IoT based Asset Tracking and Monitoring Market Size, Share & Industry Growth Analysis Report

Global IoT based asset tracking and monitoring market in terms of revenue was estimated to be worth USD 3.9 billion in 2022 and is poised to reach USD 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.

The key factors fueling the growth of the market include increasing demand for real-time information of assets. Every industry has valuable assets; monitoring their performance, providing them safety, and checking their availability is crucial for every business. IoT-based asset tracking and monitoring technologies and solutions are adaptable.

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Opportunity: Rising adoption of data analytics and 5G technologies in automotive sector

The emergence of automation has changed the working of the automotive sector inside-out and made the IoT popular. For instance, automobile manufacturers are utilizing IoT in advanced planning and scheduling to capture real-time production and inventory data and minimize waste and cycle time. They are also using IoT-based analytics in multiple applications, from optimizing inventory in hand to adopting replenishment strategies in production lines for quality testing using optical-based analytics.

Asset management standards serve organizations in the automotive industry in various ways, one of which is lowering acquisition costs. Due to preventative maintenance programs and asset life cycle management, businesses are less likely to replace and purchase new equipment. The capacity to track automotive assets in real-time is one of the benefits of having an asset management strategy in place. Asset tags in the form of barcodes, QR codes, GPS trackers, and wireless beacons are all examples of common asset tracking tools.

Challenge:  Trade-off complications related to connectivity technologies

IoT-based asset tracking and monitoring market modules are based on various technologies such as Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, and SigFox. These solutions vary in terms of their range, power consumption, and accuracy.

However, the development of a single solution with all these benefits is a key challenge solution providers face. IoT-based asset tracking and monitoring modules comprise hardware and software for continuously tracking and delivering real-time location of assets and resources. Tags, readers, and sensors track and/or monitor assets, individuals, or valuable resources, with increased accuracy in the areas that fall under their network coverage. However, IoT-based asset tracking and monitoring modules face challenges owing to a complicated trade-off between accuracy, power consumption, and range. Narrowband-based tags are not used in some critical applications since they lack in terms of accuracy. Wideband-based tags provide accuracy but have a limited range. Some wideband-based tags are large and have high power consumption. For instance, the channel environment also poses a challenge to IoT-based asset tracking and monitoring modules based on UWB or NB-IoT. When the distance between transmitter and receivers increases, it results in degraded impulse response, limiting an IoT module’s performance and possible range.