IoT Asset Tracking Market Set to Reach $9.2 Billion by 2029

The IoT asset tracking market is on track for substantial growth, expected to reach USD 9.2 billion by 2029 from USD 5.0 billion in 2024, with a CAGR of 12.8%.

By Sunil Sonkar
2 Min Read
IoT Asset Tracking Market Set to Reach $9.2 Billion by 2029

The technology landscape is ever-evolving and global market for IoT-based asset tracking as well as monitoring is poised for remarkable growth. A recent report by MarketsandMarkets reveals the market is projected to grow from USD 5.0 billion in 2024 to USD 9.2 billion by 2029. This means a substantial compound annual growth rate (CAGR) of 12.8%.

Advertisement

The core of this expansion is basically the intricate world of machine-to-machine (M2M) applications and the key player in it is the asset tracking. IoT technologies are revolutionizing how we monitor and manage assets across various industries. Take, for instance, the integration of wireless transmitters and GPS positioning in delivery vehicles, enabling real-time tracking of locations, engine data, and security alerts. The innovations enhance efficiency and simultaneously empower decision-makers to optimize operations.

In the world of IoT-based asset tracking, indoor monitoring represents a burgeoning segment. Leveraging various technologies Wi-Fi, Bluetooth and low-power wide-area networks (LPWANs), indoor asset tracking facilitates the localization and monitoring of valuable assets within enclosed spaces. From livestock monitoring in agricultural settings to tracking robots and equipment in automotive facilities, the applications are as diverse as they are transformative.

In North America, Europe and some more regions, the adoption of cellular IoT technologies is witnessing significant market growth. Governments in several countries are taking initiatives for the development of smart city and environmental monitoring. Companies like Sierra Wireless are offering industrial-grade gateways to ensure seamless communication across vast networks.

The automotive industry is learned to be at the forefront of IoT-driven innovation. By harnessing IoT-enabled sensors and GPS trackers, manufacturers can achieve unprecedented levels of visibility as well as efficiency.

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *