Pune, May 16, 2025 (GLOBE NEWSWIRE) -- IoT-Based Asset Tracking and Monitoring Market Size Analysis:
“According to SNS Insider, the IoT-Based Asset Tracking and Monitoring Market was valued at USD 4.5 billion in 2023. It is projected to reach USD 13.1 billion by 2032, growing at a CAGR of 12.69% during the forecast period of 2024–2032.”
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Major Players Analysis Listed in this Report are:
- IBM – Maximo Asset Monitor
- Cisco – IoT Control Center
- Siemens – MindSphere Asset Tracking
- Honeywell – Connected Assets Solution
- AT&T – Fleet Complete
- Verizon – Connect Asset Tracker
- GE Digital – Asset Performance Management (APM)
- Zebra Technologies – MotionWorks Enterprise Asset Tracking
- Qualcomm – Snapdragon IoT Asset Tracker
- Huawei – OceanConnect IoT Platform
- Ericsson – IoT Accelerator Asset Management
- SAP – SAP IoT Asset Intelligence Network
- Bosch – Track and Trace IoT Suite
- PTC – ThingWorx Asset Monitoring
- Trimble – Asset Tracking Solution
IoT-Based Asset Tracking and Monitoring Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.5 Billion |
| Market Size by 2032 | US$ 13.1 Billion |
| CAGR | CAGR of 12.69 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Businesses are adopting IoT-based tracking to improve asset security, efficiency, and supply chain management. |
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The U.S. IoT-Based Asset Tracking and Monitoring Market is projected to grow from USD 0.6 billion in 2024 to USD 2.0 billion by 2033 at a CAGR of 13.59%. Growth is fueled by rising demand for real-time tracking, integration of AI and 5G, and widespread IoT adoption. Continued digital transformation and predictive analytics are expected to accelerate market expansion.
By Connectivity Type: Cellular Connectivity Dominates the Market, LoRaWAN Exhibits the Fastest CAGR
The Cellular Connectivity segment dominated the market and accounted for a significant revenue share in 2023. Cellular networks are well-suited for asset tracking since they provide the possibility of long-distance transmission of real-time data. Cellular connection is crucial for industries like transportation, logistics manufacturing when it comes to tracking goods in transit and delivering them on time. With new developments in cellular tech, like the 5G networks already being rolled out, data speeds are at an all-time high, and latency available to asset trackers is at an absolute minimum.
The LoRaWAN (Long Range Wide Area Network) segment is expected to register the fastest CAGR during the forecast period. The long-range and low power consumption makes it ideal for tracking assets in remote or difficult-to-access areas. A variety of sectors such as agriculture, utilities and smart cities are using LoRaWAN for things like equipment monitoring and environmental sensing.
By Application: Transportation & Logistics Lead the Market, Cold Chain Monitoring Registers the Fastest CAGR
The transport and logistics segment dominated the market and accounted for 27% of revenue share in 2023. The demand for product tracking, fleet management, and route planning will propel the design of IoT expertise in this sector. Companies can use this application to track where their vehicles are, when the deliveries are due, and if their goods are safe on the delivery route. As e-commerce continues to grow, the need for efficient logistics operations has also increased, driving the demand for such tracking systems even more.
The market for cold chain monitoring is expected to grow at the fastest rate. For example, solution providers realize the fact that with perishable goods, pharmaceuticals, and vaccines requiring stabling at certain temperature conditions that real-time monitoring solutions have become increasingly critical. Asset tracking solution for the IoT provides continuous temperature data, maintaining compliance with safety standards and significantly reducing the risk of spoilage. The growing need for fresh food products and the global supply of temperature-sensitive medical products help the cold chain monitoring solution industry grow faster.
IoT-Based Asset Tracking and Monitoring Market Segmentation:
By Connectivity Type
- Wi-Fi
- Bluetooth
- Cellular
- NB-IoT
- LoRaWAN
- SigFox
- GNSS
- Ultra-wideband (UWB)
- Others
By Application
- Livestock monitoring
- Transportation & logistics
- Manufacturing
- Cold chain monitoring
- Others
Regional Analysis: North America Leads the Market while Asia-Pacific is the Fastest-Growing Region
In 2023, the Asia-Pacific region dominated the IoT-Based Asset Tracking and Monitoring Market, driven by healthy industrial development, growing industrial ecosystems, and IoT technologies becoming an integral part of essential industry sectors. China, Japan, and India are spending billions on smart infrastructure, digital logistics, and the provision of greater real-time visibility within the supply chain. Adoption has been additionally accelerated due to government-led initiatives such as smart city programs and incentives for digital transformation.
North America is expected to register the fastest CAGR during the forecast period. It is attributed to a developed technological infrastructure, strong presence of key players, and the escalating adoption of IoT technologies in sectors such as logistics, healthcare, and retail. Increase in asset tracking solutions is further propelled by the region's shift towards automation and predictive analytics, and data-driven decisions.
Recent Developments
- December 2023: Quectel Wireless Solutions Co., Ltd. unveiled the SG520B series of smart modules featuring 5G Sub-6GHz, Wi-Fi 6E, and Bluetooth connectivity, designed to support advanced connectivity demands in smart asset tracking and monitoring applications. (Source: MarketsandMarkets)
- September 2023: u-blox released the SARA-S520M10L module, integrating both cellular and satellite IoT capabilities with precise, low-power positioning, aimed at enhancing asset tracking performance across diverse use cases.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. IoT-based Asset Tracking and Monitoring Market Segmentation, by Application
8. IoT-based Asset Tracking and Monitoring Market Segmentation, by Connectivity Type
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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