IoT based Asset Tracking and Monitoring Market Size, Share, Growth, Trends, and Global Industry Analysis: By Component (Hardware, Software, Services), By Application (Inventory & Warehouse Management, Cold Chain Monitoring, Fleet & Vehicle Tracking, Equipment Monitoring, Cargo & Container Tracking, Livestock Monitoring), By End User (Transportation & Logistics, Manufacturing, Healthcare, Retail, Oil & Gas, Agriculture, Construction, Government & Defense, Others) and Region Forecast 2020-2031

IoT based Asset Tracking and Monitoring Market size was valued at US$ 4,803.6 million in 2024 and is projected to reach US$ 11,371.2 million by 2031 at a CAGR of 13.1% from 2025-2031. The market refers to the industry segment focused on leveraging Internet of Things (IoT) technologies to track, monitor, and manage physical assets across various sectors. This market encompasses hardware devices such as sensors, GPS trackers, RFID tags, and gateways, along with software platforms that enable real-time data collection, analysis, and visualization. These solutions provide enhanced visibility and control over assets ranging from vehicles, equipment, and inventory to high-value goods facilitating improved operational efficiency, reduced theft or loss, and optimized maintenance processes.

The witnessing robust growth driven by increasing demand for real-time visibility and automation in supply chain and asset management operations. Industries such as logistics, manufacturing, healthcare, and retail are rapidly adopting these solutions to enhance asset utilization and reduce operational costs. Advances in wireless communication technologies, such as 5G and LPWAN (Low Power Wide Area Networks), along with declining sensor costs, are fueling market expansion. Additionally, the growing emphasis on predictive maintenance and regulatory compliance is further propelling market adoption.

Facts & Figures

• Over 70% of companies implementing IoT asset tracking report a reduction in asset loss or theft within the first year, significantly improving their operational cost-efficiency.
• Real-time tracking of fleet vehicles has been shown to increase route efficiency by up to 25%, helping businesses reduce fuel consumption and delivery times.
• The average battery life of IoT tracking devices has improved by more than 30% in the last five years, enabling longer deployment periods with minimal maintenance.

Key Developments

• In June 2024, Digital Matter, an Australian GPS and IoT tracking device manufacturer, introduced the Device Manager platform. This next-generation IoT asset-tracking device management platform enhances the management and performance of its diverse range of hardware. Users can control over 200 device settings to tailor performance according to specific use cases, allowing for optimized operations. The platform enables quick monitoring and troubleshooting of devices, improving overall customer satisfaction by addressing issues promptly.
• In October 2024, Samsara, a leading IoT company, introduced asset tags designed to monitor and manage high-value items such as toolboxes and specialized equipment. Utilizing Bluetooth technology and Samsara's network of cloud-connected devices, these tags enable companies to track small assets, reducing search time for misplaced items and simplifying inventory management in industries such as transportation, construction, and oil and gas.

Iot Based Asset Tracking And Monitoring Market Segmentation

Based on the component

• Hardware
• Software
• Services

The hardware segment is anticipated to lead the IoT-based asset tracking and monitoring market, primarily driven by the increasing demand for advanced tracking devices such as GPS trackers, RFID tags, and sensors. These hardware components form the backbone of asset monitoring systems, enabling precise location tracking and real-time condition monitoring. The continuous advancements in miniaturization, battery life, and connectivity of hardware devices are making them more efficient and cost-effective. Additionally, industries are investing heavily in rugged and durable hardware to withstand harsh environments, further propelling the growth of this segment within the market.

Based on the application

• Inventory & Warehouse Management
• Cold Chain Monitoring
• Fleet & Vehicle Tracking
• Equipment Monitoring
• Cargo & Container Tracking
• Livestock Monitoring
• Others

Fleet and vehicle tracking is anticipated to be the leading application segment in the IoT-based asset tracking and monitoring market, driven by the rising need for enhanced logistics efficiency and cost reduction. Organizations are increasingly adopting IoT solutions to monitor vehicle location, optimize routes, and ensure driver safety in real time. The growing demand for fuel management and regulatory compliance further supports this segment’s expansion. Advances in GPS technology and telematics systems are enabling more accurate and reliable tracking, making fleet management one of the most critical applications driving market growth.

Based on the end user

• Transportation & Logistics
• Manufacturing
• Healthcare
• Retail
• Oil & Gas
• Agriculture
• Construction
• Government & Defense
• Others

The transportation and logistics sector are anticipated to lead the IoT-based asset tracking and monitoring market, propelled by the critical need for real-time visibility and operational efficiency across supply chains. Increasing demand for timely deliveries, improved fleet utilization, and theft prevention is driving the adoption of advanced tracking solutions. Additionally, regulatory requirements for safety and environmental compliance are encouraging logistics companies to implement IoT technologies. Enhanced GPS tracking, coupled with data analytics, enables optimized route planning and reduced fuel consumption, making transportation and logistics the foremost end-user segment fueling market growth.