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IoT-based Asset Tracking and Monitoring Market worth $9.2 billion by 2029 - Exclusive Report by MarketsandMarkets™
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Indoor asset tracking is a rapidly growing segment within the broader IoT-based asset tracking and monitoring market. It leverages various technologies like Wi-Fi, Bluetooth, and low-power wide-area networks (LPWANs) to locate and monitor valuable assets within enclosed spaces like warehouses and factories. For instance, monitoring of individual animals within the barns and enclosures to track their feed, water consumption, and health comes under the indoor asset tracking of livestock monitoring. For automotive application indoor monitoring includes tracking robots, equipment, and material within the factory.
North America and Europe are rapidly moving toward the development of smart cities by leveraging the widespread use of 4G LTE networks available in these regions. Governments in countries such as the US, the UK, Germany , and France are encouraging the widespread adoption of cellular IoT technologies for environmental monitoring applications. Companies usually interact with many communication providers to secure connectivity at each site due to the patchwork quilt of cellular carrier coverage and the unexpected nature of the next location to successfully convey data. When scaling hundreds of drilling rigs across large regions with unknown coverage and service provider alternatives at each location, Pason faces operational issues. To resolve them, the AirLink RV50X Industrial LTE-A Gateway offered by Sierra Wireless was chosen by Pason for its North American communications services.
The scope of the automotive segment includes fleet tracking and management, SKU handling in logistics, and construction equipment such as off-highway vehicle tracking and monitoring. IoT-enabled sensors and gadgets make it feasible to access GPS trackers. IoT allows for asset tracking, automatic location tracking, and geofencing solution tracking. IoT allows effective tracking of usage hours, like acceleration sensors. With IoT in asset trackers, real-time notifications of the asset's arrival enable better process management. It is possible to monitor warehouse stocks using Bluetooth Low Energy (BLE) Beacons that broadcast data to smartphones or electronic devices. This helps to streamline the asset storage, receiving, and transmission processes.
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The North American IoT-based asset tracking and monitoring industry has been studied for the US, Canada , and Mexico . Asset tracking and monitoring play a vital role in the automotive industry. As more and more automobile manufacturers integrate IoT technologies into their supply chains, managers are also reaching new levels of quality control. In June 2023 , a news published by IBM mentioned that 99% manufacturing foundries have no visibility about the parts that where they are going. Further, up to 50% of unscheduled downtime in manufacturing facilities occur due to a lack of spare parts or stockouts. Thus, making asset tracking and monitoring an important aspect in North America .
The key players in the IoT-based asset tracking and monitoring companies include Quectel Wireless Solutions Co., Ltd ( China ), u-blox ( Switzerland ), Fibocom Wireless Inc. ( China ), Telit (US), Semtech Corporation (US), Samsara Inc. (US), SEQUANS ( France ) and others.
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