IoT Based Asset Tracking and Monitoring Market Share

APAC Market Statistics

Asia Pacific is expected to hold a revenue share of 42.6% in the IoT based asset tracking and monitoring market during the forecast period owing to rapid industrialization and urbanization, high expansion of e-commerce in countries such as China, India, and South Korea, and government investments in digital infrastructure and smart city projects.

The IoT based asset tracking and monitoring market in India is expected to register robust revenue growth during the forecast period owing to increasing demand for connected devices, rapid advancements in IoT technology, and high adoption of advanced IoT services across several sectors including livestock monitoring, automotive, railways, aviation, and cold chain monitoring. Companies are investing in India market to enhance their presence and meet consumer demand.

North America Market Analysis

North America market for IoT based asset tracking and monitoring is expected to register rapid revenue growth between 2025 and 2037. This growth can be attributed to rising need for technologically advanced IoT sensors, asset tracking and monitoring systems across several sectors, high usage of these solutions for supply chain optimization, and the presence of leading companies.

In the U.S., the market is expected to expand at a staggering revenue CAGR during the forecast period. The proliferation of 5G networks and LPWAN technologies has enabled wide adoption, and IoT based tracking regulations in the U.S. Department of Transportation have fast-tracked market growth. Technology giants such as Cisco, IBM, and Intel, have facilitated the development of advanced IoT platforms and sensors, hence promoting innovation and competitiveness among players in the market. In May 2022, Cisco announced the launch of Meraki MT Sensors which can be used for monitoring indoor IT facilities along with Cisco Industrial Asset Vision, a new IoT solution that brings together new Cisco sensors.