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 enables frequent checks of devices, minimising downtime and costs by detecting potential failures early and allowing maintenance to be scheduled before any issue arises. Also, without the need for physical inspection, a large number of assets can be easily managed across multiple locations. While Short Range connectivity technologies will dominate, many of these applications use LPWA-based solutions due to their extensive 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.
This section first discusses the benefits of deploying IoT solutions in equipment for operators, like improved efficiency and reduced downtime of devices. It then talks about the connectivity technology that many of these devices work on. For instance, LPWA solutions are often preferred, owing to their low cost and low power usage. The report then examines the 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 also 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 US, 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 growing number of vegans and vegetarians in many parts of the world and 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 Warramba Farm Retreat in New South Wales deploying eight CERES ear tags to locate and monitor livestock health.
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). However, it also mentions that this trend is now reversing and a report by ABC Wellness states that, compared to Q1 2023, check-inns increased by 60% in traditional gyms and by 22% in fitness studios in Q1 2024.
It also talks about connected outdoor fitness equipment, that are found in parks and outdoor public gyms, and their benefits (like helping authorities decide if new gyms should be opened). It further adds that similar benefits can be derived from indoor equipment as well, if IoT is added to them, since this will lead to greater efficiency in equipment maintenance. It also touches upon the disadvantages of connected home equipment, like the high initial investment, which may compel consumers to go for gym memberships. It also provides a few examples of relevant IoT deployments in this application, like Legacy Luxury Wellness deploying connected fitness equipment at its building.
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 further adds that using IoT in ambulances to track and monitor onboard medical equipment is one of the key applications, which allows healthcare providers to monitor the location and status of critical assets and medical kits present inside the ambulances. 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 - East Midlands Ambulance Service uses CoreRFID to track and manage vital equipment such as defibrillators.
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 (like privacy and data security risks). For instance, in September 2023, Caesars Entertainment filed a notice with US regulators regarding a social engineering attack on its casino’s database, during which the perpetrators managed to retrieve a copy of the company’s loyalty program database that included customers’ Social Security numbers, driving license numbers, and other personally identifiable information.
This section also contains an example of a relevant IoT deployment in this application; Caesar’s Casino leveraging the Salesforce Lightning platform to enable IoT-driven marketing recommendations for its customers.
This section focuses on how various life-saving equipment, such as ring buoys and life vests, 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. For instance, Korea Telecom (KT) has developed maritime safety equipment and services that function on the LTE technology. The network system can serve an area of 200km radius and has been developed in partnership with the Ministry of Maritime Affairs and Fisheries and Nokia. It also includes a few 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 22.2 million in 2024 to 239.1 million in 2034.
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 24%.
