What if I tell you that a simple asset tracking system can save your loved ones from getting lost, or it can save your business huge losses? Sounds interesting yet unbelievable, right? But you might be using this technology unknowingly.
All your wearables, like smart watches, fitness trackers, satellite navigation systems, smart speakers, and more, are examples of this. It is called Internet of Things asset tracking. The global asset tracking market was valued at $23.42 billion in 2024 and is projected to $59.64 billion by 2032 with a CAGR of 12.6%.
Let us learn more about this digital tracking system, how to use it, and what its different aspects are.
What is Internet of Things Asset Tracking?
We are all familiar with GPS, the most used location tracking system, but it can not pinpoint the exact location of an object or subject. That’s where IoT asset tracking comes in, an application of IoT technology that connects your inventories to the internet by using a smart device or sensor. These sensors provide the location, condition, and status of your goods in real-time.
How Does IoT Asset Tracking Work?
The smart devices or sensors are attached to physical items you wish to track, be it vehicles, machines, wearable devices, tools, or even your luggage. These sensors gather real-time information about how, where, and in what condition your items are. All the data is collected on a cloud platform, which can be accessed on your phone or computer, anytime.
In simple terms, it’s like giving your assets a voice. Hey, I am here, and this is how I am doing.
Related: Cloud Computing In IoT: Connect Millions Of Smart Devices
Benefits: How Wireless Asset Tracking Using IoT Helps?
The global IoT-based asset tracking & monitoring is projected to grow $9.16 billion by 2029 at a CAGR of 12.8% during the forecast period. It has become a go-to solution for businesses to curb losses, increase efficiency and productivity, and make informed decisions. IoT inventory management is beneficial in several ways, such as:
1. Real-Time Data
It can give you up-to-the-second information about where your asset is, how far away it is from the supply chain, what is the current condition of your goods, and how they are being treated.
2. Information Flow
It facilitates a continuous flow of information across organizations and departments with accuracy and immediacy. This helps in timely and necessary decisions.
3. Maintenance
When there is consistent monitoring of assets, the errors, failures, or potential breakdowns are easy to spot before they occur. Smart asset tracking IoT sensors initiate automated triggers and alerts, which support prior scheduling of maintenance. This reduces downtime and ensures continuous operation.
4. Cost Cutting
Asset tracking software will make sure your assets are not moved without permission. And in case of theft, IoT makes recovery much easier. Delivery routes, energy resources can be used in the smartest way possible.
5. Better Security & Fewer Supply Chain Disruptions
You are kept informed at every stage of the supply chain, and you can make sure the goods reach on time and in good condition. The goods can’t be accessed without authorization, supporting prompt security.
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5 Main Types of Connected Asset Management IoT Systems
1. GPS IoT Systems
It is one of the most commonly used ways of tracking assets; the satellites track and provide the exact location of inventories in movement. Such as end-to-end shipments, fleets, etc. It is an ideal technology to be used in logistics, transportation, and outdoor tracking. It is a part of the GNSS and one of the most accurate systems of GNSS.
2. Cellular IoT Asset Tracking
This system uses nearby mobile towers, each positioned in a global database; thus, when an asset crosses a tower, it sends location updates. One of the most popularly used services, it gives highly accurate location information and can handle large amounts of data. Most suitable for assets with high mobility requiring location stamps and asset status to be updated regularly. 5G is increasing the accuracy of cellular tracking.
3. LPWAN
LPWAN refers to Low Power Wide Area Networks, a part of cellular connectivity especially made for the IoT industry. It offers network options like NB-IoT and LTE-M. They are best used for areas with no network connectivity or WiFi access; small bits of information are carried for kilometers with a minimum energy requirement. They have an internal subset of the network, perfect for designated areas like farms, shipping docks, and construction sites with high security.
4. Ultra-Wideband
A tracking system to be used for assets within the range of centimeters, even with interference around it. Radio signals and tracking anchors are leveraged to point out tagged items. It does not affect any other transmissions, best for indoor use. UWB is a preferred choice for warehouse logistics, entertainment, sports, and applications requiring high-precision tracking.
5. RFID
Based on radio frequency identification, RFID tags have been used for years and are still popular. They track the inventories using radio frequency to identify the RFID tags attached to them. These can be tagged on tools, packages, or products for asset tracking. There are two types of RFID tags, active and passive.
Use Cases & Applications
- Transportation: Smart asset tracking IoT systems are of valuable use in the transportation sector, you can track fleets, vehicles for optimum route and fuel utilization, and track the maintenance requirements. Exel Technology leveraging IoT automated network for innovation in the taxi industry (Case study).
- Logistics: Your supply chains can be best optimized using IoT sensors, as every step in the supply chain requires tracking. By using IoT asset tracking systems, you can ensure the safety of your vehicle, driver, and goods altogether. Keep track of your fast-selling assets and stock to help your business grow.
- Law: From weapons to patrol cars to even officers themselves can be monitored using IoT sensors for beneficial backups at specific required locations.
- Healthcare: From scalpels to MRI machines, the healthcare sector is a hub of big and small inventories, and all require tracking. Their usage, condition, and maintenance, everything needs to be in record. And IoT asset tracking technology can help manage all this efficiently.
Final Word
Internet of Things asset tracking has now become an essential part of inventory management. With its several transformative features, like real-time tracking and data insights, it is helping businesses reduce losses and make the most optimal use of resources. Connected asset management using IoT is being widely incorporated across industries, including healthcare, education, law, logistics, and more. The technology is also harnessing the advancements of AI, blockchain, and 5G networks for better accuracy, efficiency, and cost reduction.
Use IoT asset tracking and monitor your assets in a smarter, faster, and more reliable way.
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