IoT Based Asset Tracking and Monitoring Global Market Report 2024

The global iot based asset tracking and monitoring market has grown rapidly in recent years. It will grow from $4.66 billion in 2023 to $5.17 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth observed in the historical period can be credited to the increasing demand for supply chain efficiency, the expansion of industrial IoT, the adoption of predictive maintenance practices, heightened attention to asset security, and changes in regulatory standards.

The global iot based asset tracking and monitoring market is expected to see rapid growth in the next few years. It will grow to $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. Anticipated growth in the upcoming period is driven by a strong focus on sustainability and green initiatives, the integration of AI and analytics, increased demand for remote monitoring capabilities, expansion into retail and inventory management sectors, and widespread adoption in smart city initiatives. Key trends expected in this period encompass the integration of IoT devices, a surge in demand for supply chain optimization solutions, advancements in sensor technology, increased adoption of industrial IoT practices, and a concentrated focus on fleet management strategies.

The expanding need for sophisticated monitoring solutions is set to drive the growth of the IoT-based asset tracking and monitoring market. These solutions integrate intelligence technologies, like sensor networks, to collect environmental data. Combining IoT and automation into consumer devices, they enable intelligent functionalities. By tracking asset location and status, these technologies offer real-time visibility into critical assets. This heightened demand for integrated intelligent tech stems from amplified concerns about safety, security, and convenience. Notably, a McKinsey & Company article predicts a surge in IoT-connected devices to 43 billion by 2023, nearly tripling the count from 2018, bolstering the prospects of advanced monitoring solutions.

The burgeoning e-commerce industry is poised to significantly boost the IoT-based asset tracking and monitoring market. E-commerce, the digital exchange of goods and services, operates through intricate supply networks to transport vast volumes of goods. Precise real-time data from IoT-based tracking systems enables e-commerce businesses to meet customer expectations and optimize logistics. Recent figures from Digital Commerce 360 analyzing the US Department of Commerce data reveal a 7.7% year-over-year increase in e-commerce sales to $277.6 billion in the second quarter of 2023, underlining the industry's escalating influence on the IoT-based asset tracking and monitoring market.

Technological advancement emerges as a prominent trend fueling the IoT-based asset tracking and monitoring market. Leading companies in this sector prioritize delivering cutting-edge solutions to fortify their market stance. For instance, in April 2021, Sierra Wireless, a Canadian communications equipment firm, introduced Acculink Cargo - a managed IoT solution for asset tracking. This platform empowers firms to circumvent shipping delays, mitigate dwell times, prevent theft, and address environmental factors causing asset damage.

Strategic collaborations with major manufacturing entities form a focal strategy for key players in the IoT-based asset tracking and monitoring market. These alliances enable companies to leverage expertise from partners, transforming conceptual visions into tangible realities. In June 2023, Qualcomm Technologies, Inc., in collaboration with Skylo Technologies, Inc., launched two modem chipsets with satellite capability - the Qualcomm 212S Modem and Qualcomm 9205S Modem. These chipsets equip IoT enterprises, OEMs, and manufacturers with real-time data insights, facilitating off-grid industrial use cases and hybrid connectivity alongside terrestrial networks. This strategic collaboration strengthens their position and enhances project management capabilities.

In May 2022, Astrocast, a European nanosatellite IoT network operator, completed the acquisition of Hiber for an undisclosed sum. This strategic move is set to bolster the expansion of satellite-enabled IoT devices, furthering Astrocast's original equipment manufacturer (OEM) strategy. Hiber, based in the Netherlands, specializes in providing IoT-as-a-Service.

Major companies operating in the iot based asset tracking and monitoring market report are Quectel Wireless Solution Co. Ltd., Fibocom Wireless Inc., Sierra Wireless Inc., Telit Corporate Group, u-blox AG, Sequans Communications S.A., Nordic Semiconductor ASA, GosuncnWelink Corporation, Laird Connectivity LLC, Thales Group, Semtech Corporation, Mediatek Inc., Analog Devices Inc., HiSilicon Technologies Co. Ltd., Skyworks Solutions Inc., MeiG Smart Technology Co. Ltd., NXP Semiconductors N.V., Infineon Technologies India Private Ltd., STMicroelectronics N.V., Texas Instruments Incorporated, Samsung Electronics Co.Ltd., LG Electronics Inc., Micron Technology Inc., SMART Modular Technologies Inc., Kingston Technology Company Inc., Western Digital Corporation, Seagate Technology PLC, Renesas Electronics Corporation, Panasonic Holdings Corporation, Toshiba Corporation

North America was the largest region in the IoT-based asset tracking and monitoring market share in 2023. 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. The countries covered in the iot based asset tracking and monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The connectivity options offered by IoT-based asset tracking and monitoring encompass various types such as Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, SigFox, UWB GNSS, and other related connectivity formats. Wi-Fi-based IoT asset tracking and monitoring utilize radio waves to transmit data between devices. Leveraging radio-frequency wireless communication, Wi-Fi technology aids in detecting and tracking the locations of individuals, devices, and assets. These platforms support a range of technologies including device management, application management, and network management, catering to industries like livestock monitoring, automotive, railways, aviation, manufacturing, cold chain monitoring, and other relevant applications.

This report provides IoT-based asset tracking and monitoring market statistics, including IoT based asset tracking and monitoring industry global market size, regional shares, competitors with an IoT based asset tracking and monitoring market share, detailed IoT-based asset tracking and monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the IoT-based asset tracking and monitoring industry. This IoT-based asset tracking and monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The IoT-based asset tracking and monitoring market includes revenues earned by entities by providing tracking services, IoT-enabled security management services, fault management services, and configuration management services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.