The North America IoT based Asset Tracking and Monitoring Market would witness market growth of 10.3% CAGR during the forecast period (2022-2028).
The manufacturing and industrial sector need IoT asset tracking badly. Physical assets can be tracked and monitored in real-time by connecting them to the Internet. Utilizing this knowledge will increase productivity, optimize costs, and increase efficiency. The monitoring of workplace compliance and safety is another application for IoT asset tracking.
It can locate dangerous machines or supplies, for instance, and track their location. IoT asset tracking can assist first responders in an accident by allowing them to swiftly find and pinpoint the mishap's cause. In the automotive sector, IoT asset tracking may be crucial. For instance, it can track vehicles while they are being shipped and delivered. The timely and proper delivery of automobiles might be helped by the information provided.
A few examples of equipment that requires constant observation are wheelchairs, IV pumps, portable x-ray machines, and ultrasound units. RFID works well for tracking these kinds of assets since items are given RFID tags which could be read by a mobile reader or when they pass by a scanning point. Data is transferred to an asset tracking software programme using radiofrequency waves & wireless technologies.
North America provides enormous potential for asset management technology companies due to its robust manufacturing, transportation, and logistics sectors. The necessity for asset management in the area has also grown as a result of the regional governments. For example, the Federal Highway Association (FHWA), the American Association of State Highway and Transportation Officials (AASHTO), and state and local departments of transportation (DOTs) have all promoted the use of assets management in the US transport and logistics sector.
The US market dominated the North America 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 $1,768.5 million by 2028. The Canada market is poised to grow at a CAGR of 12.9% during (2022 - 2028). Additionally, The Mexico market would witness 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global IoT based Asset Tracking and Monitoring Market is Estimated 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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