IoT Based Asset Tracking and Monitoring Market Analysis

Application (Livestock Monitoring, Automotive, Railways, Aviation, Cold Chain Monitoring)

The cold chain segment is expected to dominate IoT based asset tracking and monitoring marke with a share of 31. 3% during the forecast period, due to the paramount position of temperature-controlled logistics in the conservation of perishable goods, such as pharmaceuticals, vaccines, and food items. Stringent regulations in the pharmaceutical and healthcare industries, increasing demand for temperature-sensitive products, and rising IoT sensor and telemetry technologies are some key factors boosting segment growth. The expansion of cold chain infrastructure in evolving markets, a strong focus on spoilage and waste reduction, and the increased adoption of cloud-based solutions also contribute to the growth.

Connectivity (Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS)

The LoRa segment is expected to witness remarkable growth during the forecast period owing to its low-power and wide-area network (LPWAN) technology. Factors driving the growth of the segment include increasing adoption in logistics and supply chain management and growing demand for low-cost, battery-powered devices, and enhancements in the LoRaWAN protocol. Moreover, this segment is witnessing smart agriculture, smart metering, and industrial automation, where a larger and growing ecosystem of LoRa-enabled devices and modules are being incorporated and its advantages are being reaped. In June 2022, Murata co-developed a LoRa product with Abeeway. LoRaWAN is a geolocation module designed for IoT asset tracking and monitoring across several sectors.

Our in-depth analysis of the IoT based asset tracking and monitoring market includes the following segments