The IoT-based asset tracking and monitoring market is expected to see rapid growth in the next few years, to reach $8.29bn in 2028 at a CAGR of 12.5%.

According to Business Research, the IoT-based asset tracking and monitoring market size has grown 11% in recent years from $4.66bn in 2023 to $5.17bn in 2024. This growth can be attributed to demand for supply chain efficiency, expansion in industrial IoT, predictive maintenance implementation, focus on asset security, regulatory changes and standards.

Future forecast growth can be attributed to sustainability and green initiatives, integration with AI and analytics, remote monitoring demand, retail and inventory management expansion, and adoption in smart city initiatives. Major trends in the forecast period include integration of IoT devices, demand for supply chain optimisation, advancements in sensor technology, rise in industrial IoT adoption and a focus on fleet management.

The rising popularity of the growing ecommerce industry is expected to boost the growth of the IoT-based asset tracking and monitoring market going forward. A huge volume of goods needs to be transported through complex supply networks to conduct ecommerce operations. With the help of precise, real-time data from IoT-based services, ecommerce businesses can meet customer expectations and streamline their logistics.

For instance, in October 2023, according to Digital Commerce 360, a US-based ecommerce research and media company analysis of US Department of Commerce figures, the second quarter of 2023 saw $277.6bn in ecommerce sales in the USA, up 7.7% on the previous year. This rising popularity of the ecommerce industry is driving the growth of the IoT-based asset tracking and monitoring market.

Technological advancement is a key trend gaining popularity in the market. Major companies are focused on providing technological advancements to strengthen their market position. For instance, in April 2021, Sierra Wireless, a Canadian communications equipment company, launched Acculink Cargo, a managed IoT offering for asset tracking. Acculink Cargo allows firms to avoid shipping delays, reduce dwell time, protect against theft and troubleshoot environmental factors resulting in asset damage.

Major players in the market include Quectel, Fibocom, Sierra Wireless, Telit Cinterion, U-Blox, Sequans, Nordic Semiconductor, GosuncnWelink, Laird Connectivity, Thales, Semtech, Mediatek, Analog Devices, HiSilicon Technologies, Skyworks, Meig Smart Technology, NXP, Infineon, ST Microelectronics, Texas Instruments, Samsung, LG Electronics, Micron Technology, Smart Modular Technologies, Kingston Technology, Western Digital, Seagate, Renesas, Panasonic and Toshiba.

For more on the report, got to www.thebusinessresearchcompany.com/report/iot-based-asset-tracking-and-monitoring-global-market-report.