Asset tracking IoT device market to triple by 2022
August 2, 2017
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In their most recent report, Mobile Experts has released detailed analysis on the asset tracking IoT devices market. The report follows multiple vertical markets, illustrating future trends and includes descriptions of transportation, healthcare, agriculture, industrial, retail, and consumer markets.
Technologies for each case are evaluated and include Bluetooth, UWB, Wi-Fi, 802.15.4, LPWA, 2G, LTE, NB-IoT, 5G, Satellite, Infrared, Ultrasound, NFC, and RFID.
According to the firm, over the past three years, technology changes have started to transform the market. Unlicensed LPWA, LTE-M, and NB-IoT dramatically improve long-range communications with inexpensive modules that can run for years on a small battery. Other improvements in Bluetooth and UWB technology also improve precision and range for indoor location of devices.
“Basic tracking technologies, like bar codes and RFID, are used heavily in retail and logistics areas today,” said principal analyst Joe Madden. “Around 9.6 billion RFID tags were used in 2016…despite the limitations in range and lack of real-time tracking capability. This marks an important baseline in asset tracking because low-cost RFID or bar-code tracking represent indirect competition for investment in enterprise markets….and RFID cost is only $0.10 to $0.50 per tag.”
The report tracks and explains a variety of applicable markets including transportation, healthcare, agriculture, industrial, retail, and consumer markets. The report notes that an estimated 10 million NB-IoT bicycles will be deployed in China this year. LoRa devices will be found on pallets, trucks, fork lifts, and other key assets. Hospitals that use Wi-Fi to track major assets will have new options for tracking medicines, organs, and other highly critical items. Cattle ranchers can increase yield by as much as 10-20% by preventing theft, injury, or other problems with the herd.
“Overall, we expect annual shipments to grow from 22 million to 70 million by 2022,” said Madden. “What’s more, about half of these devices will send data through a cloud-based service provider, driving service revenue growth from US$2.2 billion in 2016 to US$7.5 billion in 2022.”