A recent study published by Mobile Experts LLC found that the use of asset tracking IoT (Internet of Things) devices is expected to triple by 2022.
The report suggests that more and more companies -- particularly high-value manufacturers -- are investing in digital IoT solutions to track their products across complex supply chains.
Although the desire to track assets is not new, the study concludes that a combination of rising market demand and recent technological advances is now making real-time tracking both possible and practical, enabling a new level of supply chain visibility.
Key Technical Advances
Specifically, the report highlights three key technical advances. First, long-range wireless communication is improving, as cellular and other wireless networks are expanding and increasing in quality. In addition, improved battery technology is enabling devices with long lifetimes, which is a necessity to track goods along journeys that can last for months at a time. Finally, the report notes that prices for these tracking modules have been decreasing to the point where they can be a worthwhile investment in certain industries.
Increasing Demand for IoT Solutions
In tandem with these vital technical developments, the study suggests that growing demand for real-time tracking in key markets such as transportation and logistics, industrial, retail, and pharmaceuticals is also fueling growth in the asset tracking IoT device industry. As consumers become accustomed to ever-higher standards for delivery speed and reliability, and the price of delays and damages increases, manufacturers are adopting real-time tracking solutions and incorporating them into their supply chains to increase visibility and reduce risk. The Mobile Experts report highlights how these market factors and technical advances are coming together to catalyze rapid growth across the IoT supply chain solutions industry.