IoT asset tracking market to top $9 billion by 2030

The Internet of Things-based asset tracking and monitoring market is forecast to exceed $9 billion by 2030, according to The Business Research Company. Asia-Pacific is projected to lead regional growth, while hardware remains the largest segment as companies invest in sensors, GPS and RFID to improve visibility across supply chains.

Why it matters: - IoT-based asset tracking is moving from a niche tool to a mainstream supply chain and operations technology. - The market is expected to surpass $9 billion by 2030, signaling sustained demand for real-time visibility, automation and loss reduction. - Growth in logistics, manufacturing, transportation and warehousing is expanding the need for connected monitoring systems.

What happened: - The Business Research Company said the global Internet of Things-based asset tracking and monitoring market is expected to grow at 10.6% CAGR through 2030. - The firm also said the market will grow at an 11% CAGR leading up to 2030. - The company projected the market will top $9 billion by 2030. - The report was released June 21, 2026. - The company published a free sample request and the full market report.

The details: - Asia-Pacific is projected to be the largest region in 2030 at $3.3 billion. - Asia-Pacific market value is forecast to rise from $1.7 billion in 2025 to $3.3 billion in 2030, a 13% CAGR. - The U.S. is projected to be the largest country in 2030 at $2.5 billion. - U.S. market value is forecast to rise from $1.7 billion in 2025 to $2.5 billion in 2030, an 8% CAGR. - Hardware is projected to be the largest component segment in 2030, accounting for 48% of the market, or $4 billion. - The market is segmented by component into hardware, software and connectivity. - The market is segmented by technology into RFID, GPS/GNSS, LPWAN, cellular network, Wi-Fi and bluetooth, and satellite communication. - The market is segmented by application into real-time location tracking, condition monitoring, predictive maintenance, theft prevention and security, inventory management, fleet management and cold chain monitoring. - The hardware segment is expected to gain support from sensors, RFID tags, GPS devices and tracking modules. - The hardware market is projected to grow by $2 billion from 2025 to 2030. - The software market is projected to grow by $1 billion over the same period. - The connectivity market is projected to grow by $1 billion over the same period.

Between the lines: - The growth case hinges on companies wanting fewer manual tracking errors and faster decision-making. - Real-time asset visibility is becoming a core requirement for supply chain optimization, not just a back-office feature. - Asia-Pacific’s lead reflects industrial expansion and government-backed digital transformation efforts. - The U.S. ranking shows mature logistics and manufacturing markets still have room for adoption gains. - The report frames RFID and GPS as the main technologies improving location precision and reducing theft, misplacement and delays.

What's next: - The report expects broader adoption of IoT sensors, connected platforms and cloud-based monitoring tools through 2030. - Growth should continue as enterprises integrate predictive maintenance, fleet management and inventory tracking into connected operations. - Wider deployment of 5G and LPWAN technologies is expected to support the next phase of expansion. - The Business Research Company says its 2026 reports include updated market attractiveness scoring, TAM analysis, company scoring matrix graphics, Excel forecasting dashboards and market hotspot infographics.