Global IoT-Based Asset Tracking and Surveillance Market Report (2022 to 2028) – Growing Adoption of Cost-Effective and Connected Devices and Sensors Drive Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global IoT-based Asset Tracking and Monitoring Market Size, Share and Trend Analysis Report by Connectivity Type (Cellular, NB-IoT, SigFox, Wi- Fi, LoRa, GNSS, Bluetooth and Others), By Application, By Regional Outlook and Forecast, 2022 – 2028″ report has been added to from ResearchAndMarkets.com offer.

The global IoT-based asset tracking and monitoring market size is expected to reach USD 6.7 billion by 2028, with the market growing at 10.7% CAGR during the forecast period.

Most companies today offer cloud-based video management platforms that are extremely easy to set up. By simply signing up for the mobile app with legitimate credentials, users have the freedom to combine multiple cameras with a single VMS. Additionally, they can use the same procedure to grant multiple people access to review security images.

Without the help of experts, anyone can perform the setup procedure entirely on their own. It only takes a few minutes to get everything working. The use of Internet of Things (IoT) enabled devices to track the position and status of mobile assets and equipment is known as asset tracking. The location of crucial assets can be tracked in real time using an IoT asset tracking system.

An asset tracking system can also produce data that can be used to optimize maintenance schedules and increase asset utilization. Fleet management, inventory management, and security are just a few of the uses for IoT asset tracking. IoT asset tracking solutions are systems that track the location and condition of priceless assets in real time using sensors and other IoT devices. These programs can be used to track a variety of assets, including stock, vehicles, machines, and people.

IoT solutions for asset tracking often collect asset location information using radio frequency identification (RFID) tags or GPS tracking devices. A central server receives this data and transmits it so that authorized users can consult it. IoT systems for asset tracking have various benefits including increased asset utilization, less theft and loss, and improved asset deployments. IoT solutions for asset tracking will spread to more industries as they continue to develop.

Market Growth Factors

Growing adoption of cost-effective, connected devices and sensors

The IoT produces large amounts of data due to the growing use of connected devices and as a result data flow applications are growing in many industries including agriculture, manufacturing, aviation, cold chain monitoring and the automotive industry. Due to lower infrastructure costs, it is now possible to produce in large quantities and accelerate product deliveries. IoT and analytics are used by companies to manage and improve their operations and maintain their competitiveness in the market. A recent survey found that a significant percentage of US companies collect and then use data from smart IoT modules to improve production procedures, fleet management, livestock feed monitoring, and related tasks.

Increase acceptance of data analytics and 5G technologies in the automotive industry

The rise of automation has fundamentally changed the way the automotive industry operates and raised public awareness about IoT. For example, automakers are using the IoT in advanced planning and scheduling to collect real-time inventory and production data, reduce waste, and shorten cycle times. They also use IoT-based analytics in a variety of applications, from improving on-hand inventory to implementing replenishment plans in manufacturing lines to quality testing with optical analytics.

Market restraining factors

High initial investment attached to these solutions

The majority of modern building technology was not designed with the IoT in mind. Although some machines can be retrofitted quickly for the IoT, it can be expensive. Deploying IoT solutions in various applications has a significant cost. The price includes the development of the application and the hardware as well as an additional life cycle cost. The procedure for developing an app is expensive and varies from country to country. Many small businesses have limited budgets and cannot afford such a large investment, which is expected to further hamper the market growth over the forecast period.

Scope of the study

Market Segments Covered in the Report:

By type of connectivity

  • Cellular

  • NB-IoT

  • Sig Fox

  • Wireless

  • LoRa

  • GPS

  • Bluetooth

  • Others

By app

  • Manufacturing

  • Automotive

  • Livestock monitoring

  • Railways

  • Aviation

  • Cold chain monitoring

  • Others

By geography

  • North America

  • WE

  • Canada

  • Mexico

  • Rest of North America

  • Europe

  • Germany

  • UK

  • France

  • Russia

  • Spain

  • Italy

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Singapore

  • Malaysia

  • Rest of Asia-Pacific

  • LAMEA

  • Brazil

  • Argentina

  • United Arab Emirates

  • Saudi Arabia

  • South Africa

  • Nigeria

  • Rest of LAMEA

Main market players

List of companies featured in the report:

  • Thales Group SA

  • Sierra Wireless, Inc.

  • Telit Group of Companies (DBAY Advisors Limited)

  • Analog Devices, Inc.

  • Semtech Company

  • Quectel Wireless Solutions Co., Ltd.

  • U-blox Holding SA

  • Fibocom Wireless, Inc.

  • Sony Semiconductor Israel Ltd. (Sony Corporation)

  • Nordic Semiconductor ASA

For more information about this report visit https://www.researchandmarkets.com/r/7no4u8

Amanda J. Marsh