The Asia Pacific IoT based Asset Tracking and Monitoring Market would witness market growth of 11.3% CAGR during the forecast period (2022-2028).
A sound asset tracking and monitoring strategy support corporate goals while boosting operational efficiency and cutting costs. Contrary to other business sectors, IoT-enabled asset tracking and monitoring technologies are being widely adopted by participants in the manufacturing sector. Manufacturing companies can track, categorize, and identify each piece of equipment with the use of IoT-enabled asset management. Directly doing all of these procedures requires a lot of time and work. The majority of industries use expensive portable scanners for inventory management. With the advent of IoT-enabled asset tracking technologies, these assets may now be monitored automatically.
Companies are switching to IoT-enabled asset monitoring to manage on-floor equipment, which is driving up demand for faster and more dependable connectivity modules like 5G cellular. For example, in March 2022, Fibocom Wireless Inc. introduced the 5G smart module SC171, which is primarily intended for industrial applications like smart manufacturing for asset tracking, in order to gain a competitive edge in the market.
One method of asset tracking which doesn't need a continuous connection is a radio-frequency identification (RFID). An RFID tag has a radio receiver and transmitter that are activated when it comes in contact with an RFID reader's electromagnetic pulse. Although several use cases for RFID tracking inventory are successful, the tags must be prompted to disclose their location by external hardware (RFID reader devices).
The IoT-based asset tracking and monitoring market is expected to have the highest market opportunity throughout the projected period in the Asia Pacific region. In the Asia Pacific, IoT has made inroads into a number of industries, including agriculture, transportation (including rail and aviation), healthcare, manufacturing, and food and beverage. With a large population base and constantly rising per capita income, the region is home to some of the fastest-growing economies in the world, including China and India. Furthermore, integrating IoT with 5G will make it easier for companies all over the world to launch, run, and expand their operations from a single platform.
The China market dominated the Asia Pacific IoT based Asset Tracking and Monitoring Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $549.3 million by 2028. The Japan market is estimated to grow a CAGR of 10.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 11.9% during (2022 - 2028).
Based on Connectivity Type, the market is segmented into Cellular, NB-IoT, SigFox, Wi-Fi, LoRa, GNSS, Bluetooth, and Others. Based on Application, the market is segmented into Manufacturing, Automotive, Livestock Monitoring, Railways, Aviation, Cold Chain Monitoring, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide IoT based Asset Tracking and Monitoring Market is Projected to reach USD 6.7 Billion by 2028, at a CAGR of 10.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., Sierra Wireless, Inc., Telit corporate group (DBAY Advisors Limited), Analog Devices, Inc., Semtech Corporation, Quectel Wireless Solutions Co., Ltd., U-blox Holding AG, Fibocom Wireless, Inc., Sony Semiconductor Israel Ltd. (Sony Corporation), and Nordic Semiconductor ASA.
By Connectivity Type
By Application
By Country
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