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IoT-Based Asset Tracking and Monitoring Market Research Report Information By Connectivity Type (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, and Others), By Application (Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Industry Size, Share and Trebds Till 2032


ID: MRFR/SEM/10849-HCR | 128 Pages | Author: Ankit Gupta| April 2024

Global IoT-Based Asset Tracking and Monitoring Market Overview


IoT-Based Asset Tracking and Monitoring Market Size was valued at USD 4.1 Billion in 2022. The IoT Based Asset Tracking and Monitoring market industry is projected to grow from USD 4.58 Billion in 2023 to USD 11.01 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 11.60% during the forecast period (2023 - 2032). Increasingly leveraging lot technology to enhance operational efficiency, improve supply chain management, and optimize asset utilization are the key market drivers enhancing market growth.


IoT-Based Asset Tracking and Monitoring Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


IoT-Based Asset Tracking and Monitoring Market Trends




  • Rising adoption of cost-effective and intelligent is driving the market growth




The Rising adoption of cost-effective and intelligent connected devices and sensors is driving Market CAGR for IoT Based Asset Tracking and Monitoring. The IoT-based asset tracking and monitoring market is experiencing rapid growth due to the increasing adoption of cost-effective and intelligent connected devices and sensors. The demand for real-time visibility and management of assets across various industries drives this surge. Companies are leveraging a lot of technologies to enhance operational efficiency, reduce costs, and optimize resource allocation. The integration of smart sensors and connectivity solutions enables seamless tracking, monitoring, and data analysis, leading to improved decision-making. This trend is expected to continue as businesses recognize the transformative potential of optimizing supply chains, enhancing security, and improving overall asset utilization.


Additionally, the increasing adoption of connected devices across industries. With applications in logistics, healthcare, manufacturing, and more, the market is poised for continued expansion. Factors such as cost-effective sensor technology, improved network infrastructure, and demand for real-time data insights are fueling this growth. Additionally, the COVID-19 pandemic has accelerated the need for remote monitoring solutions. As businesses increasingly recognize the benefits of enhanced visibility and operational efficiency, the loT asset tracking and monitoring market is projected to experience robust growth, creating opportunities for innovators and investors alike.


M2M connections include connections in a manufacturing facility, delivery vehicle, and warehouse asset tracking systems. According to the Ericsson Mobility Report, global lot machine connections are expected to increase 2.3 times from 2020 to 2026, with half of the share held by short-range loT connections. In addition to the abovementioned factors, the rising number of internet users, growing 5G technology adoption, and increasing lot and M2M connections are significantly fueling the demand for loT-based asset tracking solutions.


For instance, the channel environment also poses a challenge to loT-based asset tracking and monitoring modules based on UWB or NB-IoT. When the distance between transmitter and receivers increases, it results in degraded impulse response, limiting an IoT module's performance and possible range. It drives the IoT Based Asset Tracking and Monitoring market revenue.


IoT-Based Asset Tracking and Monitoring Market Segment Insights


IoT Based Asset Tracking and Monitoring Type Insights


The global IoT Asset Tracking and Monitoring market segmentation, based on type, includes Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, and Others. The LoRa segment dominated the market, accounting for 35% of market revenue (78.48 Billion). LoRa technology excels in long-distance, low-power communication, making it ideal for outdoor and remote deployments.


IoT Based Asset Tracking and Monitoring Application Insights


The global IoT Asset Tracking and Monitoring market segmentation, based on Application, includes Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, and Others. The livestock monitoring category generated the most income (70.4%). The IoT-based asset tracking and monitoring market has witnessed significant growth, primarily attributed to the increasing demand for real-time visibility and management of assets across various industries.


Figure1: Global IoT Based Asset Tracking and Monitoring Market, by Application, 2022 & 2032 (USD Billion)


IoT Based Asset Tracking and Monitoring Market, by Application, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


IoT Based Asset Tracking and Monitoring Regional Insights


By region, the study supplies market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American IoT Based Asset Tracking and Monitoring market area will dominate this market, owing to the early adoption of advanced technologies, a well-established IT infrastructure, and a high level of awareness regarding the benefits of IoT solutions. Industries like logistics, transportation, and healthcare have been early adopters of asset-tracking solutions.


Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure: IOT-BASED ASSET TRACKING AND MONITORING MARKET SHARE BY REGION 2022 (USD Billion)


IOT-BASED ASSET TRACKING AND MONITORING MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe's Asset Tracking and Monitoring market accounts for the second-largest market share due to the strong emphasis on sustainability and environmental regulations, driving the adoption of lot solutions for efficient resource management. Further, the German IoT Based Asset Tracking and Monitoring market held the largest market share, and the UK IoT Based Asset Tracking and Monitoring market was the fastest growing market in the European region.


The Asia-Pacific IoT-based Asset Tracking and Monitoring Market is expected to rise at the fastest CAGR from 2023 to 2032. It is due to the increased demand for asset-tracking technologies. Moreover, China’s IoT Based Asset Tracking and Monitoring market held the largest market share, and the Indian IoT Based Asset Tracking and Monitoring market was the fastest-rising market in the Asia-Pacific region.


IoT Based Asset Tracking and Monitoring Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT Based Asset Tracking and Monitoring market rise even more. Market participants are also undertaking a diversity of strategic activities to develop their global footprint, with vital market developments including new product launches,  agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To develop and survive in a more competitive and growing market climate, IoT Based Asset Tracking and monitoring industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global IoT Asset Tracking and Monitoring industry to benefit clients and increase the market sector. In recent years, the IoT Based Asset Tracking and Monitoring industry has offered some of the most significant advantages to medicine. Major players in the IoT Based Asset Tracking and Monitoring market, including 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


Nordic Semiconductor was founded as Nordic VLSI (NVLSI) in Trondheim, Norway, in 1983. The company is from the Norwegian University of Science and Technology. The company focuses on the design of mixed-signal application-specific circuits (ASICS) within the Nordic region. In 1996, the firm went public on the Norwegian stock exchange, where it still trades as of 2023. In 1998, NVLSI released its first wireless standard products in the 433 MHz ISM band. In 2003, NVLSI was named Nordic Semiconductor, frequently known as Nordic Semi, to consider the company's focus on ultra-low-power wireless devices. The release of Nordic Semiconductor's wireless devices at 2.4 GHz. Since 2003, Nordic Semiconductor has continued a focus on wireless products for the 2.4 GHz band and has seen its devices used in a broad range of branded consumer electronic products. Nordic Semiconductor keeps its dominant position in the wireless sports, fitness, and desktop peripheral markets. Nordic Semiconductor products support short-range low-power wireless through Bluetooth LE, Thread, Zigbee, and proprietary 2.4 GHz protocols and low-power cellular lot through LTE-M and NB-IoT.


Founded in 1999, Fibocom is a leading global provider of IoT (Internet of Things) wireless solutions and wireless communication modules. We provide one-stop services, including wireless communication modules, IoT application solutions, and cloud platforms. They are committed to bringing reliable, accessible, secure and intelligent wireless solutions to every loT application scenario. The goals are to provide the perfect wireless experience for customers and enrich the smart life of the whole society. In 2017, Fibocom became the first stock-listed wireless module provider in China.


Key Companies in the IoT Based Asset Tracking and Monitoring market include



  • 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

  • U-Blox


IoT-Based Asset Tracking and MonitoringIndustry Developments


Mar-2022: Sierra Wireless extended its concurrence with Mobile, the 5G leader, with the largest and fastest nationwide 5G network in the United States. This expansion aimed to boost the global Low Power Wide Area (LPWA) connectivity, offering its Smart Connectivity service. In addition, this agreement would strengthen Sierra Wireless' loT connectivity offering by integrating its purpose-built loT network and management tools with LPWA, 4G LTE, and 5G coverage from Mobile's powerful mobile network.


Feb-2022: Thales released the ELS62 series. This series would complement Thales' 360° approach1 and offer cost-effective solutions to streamline design, simplify development and boost time-to-market for loT solutions.


Dec-2021: Quectel Wireless Solutions, along with Point One Navigation, released the LG69T-AM, a new addition to the LG69T GNSS Module Series. Point One's positioning engine would empower the LG69T-AM and would allow centimeter-level global accuracy by combining augmented GNSS in an affordable yet simple-to-utilize module with open-source API.


IoT-Based Asset Tracking and Monitoring Market Segmentation


IoT-Based Asset Tracking and Monitoring Connectivity Type Outlook



  • Wi-Fi

  • Bluetooth

  • Cellular

  • NB-IoT

  • LoRa

  • SigFox

  • UWB

  • GNSS

  • Others


IoT-Based Asset Tracking and Monitoring Application Outlook



  • Livestock Monitoring

  • Automotive

  • Railways

  • Aviation

  • Manufacturing

  • Cold Chain Monitoring

  • Others


IoT Based Asset Tracking and Monitoring Regional Outlook




  • North America

    • US

    • Canada




  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size2022 USD 4.1 Billion
Market Size 2023 USD 4.58 Billion
Market Size 2032 USD 11.01 Billion
Compound Annual Growth Rate (CAGR) 11.60% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Connectivity Type, Application,  and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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
Key Market Opportunities Rising adoption of data analytics and 5G technologies in the automotive sector
Key Market Dynamics Rising adoption of cost-effective and intelligent connected devices and sensors


Frequently Asked Questions (FAQ) :

The global IoT Based Asset Tracking and Monitoring market size was valued at USD 4.1 billion in 2022.

The global market is projected to grow at a CAGR of 11.60% during the forecast period, 2023-2032.

North America has the largest share of the global market

The key players in the market are 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.

The LoRa category dominated the market in 2022.

The Livestock Monitoring category has the largest share of the global market.

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