The IoT-based asset tracking and monitoring market is estimated to reach USD 6.6 billion by 2027, growing at a CAGR of 11.3% from 2022 to 2027. The rising demand for condition monitoring with the emergence of 5G technology for automation and supply chain optimization using IoT tracking.
Delivery dates, quality and service standards, and customer expectations can be met through supply chain optimization, cold chain tracking, and asset monitoring. Supply chain optimization can assist a company in identifying, locating, and resolving bottlenecks and other difficulties in existing supply chains and designing new ones to serve customers better and increase revenue. With real-time asset monitoring tools that offer information on the shipment status, handling quality, and cold chain integrity, companies can detect bottlenecks and other problems in existing supply chains before they materialize as delayed deliveries or damaged goods.
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Miniaturized real-time IoT modules with track-and-trace features for cold chain management, smart packaging, perishable commodities shipping, and real-time box tracking keep a tab on shipments. Using real-time location systems such as IoT-based asset trackers, flag supply chain issues as they arise, replete with accurate location data and a timestamp, and take targeted action to fix them before they spiral out of control. Companies are offering a comprehensive technology portfolio for logistics optimization, which contains all the components required to create safe, low-maintenance, and globally certified systems for tracking assets across a supply chain.
The NB-IoT segment has emerged as widely adopted connectivity for IoT asset tracking and monitoring. NB-IoT is being deployed frequently in logistics for capturing the real-time location of goods and delivery information, temperature monitoring in cold-chain, near real-time location and information of high-value medical equipment with shock and temper alerts, livestock monitoring, and container monitoring, among others.
The automotive segment is projected to create abundant opportunities in the IoT based asset tracking and monitoring market from 2022 to 2027 and is projected to grow at a healthy CAGR. The emergence of automation has changed the working of the automotive sector inside-out and made the IoT popular. For instance, automobile manufacturers are utilizing IoT in advanced planning and scheduling to capture real-time production and inventory data and minimize waste and cycle time. They are also using IoT-based analytics in multiple applications, from optimizing inventory in hand to adopting replenishment strategies in production lines for quality testing using optical-based analytics.
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Asia Pacific region is estimated to create largest market opportunity in the IoT based asset tracking and monitoring market during the forecast period. IoT has penetrated various verticals in Asia Pacific, such as agriculture, automotive, railways, aviation, manufacturing, healthcare, and food & beverage. The region has fastest-growing economies in the world such as China and India, with a huge population base and steadily increasing per capita income. Additionally, IoT and 5G integration will help enterprises worldwide deploy, manage, and scale their businesses from a unified platform. With unprecedented speed and flexibility, 5G transports more data with high responsiveness and reliability. Thereby, fueling the demand for IoT based asset tracking and monitoring market.