IoT-Based Asset Tracking and Monitoring Market to Reach $9.2 Billion by 2029, Driven by Technological Advancements

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. With the increasing adoption of connected devices, IoT technology is generating a huge volumes of data; hence, data flow applications are rising in several verticals, such as cold chain monitoring, manufacturing, agriculture, aviation, and automotive. Hence, now it is possible the production in large amount and accelerate product deliveries as infrastructure costs are decreased. Companies are working towards to take the advantage from IoT and analytics to run and improve their businesses and to make themselves competitive in the market.

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By connectivity type, Wi-Fi is expected to grow at an impressive CAGR during the forecast period. Wi-Fi is an easy tracking solution to install and deploy, primarily if a facility already uses Wi-Fi to transfer and receive data. A Wi-Fi-based solution requires WLAN controllers, wireless hotspot gateways, switches, antennas, routers, repeaters, relays, extenders, and others. This connectivity method is apt for small-scale projects where tracking can be done over a designated network as the risk for network congestion is less and signal loss is low. Wi-Fi is easy to implement, quickly offers real-time updates, and can be operated within an existing network. It is prevalent in the aviation, healthcare, and logistics sectors. Wi-Fi technology has played a significant role in deploying asset tracking and monitoring solutions in numerous industries and sectors, such as healthcare, retail, transport, and manufacturing.

By monitoring type, outdoor segment is expected to grow at an impressive CAGR. Outdoor asset tracking empowers businesses to track valuable assets across vast and remote areas. By leveraging technologies like cellular networks, NB-IoT, and satellite communication, industries are able to gain real-time visibility into asset movement and condition. For instance, asset tracking helps prevent animals from straying or getting lost, identifying predators' threats, hence, tracking animals grazing in open fields comes under the outdoor monitoring of livestock. In automotive industry, real-time fleet position monitoring, volume tracking of cargo carried by the fleet, truck performance statistics such as fuel and mileage, route management, time and driver management, and traffic condition tracking comes under outdoor monitoring of assets.

The cold chain monitoring segment is expected to be one of the major adopters of IoT-based asset tracking modules. Cold chain monitoring devices considered as valuable tool for fleets that move products that need to be kept at a defined temperature throughout the transportation process, such as food and beverages, and medicines to avoid any damage in the cold chain supply chain, the devices help to transmit real-time temperature data. For instance, with the help of IoT-based asset tracking and monitoring modules fleets can keep track of temperatures while moving. These IoT-based asset tracking and monitoring modules are being installed in reefers, refrigeration units, or cold rooms and help cold chain managers to understand the temperature. If the temperature has changed below or over a set threshold, real-time temperature monitoring notifications can immediately create an alert.

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The European market has been classified into the UK, Germany, France, and Rest of Europe (Spain, Sweden, Italy, Switzerland, the Netherlands, Poland, Romania, Denmark, Norway, Finland, and Iceland). Increasing adoption of connected devices and rising investments in infrastructure development are expected to contribute to the growth of the IoT-based asset tracking and monitoring market in Europe. Due to the strategic importance of the semiconductor industry, it has always received political attention worldwide. The European semiconductor industry is estimated to witness robust growth during the forecast period to accommodate the increasing demand for semiconductor materials in emerging technologies, such as artificial intelligence (AI), autonomous driving, IoT, and 5G, and rising competition among key industry players.

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