IoT-Based Asset Tracking and Monitoring Market is predicted to reach USD 11.01 billion at a CAGR of 11.60% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global IoT-Based Asset Tracking and Monitoring Market”.

The IoT Based Asset Tracking and Monitoring market is estimated to register a CAGR of 11.60% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the Global IoT Based Asset Tracking and Monitoring—Analog Devices, Inc., Fibocom Wireless Inc., Gosuncnwelink Corporation, Laird Connectivity, Mediatek Inc., Nordic Semiconductor, Quectel, Semtech, Sequans, Sierra Wireless, Sony Semiconductor Israel Ltd., Telit, Thales, and U-Blox

Market Highlights

The Global IoT Based Asset Tracking and Monitoring is accounted to register a CAGR of 11.60% during the forecast period and is estimated to reach USD 11.01 Billion by 2032.

Increasingly leveraging lot technology to enhance operational efficiency, improve supply chain management, and optimize asset utilization. The real-time tracking, remote monitoring, and predictive maintenance capabilities offered by lot-based solutions have led to improved asset visibility, reduced downtime, and enhanced overall productivity.

Segment Analysis

The Global IoT Based Asset Tracking and Monitoring has been segmented based on connectivity type and application.

On the basis of connectivity type, the market is segmented into Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, and Others. The LoRa category dominated the market in 2022. LoRa technology is perfect for outdoor and distant installations because it excels at long-distance, low-power transmission.

Based on application, the Global IoT Based Asset Tracking and Monitoring has been segmented into Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, and Others. One of the key application segments driving this market is livestock monitoring. This sector leverages lot technology to track and manage the well-being and location of livestock, ensuring their health and safety. Automotive extensively employed to monitor and manage vehicles, ensuring efficient fleet operations.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of IoT Based Asset Tracking and Monitoring Market Research Report

Regional Analysis

The Global IoT Based Asset Tracking and Monitoring, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe IoT Based Asset Tracking and Monitoring market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The IoT Based Asset Tracking and Monitoring market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World IoT Based Asset Tracking and Monitoring market comprises of Middle East, Africa, and Latin America.

The largest market share for IoT Based Asset Tracking and Monitoring was maintained by the North American regional sector. The large presence of major companies in the region, high demand for connected technologies, increased use of innovative devices, and rising deployment of connected technologies, Stringent regulatory requirements in sectors such as healthcare and food supply chain have accelerated the implementation of IoT-based tracking systems.

Moreover, the Europe market has been persistently growing over the forecast period. Government initiatives promoting digital transformation and Industry 4.0 concepts have further fueled the growth of this market in Europe.

Additionally, the Asia-Pacific region is experiencing rapid growth in the adoption of IoT- based asset tracking and monitoring solutions. Factors such as a booming manufacturing sector, expanding e-commerce industry, and a surge in cross- border trade. For instance, the Indian government claimed that it will increase the country's electric vehicle sales through the provision of subsidies. The Asia Pacific market will benefit from a growing emphasis on environmentally friendly energy sources.

Furthermore, the rest of the world's IoT Based Asset Tracking and Monitoring market is divided into the Middle East, Africa, and Latin America. While the market is comparatively smaller than the aforementioned regions, it is witnessing steady growth. Industries in these regions are gradually recognizing the benefits of IoT-based asset tracking solutions, particularly in sectors like oil and gas, mining, and agriculture.

Key Findings of the Study

• The Global IoT Based Asset Tracking and Monitoring is expected to reach USD 11.01 billion by 2032, at a CAGR of 11.60% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market due to the the increased demand for asset tracking technologies.


• Based on application, the livestock segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.


• Analog Devices, Inc., Fibocom Wireless Inc., Gosuncnwelink Corporation, Laird Connectivity, Mediatek Inc., Nordic Semiconductor, Quectel, Semtech, Sequans, Sierra Wireless, Sony Semiconductor Israel Ltd., Telit, Thales, and U-Blox