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Global IoT Based Asset Tracking And Monitoring Market Expected to Achieve 14.3% CAGR by 2029: Growth Forecast Insights
IoT Based Asset Tracking And Monitoring
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How Large Will the IoT Based Asset Tracking And Monitoring Market Size By 2025?_x000D_
The market size of IoT-based asset tracking and monitoring has seen a notable surge in the past few years. It is set to escalate from a value of $5.06 billion in 2024 to $5.52 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.0%. This substantial growth in the historic period is the result of mounting demand for efficiency in supply chains, industrial IoT advancements, the implementation of predictive maintenance, emphasis on asset security, and various regulatory adjustments and standards._x000D_
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How Big Is the IoT Based Asset Tracking And Monitoring Market Size Expected to Grow by 2029?_x000D_
It's anticipated that the IoT-based asset tracking and monitoring market will experience significant growth in the coming years, expanding to $9.41 billion by 2029 with an estimated compound annual growth rate of 14.3%. This increase can be credited to factors such as the pursuit of sustainability and green initiatives, incorporation with AI and analytics, the rising need for remote monitoring, developments in retail and inventory management, and the implementation in smart city projects. Key trends to watch in the projected period encompass the integration of IoT gadgets, an increased demand for supply chain refinement, the progression in sensor technology, the surge in the adoption of industrial IoT and an emphasis on fleet management._x000D_
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Which Key Market Drivers Powering IoT Based Asset Tracking And Monitoring Market Expansion and Growth?_x000D_
The rising need for sophisticated monitoring solutions is projected to boost the IoT-based asset tracking and monitoring market's expansion. Sophisticated monitoring solutions and devices embody products armed with smart technologies such as sensor networks that collect data from the surrounding environment. Such technologies combine IoT and automation with consumer devices, rendering them smartly operative. These technologies aid in tracking the position and condition of assets and equipment, affording real-time insight into crucial asset locales. The escalating requirement for such intelligent, integrated technology intensifies the usage of IoT-based asset tracking and monitoring, given the growing significance and apprehension related to safety, security, and convenience. For example, a paper by McKinsey & Company, a business advisory firm, anticipates the global count of IoT-linked devices will rise to 43 billion by 2023, nearly tripling from its 2018 figure. Additionally, the National Highway Traffic Safety Administration, a US government agency, predicts there will be 3.5 million autonomous vehicles on U.S. streets by 2025, and by 2030, this number will grow to 4.5 million. Consequently, the escalating demand for superior monitoring solutions will catalyze the IoT-based asset tracking and monitoring market's growth._x000D_
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Which Fast-Growing Trends Are Poised to Disrupt the IoT Based Asset Tracking And Monitoring Market?_x000D_
The surge in technological innovation is a primary trend gaining traction in the IoT-based asset monitoring and tracking market. Leading businesses in IoT-based asset tracking and monitoring are committed to offering advanced technology solutions to solidify their position in the market. For example, Digital Matter, a GPS and IoT tracking device production company based in Australia, introduced Device Manager in June 2024. This is a next-generation platform for managing IoT asset-tracking devices that improved the control and efficiency of various hardware types. Users can customize over 200 device configurations to fit individual use-cases, thus enhancing operational efficiency. The platform facilitates rapid device monitoring and troubleshooting, thereby increasing overall client satisfaction by responding to problems promptly._x000D_
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What Are the Emerging Segments in the IoT Based Asset Tracking And Monitoring Market?_x000D_
The iot based asset tracking and monitoringmarket covered in this report is segmented - _x000D_
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1) By Connectivity Type: Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Other Connectivity Types_x000D_
2) By Technology: Device Management, Application Management, Network Management_x000D_
3) By Application: Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, Other Applications_x000D_
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Subsegments:_x000D_
1) By Wi-Fi: Standard Wi-Fi, Wi-Fi 6_x000D_
2) By Bluetooth: Bluetooth Classic, Bluetooth Low Energy (BLE)_x000D_
3) By Cellular: 3G, 4G Or LTE, 5G_x000D_
4) By NB-IoT (Narrowband IoT): Standalone NB-IoT, LTE-M (Long-Term Evolution for Machines)_x000D_
5) By LoRa (Long Range): LoRaWAN (Long Range Wide Area Network)_x000D_
6) By SigFox: SigFox Network Technology_x000D_
7) By UWB (Ultra-Wideband): Time-Of-Flight (ToF) Applications_x000D_
8) By GNSS (Global Navigation Satellite System): GPS, GLONASS, Galileo_x000D_
9) By Other Connectivity Types: Zigbee, RFID (Radio-Frequency Identification)_x000D_
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Who Are the Global Leaders in the IoT Based Asset Tracking And Monitoring Market?_x000D_
Major companies operating in the IoT based asset tracking and monitoring market 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 _x000D_
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Which are the Top Profitable Regional Markets for the IoT Based Asset Tracking And Monitoring Industry?_x000D_
North America was the largest region in the IoT-based asset tracking and monitoring market share in 2024. 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._x000D_
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3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
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