Northbrook, IL 60062 -- (SBWire) -- 08/08/2023 --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. They share real-time information about the asset's location and health and reduce the consumption of time associated with manual tracking tasks.

Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118687881

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.

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.

Driver: Rising adoption of cost-effective and intelligent connected devices and sensors

With the rising adoption of connected devices, IoT is generating substantial volumes of data; hence, data flow applications are increasing in many verticals, such as agriculture, cold chain monitoring, manufacturing, aviation, and automotive. Therefore, it is now possible to produce in large masses and accelerate product deliveries as infrastructure costs are reduced. Companies are leveraging IoT and analytics to run and improve businesses and stay competitive in the market. According to a recent study, about 35% of manufacturers in the US collect and use data generated from smart IoT modules to enhance manufacturing processes, livestock feed monitoring, fleet management, and other similar activities.

Ask for Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=118687881

The top IoT based Asset Tracking and Monitoring companies in the market include Quectel (China), Sierra Wireless (Canada), Telit (U.K.), u-blox (Switzerland), Thales (France), Sony Semiconductor Israel Ltd. (Israel), Fibocom Wireless Inc. (China), Nordic Semiconductor (Norway), GosuncnWelink Corporation (China), Laird Connectivity (US), Semtech (US), Mediatek Inc. (Taiwan), Analog Devices, Inc. (US), Sequans (France), MeiG Smart Technology (China), Neoway Technology (China), Xiamen CHEERZING IoT Technology (China), HiSilicon Technologies (China), Skyworks Solutions, Inc. (US), Omnitracs (US), Hilti (US), Samsara (US), Azuga (US), and Sunsea AIoT Technology Co., Ltd (China).