Global IoT-based Asset Tracking and Monitoring Market Size to worth USD 13.6 Billion by 2033: Market Insight Report

Global IoT-based Asset Tracking and Monitoring Market Size to worth USD 13.6 Billion by 2033

According to a research report published by Spherical Insights & Consulting, The Global IoT-based Asset Tracking and Monitoring Market Size is Expected to Grow from USD 4.3 Billion in 2023 to USD 13.6 Billion by 2033, at a CAGR of 12.20% during the forecast period 2023-2033.  

Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global IoT-based Asset Tracking and Monitoring Market Size, Share, and COVID-19 Impact Analysis, By Connectivity (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRaWAN, SigFox, GNSS, Ultra-wideband (UWB), and Others), By Application (Livestock monitoring, Transportation & Logistics, Manufacturing, Cold chain monitoring, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.        

IoT-based asset tracking and monitoring refers to the use of connected devices combined with specific digital systems such as asset tracking software to read and transmit real-time data. Numerous assets, such as cars, machinery, supplies, employees, and animals, can be tracked using this device. Manufacturers can obtain the data they need to better manage intricate production cycles and industrial equipment by implementing IoT in the manufacturing sector. IoT-based tracking solutions are essential for managing assets and providing data on vehicle locations, operational status, and maintenance needs. These systems guarantee reliable and efficient transportation services, which are necessary for modern cities to function properly. The integration of machine learning (ML) and artificial intelligence (AI) in IoT asset tracking solutions for improving data analysis capabilities is providing lucrative market growth opportunities. The growing adoption of connected devices & sensors and the demand for real time data monitoring are driving the market for IoT based asset tracking and monitoring. The rise in smart cities & infrastructure and expanding wireless connectivity significantly contributed to market growth. On the contrary, the high initial investment costs and the concerns regarding data privacy and security are hampering the market.

The LoRaWAN segment is anticipated to dominate the market during the forecast period.

Based on the connectivity, the IoT-based asset tracking and monitoring market is classified into wi-fi, Bluetooth, cellular, NB-IoT, LoRaWAN, SigFox, GNSS, ultra-wideband (UWB), and others. Among these, the LoRaWAN segment is anticipated to dominate the market during the forecast period. These technologies help healthcare practitioners maximize resource usage and streamline workflow procedures by offering them real-time visibility into the location and availability of important resources, such as beds, medical equipment, and staff.  

The transportation & logistics segment dominated the market with the largest revenue share in 2023.

Based on the application, the IoT-based asset tracking and monitoring market is classified into livestock monitoring, transportation & logistics, manufacturing, cold chain monitoring, and others. Among these, the transportation & logistics segment dominated the market with the largest revenue share in 2023. IoT asset tracking raises the standard for efficiency in logistics and delivery via real-time route optimization by a logistics company which enables fast delivery times and huge fuel savings with real time delivery updates to customers.

North America is estimated to hold the largest share of the IoT-based asset tracking and monitoring market over the forecast period.

North America is estimated to hold the largest share of the IoT-based asset tracking and monitoring market over the forecast period. The increasing technological advancements and the presence of major key industry players in the region are responsible for driving the market for IoT-based asset tracking and monitoring. The expanding IoT infrastructure and adoption of advanced technologies are significantly propelling the market.

Asia Pacific is predicted to grow at the highest CAGR in the IoT-based asset tracking and monitoring market over the forecast period. The adoption of IoT and its integration across all industries in the developing countries of the Asia Pacific region is driving the market. Further, the growing manufacturing and consumption of electronic devices are likely to drive the market growth. The surging digitalization and increased proliferation of connected and IoT-based asset tracking and monitoring are propelling the market.

Company Profiling

Major key players in the global IoT-based asset tracking and monitoring market include Quectel Wireless Solutions Co., Ltd., u-blox AG, Fibocom Wireless Inc., Telit Cinterion Group, Semtech Corporation, Samsara Inc., Nordic Semiconductor ASA, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In June 2024, Digital Matter, a global leader in IoT asset tracking and sensor monitoring solutions, announced the launch of Device Manager, a significant evolution of its IoT Device Management Platform.

• In October 2024, Veea, a first-to-market pioneer in hyper converged multiaccess networks with AI-driven cybersecurity, partnered with Inti Cakrawala Teknologi (ICT), a provider of next-gen digital connectivity solutions, to bring advanced connectivity solutions and asset tracking for ICT’s mining and energy clients in Indonesia and throughout Southeast Asia.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the IoT-based asset tracking and monitoring market based on the below-mentioned segments:

Global IoT-based Asset Tracking and Monitoring Market, By Connectivity

• Wi-Fi
• Bluetooth
• Cellular
• NB-IoT
• LoRaWAN
• SigFox
• GNSS
• Ultra-wideband (UWB)
• Others

Global IoT-based Asset Tracking and Monitoring Market, By Application

• Livestock monitoring
• Transportation & Logistics
• Manufacturing
• Cold chain monitoring
• Others

Global IoT-based Asset Tracking and Monitoring Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa