IoT based Asset Tracking and Monitoring Market by Connectivity, Application and Region - Global Forecast to 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application (Automotive, Manufacturing, & Cold Chain Monitoring), Region (North America, Europe, APAC, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The IoT-based Asset Tracking and Monitoring market is projected to reach USD 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027.

This report covers key applications, namely, livestock monitoring, automotive, railways, aviation, manufacturing, cold chain monitoring, and others in IoT based asset tracking and monitoring market. The Wi-Fi connectivity type in deploying IoT based Asset tracking and monitoring accounted for a whopping share of about 24% of the market in 2021.

By application, the market for cold chain monitoring segment is expected to hold about one-fifth market share during the forecast period

Cold chain monitoring devices are a valuable tool for fleets that move products that must be kept at a specific temperature or range throughout the transportation process, such as food, beverages, medicines, or other goods, to prevent damage or waste in the cold chain supply chain, the devices transmit real-time temperature data.

Temperature data loggers, also called cold chain monitoring devices, are wireless sensors that use IoT technology to deliver real-time temperature data. To aid cold chain managers and customers in understanding the temperature, these IoT-based asset tracking and monitoring devices are frequently installed in reefers, refrigeration units, or cold rooms.

Asia Pacific region is expected to grow at highest CAGR in the IoT-based Asset Tracking and Monitoring market during the forecast period

Asia Pacific is one of the major markets for chip and module manufacturing. The commercialization of IoT and its convergence across all the industries are estimated to be in the growth phase, especially in developing economies of Asia Pacific. The region has emerged as a global focal point for large investments and business expansion opportunities.

Asia Pacific is expected to witness substantial growth due to the region's high production and consumption of electronic devices. In addition, the presence of leading manufacturers of chips and modules is significantly driving the growth of the regional IoT-based asset tracking and monitoring market.

Market Dynamics

Drivers

• Rising Adoption of Cost-Effective and Intelligent Connected Devices and Sensors
• Growing Use of Iot-Based Asset Trackers and Monitors in Manufacturing Companies
• Increased Deployment of Cloud Computing Platforms
• Growing Use of IoT Technologies in Factory Automation Attributed to Rising Safety Compliance

Restraints

• Requirement for High Initial Capital Spending
• Security Concerns Related to IoT Technologies
• Lack of Interoperability and Standardization

Opportunities

• Rising Adoption of Data Analytics and 5G Technologies in Automotive Sector
• Supply Chain Optimization Using Iot-Based Asset Tracking and Monitoring Modules
• High Benefits Associated with Warehouse and Logistics Management
• Data Monetization Attributed to Ai and IoT Convergence

Challenges

• Trade-Off Complications Related to Connectivity Technologies
• Decline in Semiconductor Manufacturing due to COVID-19

Companies Mentioned

• Analog Devices, Inc.
• Azuga
• Fibocom Wireless Inc.
• Geotraq
• Gosuncnwelink Corporation
• Hilti North America
• Hisilicon Technologies
• Laird Connectivity
• Mediatek Inc.
• Meig Smart Technology
• Neoway Technology
• Nordic Semiconductor
• Omnitracs
• Quectel
• Samsara
• Semtech
• Sequans
• Sierra Wireless
• Skyworks Solutions, Inc.
• Sony Semiconductor Israel Ltd.
• Sunsea Aiot Technology Co., Ltd.
• Telit
• Thales
• U-Blox
• Xiamen Cheerzing IoT Technology

For more information about this report visit https://www.researchandmarkets.com/r/3ykbg8