This report provides Transforma Insights’ view on the Asset Monitoring market. This segment comprises a diverse set of applications including Livestock Monitoring, Commercial Fitness Equipment, Emergency Medical Services Asset Monitoring, Gaming Machines, and Health & Safety Notification.
Remote monitoring of devices allows users to keep a frequent check on their devices, ensuring that the downtime of the devices can be minimised, and any potential failures can be taken care of in time. While short range connectivity technologies will dominate, many of these applications use LPWA-based solutions due to their good coverage, low cost, and low power usage.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used and revenue.
A full set of forecast data, including country-level forecasts, sector breakdowns and public/private network splits, is available through the IoT Forecast tool.
The report examines key factors that are influencing the development of the market, including:
This section of the report focuses on how IoT-enabled devices are used to monitor and track the health of livestock and its benefits (like saving farmers from additional labour and increasing efficiency in agricultural processes). It expounds on how IoT solutions are implemented to track the health of livestock kept in a single location (by deploying static sensors to keep a check on the environmental conditions) as well as to monitor and track beehives (by measuring certain parameters inside beehives).
This subsection explains the reasons behind the accelerating demand for animal products (like increasing consumer spending in developed economies) and how this is leading farmers to use IoT technologies to monitor the status of their livestock (including monitoring milk production in cows), ensure a timely check on their health (including better inseminations), and track their precise location.
This subsection focuses on the range of IoT solutions and technologies used by farmers like Ultra High Frequency (UHF) RFID and IoT GNSS tracking collars and discusses their benefits and drawbacks. It then discusses the various communication technologies that these devices use (like Wi-Fi and RFID) and the competition these IoT solutions may face from non-IoT technologies like satellites and drones. The discussion here also includes the advantages (like monitoring herds of animals simultaneously) and disadvantages (prohibitive cost) of such non-IoT solutions.
This subsection discusses how countries like the USA, Canada, and others are encouraging the use of technology to manage the outbreak of diseases in animals, thereby increasing the adoption of IoT solutions. It also discusses the challenges that may affect the adoption of these solutions, like the availability of cheap and readily available labour in certain countries.
This section also contains a few examples of relevant IoT deployments in this application, like Dairy Dreams partnering with Nedap to track and monitor the activities of the cows at their farm.
This section primarily focuses on the deployment of IoT solutions in modern workout equipment at gyms and other facilities and their benefits (like providing users with pre-determined fitness programs based on their daily activity). It also talks about the cheaper option of retrofitting connectivity into existing gym equipment.
It then expounds on the Covid-19 pandemic, which accelerated the sales of connected home fitness equipment, its benefits (like monitoring the indoor environment to extend the life of the equipment), and drawbacks (like being expensive). It also talks about connected outdoor fitness equipment, that are found in parks and outdoor public gyms, and their benefits (like helping authorities save crucial resources). It also provides some examples of relevant IoT deployments in this application, like Retro Fitness deploying ECOFIT sensors across many of its clubs in the US.
This section begins with the use of IoT solutions (especially active RFID tags) to track medical equipment and its benefits (such as tracking critical assets such as defibrillators, ventilators, and medical kits). It also talks about the factors that may hinder the market growth in this context, including the lack of public health budgets which makes it difficult for many health providers to justify these additional expenses.
This section also contains an example of a relevant IoT deployment in this application, Medical Gas Solutions (MGS) partnering with CoreRFID to continuously track and manage the location of its gas cylinders.
This section of the report focuses on the increasing trend of IoT solutions being incorporated in gaming devices, that are found in casinos or gaming parlours, and the benefits of doing the same - like enhancing the security of the casinos. It then discusses retrofitted sensors that are used on existing machines and their benefits (like being cost-efficient), allowing operators to monitor equipment without incurring high investment costs. It also discusses the communication technologies used in these cases (like Wi-Fi and cellular) and their benefits and drawbacks.
This section also contains an example of a relevant IoT deployment in this application; Madill Gaming Centre implementing Win System’s casino management system.
This section focuses on how various life-saving equipment are also tracked now, the benefits of doing this (like minimising their loss or theft), and the communication technology used in such use cases like LPWA and cellular technology.
It also includes some examples of relevant IoT deployments in this application, like IndiGo deploying sensor technology to reduce the time for scanning life vests on its aircraft by 90%.
The key vendors section lists some of the main providers of products and services related to the market, such as Allflex Livestock Intelligence, DigitAnimal, CoreRFID, Plastimo, Rastrac, Ecofit Networks, Win Systems Casino Management, and CasinoTrac. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of devices which will grow from 11.2 million in 2022 to 181.4 million in 2032.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the asset monitoring application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Asset Monitoring Application Group will grow at a CAGR of 28%.
