IoT based Asset Tracking and Monitoring Market worth $6.6 billion by 2027

According to the report "IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application(Automotive, Manufacturing, & Cold Chain Monitoring), Region(North America, Europe, APAC, RoW) - Global Forecast to 2027", published by MarketsandMarkets, the 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 IoT based Asset Tracking and Monitoring market include the adoption of IoT for real time tracking and condition monitoring. Moreover, demand for better throughput and reliable connectivity to create abundant opportunities in market.

The LoRa segment is projected to grow at the highest CAGR in the IoT based Asset Tracking and Monitoring market from 2022 to 2027.

LoRa is easy to plug into the existing infrastructure and offers a solution for battery-operated IoT applications. Semtech (US) has deployed LoRa technology into its chipsets. These chipsets are integrated into the products offered by its vast network of IoT partners and LPWANs provided by mobile network operators worldwide. The reason LoRa is gaining popularity is mainly due to its open protocol. One of the most promising areas of application is asset tracking.

IoT-based tracking and monitoring involve collecting real-time location information, health management, routine feeding management, sorting, and similar functions. The growing demand for advanced monitoring solutions, especially for cattle, has led to a surge in demand for livestock monitoring components such as smart tags, sensors, and GPS modules, thereby driving the growth of the livestock monitoring market.