Often, the first things that comes to mind when we think asset trackers is that they monitor items, vehicles or even people in transit. But more manufacturers and OEMs are moving towards multifunctionality across a variety of use cases. Thus, asset trackers now contain more value-enhancing features.
For instance, they ensure critical goods are transported within specific parameters, equipment is maintained before it malfunctions, and infrastructure remains robust, amongst others.
As such, the IoT asset tracking market is predicted to increase from US$3.9 billion in 2022 to a staggering US$6.6 billion by 2027.
In this post, we’ll look more closely the additional functions of asset trackers and the most applicable use cases:
- Temperature monitoring
- Process automation
- Performance management
- Enhanced security
Sensitive goods in cold chain logistics such as agricultural and pharmaceutical products, or even hazardous chemical goods must be kept at a specific temperature during the entire journey to avoid degradation. These assets must be monitored regularly to ensure there are no deviations and alarm users when parameters are compromised.
Cellular powered IoT asset trackers with temperature monitoring capabilities make this process more compact and efficient. Data can be collected round-the-clock and accessed remotely by stakeholders around the world.
These trackers with temperature monitoring capabilities can also be installed in storage spaces that contain temperature sensitive goods. Data center servers for instance must be kept at low temperatures to operate at peak efficiency.
With the enriched insights from asset trackers, organizations can make faster and more accurate decisions about their processes, equipment, and even personnel. This significantly reduces the room for human error and manpower needed for manual checks and data to be collected at regular intervals.
The high growth micromobility industry reaps huge benefits from process automation with asset trackers. With an expected CAGR of 17 percent by 2030, it comes as no surprise that the urban landscape is dotted with service stations and micromobility assets. With bicycles and scooters in constant motion, it is virtually impossible to manually locate and track assets. A constant stream of data makes it easy for users and micromobility companies to make sense of usage and maintenance without ever having to go out on the field.
In retail and logistics sectors, fine-grained data can help organizations automate several processes in the highly complex sectors. Asset trackers provide greater transparency and accuracy in inventory management and distribution. In turn enabling retailers to be more competitive and see a bigger ROI.
One of the ways reliable connectivity offers value to organizations is by offering insights surrounding the functioning of equipment. It is imperative to know where your equipment is at all times, since the construction industry in the U.S. estimate over USD$400 million in equipment losses due to theft alone.
But the monitoring feature of asset trackers extends beyond locating equipment. Infact, most asset trackers can assess the health and usage of assets. Informing decision makers when maintenance is needed due to wear and wear even before a costly failure.
IoT adopters can better manage the performance of their equipment by anticipating when they’ll need to repair or replace something to minimize any downtime. This reduces the number of truck rolls whilst making the deployment of maintenance personnel more efficient and effective.
In 2022, cargo theft losses in North America saw a staggering 73% increase over losses recorded in 2021. With the supply chain bottleneck due to the recent COVID-19 pandemic, it gave malicious agents more opportunities to commit crimes.
Asset trackers with motion and light sensors can notify stakeholders if the container or asset has been compromised. This is especially useful for organizations that transport high-value assets such as those in the oil and gas, or automotive industries.
In addition to enhancing physical security, cybersecurity measures are also more secure. Not only do IoT SIMs act as roots of trust to safeguard data, but different levels of data access can also be assigned depending on the end user.
Choosing the right asset tracker
Clearly, asset trackers can streamline productivity and enable stakeholders to better manage resources to reduce costs. But you also must assess what types of asset trackers would work best for your use case: Periodic or real-time.
Periodic asset trackers send updates at regular predetermined intervals. With LPWA technology, they are designed to be energy-efficient and long-lasting, with a product life cycle of 10-15 years without a battery replacement. This is perfect for assets in remote locations such as wind farms or for monitoring agricultural crop moisture levels.
On the other hand, real-time tracking is necessary for critical assets such as medicines, chemicals or even vehicle batteries. This kind of monitoring requires a constant stream of data to prompt a fast response to any issues that occur.