauthorized access, data breaches, and regulatory compliance. Addressing these concerns is possible only if firms invest in secure IoT frameworks and advanced encryption methods, which in turn hike the implementation costs and involve excessive complexity of approaches.

Opportunities

• AI, 5G, and edge computing are enhancing real-time tracking, predictive maintenance, and operational efficiency.

With the convergence of artificial intelligence, 5G networks, and edge computing, completely new potential for IoT-based asset tracking and monitoring is enabled. Predictive maintenance, anomaly detection, and asset performance monitoring are newly empowered with AI-powered analytics that minimize downtime and operational risk. 5G networks provide higher data transfer rates and low-latency connections, thus allowing a more efficient and scalable process to keep track of assets in real time. At the same time, edge computing moves data processing closer to the source, minimizing dependence upon centralized cloud infrastructure and providing faster response times. The technology will become widely used in logistics, manufacturing, and smart cities, something set to be facilitated further by these technological advancements.

Challenges

• Compatibility challenges across various tracking technologies limit seamless integration and scalability.

Another challenge facing the IoT-based asset tracking market is the lack of standardization and interoperability among the various tracking technologies and platforms. GPS, RFID, and various other tracking solutions  get deployed independently of each other by companies and creating compatibility and integration challenges. The lack of a common standard for communication poses challenges in developing a cohesive and interoperable asset-tracking environment. The level of challenge for businesses, requiring investment in custom integration efforts, increases both expenses and time-to-market. Moreover, very limited baseline data is available to justify the deployment cases. To address these challenges, the industry should follow standard IoT-based protocols for more unified asset tracking.

IoT-based Asset Tracking and Monitoring Market Segmentation Analysis

By Connectivity Type

Cellular connectivity dominated the market and accounted for a significant revenue share in 2023, as cellular connectivity has the widest coverage network, reliability, and fast-end seamless tracking capabilities. Asset management is heavily dependent on cellular-based solutions- from 4G LTE to next-generation 5G networks- in industries such as logistics, automotive, and smart cities. 5G networks are increasing the speed of data transmission, which has enabled even more advanced IoT applications.

The LoRaWAN is expected to register the fastest CAGR during the forecast period, because it is low-power and long-range-enabled, which is suitable for tracking in industrial applications, as well as for remote tracking. LoRaWAN adoption is being driven by the growing deployment of smart city initiatives, agriculture monitoring and supply chain optimization solutions. It's also one of the big reasons that it can support large-scale IoT deployment with the least amount of energy consumption.

By Application

The transportation & logistics segment dominated the market and accounted for 27% of revenue share in 2023, owing to the increasing need for real-time visibility of shipments, fleet management, and supply chain optimization. The increasing boom in e-commerce, cross-border trade, and just-in-time inventory management has compelled the adoption of IoT-enabled tracking solutions. GPS,  RFID for identification, along cellular connectivity for real-time location tracking have been reduced to save on both delay and loss.

The Cold Chain Monitoring segment is projected to experience the fastest CAGR throughout the forecast period, owing to increasing adoption of temperature-sensitive logistics for pharmaceuticals, food & beverage, chemicals, etc. Regulations require preservation of product quality, particularly in the pharmaceutical and perishable goods markets, which is also encouraging IoT uptake in the vertical. Temperature and humidity are monitored in real time using advanced IoT sensors and AI-powered analytics to minimize spoilage risks.

Regional Landscape

The Asia-Pacific region dominated the market and accounted for 36% of revenue share, due to industrialization, expanding logistics and transportation networks, and the large-scale adoption of IoT solutions in the manufacturing and transportation sectors in the region. Nations such as China, Japan, and India are making significant investments in smart supply chains, connected warehouses, and fleet management. Real-time tracking technologies are further driven by the growth of e-commerce and cross-border trade. Other factors aiding in market growth include government initiatives encouraging digital transformation and smart cities projects.

North America is anticipated to account for the fastest growth rate during the forecast period, owing to the growing implementation of IoT in logistics, healthcare, and cold chain monitoring. The region has seen strong technological infrastructure, adoption of AI and 5G, and strict regulations of asset security. IoT deployments are propelled by e-commerce growth, demand for automated fleet tracking, and increased focus on sustainability.

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Key Players

The major key players along with their products are

• IBM – Maximo Asset Monitor

• Cisco – IoT Control Center

• Siemens – MindSphere Asset Tracking

• Honeywell – Connected Assets Solution

• AT&T – Fleet Complete

• Verizon – Connect Asset Tracker

• GE Digital – Asset Performance Management (APM)

• Zebra Technologies – MotionWorks Enterprise Asset Tracking

• Qualcomm – Snapdragon IoT Asset Tracker

• Huawei – OceanConnect IoT Platform

• Ericsson – IoT Accelerator Asset Management

• SAP – SAP IoT Asset Intelligence Network

• Bosch – Track and Trace IoT Suite

• PTC – ThingWorx Asset Monitoring

• Trimble – Asset Tracking Solution

Recent Developments

• June 2024 – Klika Tech Receives IoT Evolution Asset Tracking Award
  Klika Tech was honored with the 2024 IoT Evolution Asset Tracking Award for its solution developed in collaboration with AWS and Seeed Studio, addressing connectivity challenges in deploying large fleets of low-power IoT devices.

• June 2024 – Inpixon RTLS Honored for Third Consecutive Year
  Inpixon's Real-Time Location System (RTLS) received the IoT Evolution Asset Tracking Award for the third year in a row, recognizing its excellence in indoor intelligence solutions.

• October 2024 – Samsara Expands into Non-Vehicle Asset Tracking
  Samsara introduced 'Asset Tag' devices to monitor non-vehicle assets, diversifying its IoT offerings beyond fleet management.

• November 2024 – Life360 Adjusts Revenue Guidance Due to Supply Chain Delays
  Life360 revised its full-year revenue forecast downward following a six-week supplier delay affecting new device sales, impacting its hardware revenue.