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IoT based Asset Tracking and Monitoring Market Growth Opportunities

The IoT based Asset Tracking and Monitoring market is projected to grow from USD 3.9 billion in 2022 to USD 6.6 billion by 2027; it is expected to grow at a CAGR of 11.3% from 2022 to 2027.<br>

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IoT based Asset Tracking and Monitoring Market Growth Opportunities

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  1. MarketsandMarkets Presents IoT based Asset Tracking and Monitoring Market Growth Opportunities IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application(Automotive, Manufacturing, & Cold Chain Monitoring), Region(North America, Europe, APAC, RoW) - Global Forecast to 2027 https://www.marketsandmarkets.com/Market-Reports/iot-based-asset-tracking-monitoring-market-118687881.html

  2. The IoT based Asset Tracking and Monitoring market is projected to grow from USD 3.9 billion in 2022 to USD 6.6 billion by 2027; it is expected to grow at a CAGR of 11.3% from 2022 to 2027. The key factors fueling the growth of the market include increasing demand for real-time information of assets. Every industry has valuable assets; monitoring their performance, providing them safety, and checking their availability is crucial for every business. IoT-based asset tracking and monitoring technologies and solutions are adaptable. Browse 195 market data Tables and 62 Figures spread through 250 Pages and in-depth TOC on "IoT based Asset Tracking and Monitoring Market by Connectivity(Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS), Application(Automotive, Manufacturing, & Cold Chain Monitoring), Region(North America, Europe, APAC, RoW) - Global Forecast to 2027"

  3. Cellular is the most attractive segment, creating tremendous market scope for IoT-based asset tracking and monitoring solution providers Various cellular technologies, notably the emergence of fifth-generation cellular connectivity (5G) and older generations of services, are used to track assets worldwide. From many kilometers away, cellular asset monitoring, such as placement utilizing 2G, can detect an object’s state, city, or even neighborhood. However, it is not particularly precise. As a result, cellular asset tracking is usually reserved for larger assets that are easy to locate, e.g., 18-wheelers and buses. The most apparent benefit of cellular asset monitoring is that it can typically be used from the point of origin to the point of delivery without the use of additional technology. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=118687881 Real-time location tracking benefit of IoT-based asset tracking and monitoring for better planning to fuel demand A good asset tracking and monitoring plan supports organizational objectives while maximizing industrial performance and reducing expenses. As opposed to other business arenas, the manufacturing industry players are widely adopting IoT-enabled asset tracking and monitoring systems. IoT-enabled asset management helps manufacturing businesses track, organize, and locate every piece of equipment. All these tasks take a lot of time and effort to complete manually. Most industries employ pricey handheld scanners for inventory control. These assets can now be tracked automatically using asset tracking solutions that are IoT enabled.

  4. North America to contribute maximum in terms of value generation in the global IoT based Asset Tracking and Monitoring market North America is estimated to lead the global market during the review period owing to a high inclination toward technologically advanced products. The region is a hub for technological innovations and an early adopter of new technologies. The large presence of major companies in the region, high demand for connected technologies, increased use of innovative devices, and rising deployment of connected technologies are expected to drive the growth of the North American IoT-based asset tracking and monitoring market during the review period. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=118687881 US is expected to hold the largest share of the IoT based Asset Tracking and Monitoring North America market during the forecast period. The US is a key country with a substantial presence of leading companies in the 3PL (Third-party logistics), medical, automotive, and aviation verticals. Due to the COVID-19 pandemic, these companies are looking for ways to optimize their operating costs and increase profitability by using IoT solutions such as predictive maintenance, asset tracking, and automated control solutions. The stimulus provided by the state government in the form of CARES ACT will also be an impetus for the IoT-based asset tracking and monitoring market in the US as more companies will focus on increasing the productivity of well-planned asset tracking, monitoring, and predictive maintenance.

  5. Impact of COVID -19 on the Market: • Semiconductors are essential components of electronic devices found in everything from toys, cars, and factory machinery to consumer electronics and mobile phones. The global chip shortage in 2020–2021 has adversely affected more than 169 industries. The cause of the global chip crisis is a combination of different events, with the adverse effects of COVID-19 being the primary reason. Other causes of this shortage include the US–China trade war, the 2021 Taiwan manufacturing drought, and the Russia–Ukraine war. Lockdown during the COVID-19 period was the main cause of the global shortage. Due to these global lockdowns, chip production facilities were shut down in China, leading to the depletion of inventories. With more people studying and working from home during the pandemic, the demand for computers, monitors, network peripherals, and home entertainment internet services rose significantly, adding a tremendous burden on the semiconductor supply chain. This has created a huge gap between the supply and demand for semiconductor chips worldwide. • Recent Developments • In April 2022, Semtech announced the addition of multi-band capabilities to the LoRa Edge device-to-Cloud geolocation platform. This will allow integration with applications such as supply chain management and logistics. • In March 2022,  Fibocom Wireless Inc. launched the 5G smart module SC171 specially designed for AIoT industry applications such as smart robots, automobile manufacturing, smart homes, and logistics. • In February 2022, Laird Connectivity has launched a new series of Bluetooth modules for IoT connectivity. The series is ideal to be used as asset tags for industrial solutions. • In December 2021, Laird Connectivity launched the Sentrius BT610 I/O Sensor. The sensor delivers full Bluetooth capabilities for a wide range of remote monitoring applications such as cold chain, HVAC monitoring, single/three-phase induction motor current sensing, or tank level monitoring, among others.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

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