IoT based Asset Tracking and Monitoring market is projected to grow from USD 3.9 billion in 2022 to USD 6.6 billion by 2027; it is expected to grow at a CAGR of 11.3% from 2022 to 2027.


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.


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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.


Most of the equipment in today’s facilities are not built to be IoT-ready. While certain machines can be quickly modified for IoT, retrofitting some can be capital-intensive. The cost associated with implementing IoT solutions in many applications is high. The cost is associated with hardware procurement and application development, as well as an additional life cycle cost. The application development process is capital-intensive and differs from country to country.


Asset management standards serve organizations in the automotive industry in various ways, one of which is lowering acquisition costs. Due to preventative maintenance programs and asset life cycle management, businesses are less likely to replace and purchase new equipment. The capacity to track automotive assets in real-time is one of the benefits of having an asset management strategy in place. Asset tags in the form of barcodes, QR codes, GPS trackers, and wireless beacons are all examples of common asset tracking tools.


IoT-based asset tracking and monitoring 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.