The Internet of Things (IoT) is the network that connects connected machines, gadgets, items, and people. In order to extract useful information through intelligent analytics, it entails sharing data and utilising powerful computational skills. The Internet of Things operates using a variety of sensors and chips that transmit data to the cloud via cellular networks, Bluetooth, WiFi, LPWAN, RFID, and satellite. Software is then used to process the data, and an alert of some sort is used to communicate the insights to the end user.
Global IoT Based Asset Tracking and Monitoring Market Driving Factors and Challenges
IoT is generating a lot of data due to the increasing use of connected devices, and as a result, data flow implementations are developing across a wide range of industries, including production, agriculture, aviation, and the car industry. Large-scale production and quicker product delivery are now feasible due to declining infrastructural costs. Businesses use analytics and IoT to manage and enhance operations while remaining competitive in the market.
A recent survey indicates that a sizable portion of American companies gather and use data from intelligent IoT modules to improve production processes, fleet management, monitoring of animal feed, and other tasks. Most modern building technology was not created with the Internet of Things in mind. Even though some devices may be swiftly made IoT-ready, the process can be expensive. It costs money to implement IoT solutions across several platforms. The cost includes additional life-cycle costs in addition to the production of the hardware and platform. The cost of creating an application varies by nation and takes time.
Impact of COVID-19 on Global IoT Based Asset Tracking and Monitoring Market
During the COVID-19 pandemic, as more people studied and worked from home, the demand for computers, network peripherals, displays, and home entertainment internet services surged significantly, imposing a heavy burden on the semiconductor supply chain. As a result, there is currently a huge disparity between the supply and demand of semiconductor chips worldwide. This issue was faced by producers of IoT asset tracking modules, and it significantly hindered their ability to generate revenue. All of these factors contributed to the market's price increases and observable lead time extensions. This put the market players in a challenging position.
Global IoT Based Asset Tracking and Monitoring Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Analogue Devices, Inc, Fibocom Wireless Inc, Gosuncnwelink Corporation, Laird Connectivity, Mediatek Inc, Nordic Semiconductor, Semtech, Sierra Wireless, U-Blox, Thales, and Others.
Global IoT Based Asset Tracking and Monitoring Market Segmentation:
By Monitoring Type: Based on the Monitoring Type, Global IoT Based Asset Tracking and Monitoring Market is segmented as; Indoor, Outdoor.
By Connectivity Type: Based on the Connectivity Type, Global IoT Based Asset Tracking and Monitoring Market is segmented as; Wi-Fi, Bluetooth, Cellular, NB-IoT, LoRa, SigFox, UWB, GNSS, Others.
By Application: Based on the Application, Global IoT Based Asset Tracking and Monitoring Market is segmented as; Livestock Monitoring, Automotive, Railways, Aviation, Manufacturing, Cold Chain Monitoring, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.