IoT-based asset tracking and monitoring industry to reach $5.17 billion by 2024

The IoT-based asset tracking and monitoring industry is experiencing a substantial surge, with projections estimating the market value to ascend from $4.66 billion in 2023 to $5.17 billion by 2024, marking an 11.1% CAGR, according to Research and Markets.

The market is further anticipated to flourish, achieving a significant CAGR of 12.5% and reaching $8.29 billion by 2028. This optimistic forecast is fueled by an increased emphasis on sustainability, the integration of AI and analytics, a heightened demand for remote monitoring, and widespread implementation in smart city projects.

Technological Innovation as a Catalyst
Technological advancements are at the forefront of market trends, with industry leaders concentrating on introducing state-of-the-art solutions to fortify their presence in the market. These innovations encompass the deployment of advanced sensor technology and the adoption of industrial IoT practices. Notably, real-time asset visibility is gaining importance in various sectors, driven by heightened safety, security, and convenience concerns.

Impact of E-Commerce on Market
The burgeoning e-commerce sector has a pronounced impact on the growth of IoT-based asset tracking and monitoring. Precision in real-time tracking is fundamental for these digital commerce platforms to enhance logistics efficiency and cater to customer expectations. Consequently, the rise in e-commerce activities is significantly influencing the market’s expansion.

Strategic Moves Shaping the Industry
Strategic acquisitions and partnerships are proving to be vital for companies in the sector. Collaborations among key players and major manufacturing entities allow for leveraging combined expertise to bring innovative solutions to the market. Furthermore, these alliances are essential for companies to expand their services and enhance their offerings to better serve the IoT market.

Geographic Market Insights
In 2023, North America held the majority of the market share, pointing to a robust regional demand for IoT-based asset tracking and monitoring. The report covers a diverse range of regions, including the Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. As such, it provides a comprehensive geographic analysis of the market.

Connectivity Advancements and Applications
The market offers various connectivity technologies, encompassing Wi-Fi, Bluetooth, cellular, NB-IoT, LoRa, SigFox, UWB GNSS, and others, to cater to the diverse needs of industries. From livestock monitoring to cold chain management, these connectivity options facilitate a broad spectrum of industrial and consumer applications.

Market Definition and Scope
The market value includes revenues generated from services such as tracking, security management, fault management, and configuration management. It is important to note that the market value only incorporates goods and services exchanged between entities or sold directly to end consumers. The reported revenues are based on consumption values, strictly comprising earnings by organizations within the market’s specified geography, regardless of the production location. The figures exclude resale revenues along the supply chain or as part of other products. Research and Markets