IoT Based Asset Tracking and Monitoring Market Size

IoT Based Asset Tracking and Monitoring Market size is estimated at USD 4.5 billion in 2024 and is predicted to reach USD 12.4 billion by the end of 2037, expanding at around 8.7% CAGR during the forecast period i.e., between 2025-2037. In 2025, the industry size of IoT based asset tracking and monitoring is assessed at USD 4.9 billion.

The IoT based asset tracking and monitoring uses IoT technology for real-time tracking, monitoring, and managing inventory assets spread across different sectors of industries. Key drivers in the market involve the increasing and ever-evolving need for efficiency, increased utilization, and curtailed operational costs. Also, the development and adoption of IoT devices, sensor technologies, and the growing necessity for predictive maintenance propels the market growth. The rising complexity of supply chains, coupled with the need for real-time visibility of products, is stimulating an increased desire to apply IoT based asset tracking and monitoring solutions.

Integration of AI and ML algorithms into these solutions further enhances the capability of providing predictive analytics and automated capabilities in decision-making. As a result, asset tracking and monitoring in the IoT based direction can be predicted to have high growth, along with applications in logistics, healthcare, manufacturing, and transportation. For example, Walmart has designed an IoT based asset tracking and monitoring system that helps in the optimization process of supply chain operations. The company tracks real-time inventory levels for the location and movement with the help of RFID tags and IoT sensors.