The global IoT-based asset tracking and monitoring market size 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 adoption in manufacturing industries helps manufacturers achieve the necessary data to manage complex production cycles and manufacturing equipment better, leading to improved operations and profitability. IoT in manufacturing solutions also enables manufacturers to shift from scheduled to predictive maintenance and continuous plant or machine monitoring to reduce downtime and boost production efficiency. For instance, with the emergence of IoT, solutions such as connected logistics and predictive maintenance enable automobile manufacturers to provide real-time data management and increase the machine life, reducing time and costs. Similarly, IoT-based asset tracking and monitoring solutions allow tracing shop floor tools and equipment to prevent misuse, overuse, or underuse and send alerts for maintenance.
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LoRa segment is expected to grow with highest CAGR during the forecast period.
LoRa is a long-range, low-power wireless platform used to build IoT networks across a compelling mix of long-range, low-power consumption, and secure data transmission. This technology is developed and promoted by the LoRa Alliance, an open, non-profit association that various companies initiated to standardize the LPWAN protocol. It is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech Corporation (US) has deployed LoRa technology into its chipsets. These chipsets are integrated into the products offered by its vast network of IoT partners and LPWANs provided by mobile network operators worldwide.
The market for manufacturing segment is projected to grow with substantial CAGR during the forecast period.
A good asset tracking and monitoring plan supports organizational objectives while maximizing industrial performance and reducing expenses. As opposed to other business arenas, the manufacturing industry players are widely adopting IoT-enabled asset tracking and monitoring systems. IoT-enabled asset management helps manufacturing businesses track, organize, and locate every piece of equipment, raw materials, and finished products. For instance, CNC machines, robots, conveyor belts, and other production machinery for performance monitoring and predictive maintenance and finished products in storage areas for quality control and efficient shipment. All these tasks take a lot of time and effort to complete manually. Most industries employ pricey handheld scanners for inventory control. These assets can now be tracked automatically using asset tracking solutions that are IoT enabled.
The market in Asia Pacific is projected to hold the substantial market share in 2029.
Asia Pacific is one of the major markets for chip and module manufacturing. The key countries in Asia Pacific considered for this study are China, Japan, India, India, and the Rest of Asia Pacific. China has the largest vehicle fleet in the world with the high adoption of IoT owing to the financial and strategic involvement of the government in the R&D of IoT-related technologies. As China is a major hub of semiconductor fabrication and manufacturing, its participation in implementing and developing IoT-based asset tracking modules and supporting connectivity technologies is crucial for the growth of these markets. With an increasing vehicle fleet, the demand for automated management is expected to increase, creating opportunities for such solution providers. Thus, many companies in the market are working towards capitalizing on these opportunities. For instance, Shenzhen Jimi IoT Co., Ltd. (China) offers solutions for car rental fleet management, taxi and ride-hailing fleet management, trailer tracking, logistics, and delivery. Companies offer solutions such as real-time location tracking, instant alert, geo-fencing, preventive maintenance, and similar insights.
Key Market Players
Quectel Wireless Solutions Co., Ltd (China), u-blox (Switzerland), Fibocom Wireless Inc. (China), Telit (US), Semtech Corporation (US), Samsara Inc. (US), and SEQUANS (France) are among a few top players in the IoT-based asset tracking and monitoring companies.