The Latin America, Middle East and Africa IoT based Asset Tracking and Monitoring Market would witness market growth of 13.8% CAGR during the forecast period (2022-2028).
It's useful for monitoring a container while it's being transported, for instance, but there is no way to find it if the container is reported stolen and never gets close to another RFID reader device. Many businesses are choosing real-time asset tracking systems as cellular IoT devices and connections become more accessible and effective.
Any company that supplies or delivers perishable food products needs an IoT device with humidity, temperature, and GPS sensors. Every time the temperature falls outside the desired range, the gadget sends the relevant data to the asset tracking solution. Due to this, trucks carrying defective goods could be redirected, and another one can be rapidly replenished and dispatched. By doing this, supply chain delays and unhappy customers are reduced.
Physical asset management is crucial for hospitals and medical practices. Not only because they are expensive, but also to make sure the demands of the patients are satisfied. One-third of nurses spend an hour per shift searching for devices, as per a Nursing Times survey.
To diversify its economy and entice foreign businesses, the Abu Dhabi Department of Economic Development (ADDED) unveiled a new Smart Manufacturing programme in October 2021. Through cooperation with top international tech companies, the project aims to boost the digital skills of thousands of local manufacturers. The Emirate of Abu Dhabi's Smart Manufacturing Project promotes the adoption of cutting-edge manufacturing techniques by offering fresh financing options via the system of commercial banks. This Smart Manufacturing Project seeks to raise new commercial money in order to use cutting-edge technology to make factories in the Emirate more automated, secure, and productive.
The Brazil market dominated the LAMEA 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 $118.3 million by 2028. The Argentina market is experiencing a CAGR of 14.4% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 13.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global IoT based Asset Tracking and Monitoring Market is Predict to reach $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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