DUBLIN--(BUSINESS WIRE)--The "IoT-based Asset Tracking & Monitoring Global Markets, 2023" report has been added to ResearchAndMarkets.com's offering.
The global IoT based asset tracking and monitoring market is expected to grow from $4.19 billion in 2022 to $4.67 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. The market is expected to grow to $7.22 billion in 2027 at a CAGR of 11.5%.
North America was the largest region in the IoT based asset tracking and monitoring market in 2022. The countries covered in the IoT based asset tracking and monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Rising demand for advanced monitoring solutions is expected to propel market growth
Smart monitoring solutions and devices are products integrated with intelligence technologies like sensor networks that gather data from the environment. These IoT-based asset tracking and monitoring technology integrate IoT and automation into consumer devices to make them work intelligently. These technologies track the location and status of assets and equipment, allowing real-time visibility into critical asset locations. Such integrated and intelligent technology demand increases the use of IoT-based asset tracking and monitoring due to the growing importance and concern about safety, security, and convenience.
- For instance, in an article published by McKinsey & Company, a management consulting company, the global number of IoT-connected devices is expected to increase to 43 billion by 2023, nearly tripling from 2018. Therefore, the growing demand for advanced monitoring solutions will drive the IoT-based asset tracking and monitoring market.
Technological advancements is a key trend gaining popularity
Major companies operating in IoT-based asset tracking and monitoring are focused on providing technologically advanced solutions to strengthen their market position.
- For instance, In April 2021, Sierra Wireless, a Canada-based communications equipment company, launched Acculink Cargo, a new managed IoT solution for asset tracking. Acculink Cargo allows firms to avoid shipping delays, minimize dwell time, protect against theft, and troubleshoot environmental factors resulting in asset damage.
- In May 2022, Astrocast, a Europe-based nanosatellite IoT network operator, acquired Hiber for an undisclosed amount. This acquisition increases the development of additional satellite-enabled IoT devices, accelerating Astrocast's OEM strategy. Hiber is a Netherlands-based IoT-as-a-Service provider.
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A selection of companies mentioned in this report includes:
- Quectel Wireless Solution Co. Ltd.
- Fibocom Wireless Inc.
- Sierra Wireless Inc.
- Telit Corporate Group
- u-blox AG
- Sequans Communications S.A.
- Nordic Semiconductor
- GosuncnWelink Corporation
- Laird Connectivity
- Thales Group
- Semtech Corporation
- Mediatek Inc.
- Analog Devices Inc.
- HiSilicon Technologies Co. Ltd.
- Skyworks Solutions Inc.
- MeiG Smart Technology Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5msju9
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