Geolocation is one of the strongest and fastest growing IoT applications. Market Insight Reports reports that the “Internet of Things with Geolocation” market is expected to grow from $40 billion today to $74 billion by 2025.
This article will explore the significant benefits of targeting capabilities applied to track high-value assets.
The National Cargo Security Council estimates that the annual global financial cost of lost cargo exceeds $50 billion. On a small scale, according to a recent survey of 1,000 American adults, Americans lose an average of $5,591 in possessions over their lifetime.
An effective solution to the fraudulent theft and loss of valuables is location technology, which records and tracks assets and is used globally.
IoT-based asset tracking and management
Many industries, including transportation, logistics, healthcare, and foodservice, are choosing to replace proprietary legacy systems with geolocation-based asset management solutions to locate, track, and monitor physical assets such as equipment, products, vehicles, and people.
By adopting connected solutions, businesses can replace inefficient and burdensome manual management processes with IoT-based asset management solutions. Devices equipped with geolocation capabilities can help optimize asset management operations, query whether assets are stationary or moving, and provide new capabilities such as cargo loss prevention and damage prevention. Geolocation capabilities in every device can significantly reduce total cost of ownership (TCO), making it ideal for businesses, smart buildings, campuses, and smart cities where sensors and trackers need to be deployed.
Since IoT devices can be tracked so effectively, why not include and utilize geolocation capabilities for every connected device? This is due to the high cost of traditional GPS technology that has implemented geolocation capabilities in the past, its successful deployment also faces some technical difficulties, and its operation also requires high power consumption.
The following factors are challenges faced by many IoT industries in the widespread adoption of geolocation technology to track assets:
Traditional GPS trackers have high power consumption, so batteries need to be replaced several times a year. In some cases, asset trackers are installed in hard-to-maintain locations, such as gas stations or gas stations, or in vehicle fleets. Such deployments result in costly battery replacements, especially when thousands of trackers are deployed in the field.
When it comes to deploying IoT, mistakes can easily occur. When installing sensors in buildings, for example, the manual registration process is prone to human error. Additionally, trackers may also move from one location to the next without manually updating the tracking log.
Since the service life of these devices can be as long as 5, 10 or even 20 years, technicians need to be dispatched to repair and maintain the equipment. But not being able to send notifications due to dead batteries, or a change in business ownership, often causes asset trackers to “drop out”.
How often does a solution need to capture the location of a device? Collect every minute? Collect once a day? The frequency of device location acquisition is directly related to cost and battery life; in many cases, traditional GPS technology cannot meet user needs in these two aspects.
Affordable, Simple and Efficient IoT Asset Management
These challenges can be solved with LoRa®-based IoT solutions. Is there a solution that would make geolocation technology a local service that any type of connected device can provide, and automatically provide a location on a map; at the same time, provide 10 times longer battery life than existing cellular solutions , and customers only pay for geolocation services when they need them? That solution is – LoRa Edge™.
Semtech has launched a new portfolio of LoRa Edge™, a LoRa®-based low-power platform that can be defined by software settings. LoRa Edge will provide a broad application portfolio for indoor and outdoor asset management, and its target application markets include industrial, building, home, agriculture, transportation and logistics.
From 14:30-16:00 pm on July 1st, Semtech will hold an online LoRa Edge™ product presentation to introduce this innovative IoT geolocation solution. For details, please pay attention to the Semtech official account.
Introduction to Semtech’s LoRa® Devices
Semtech’s LoRa devices are a widely adopted long-range, low-power IoT solution that provides telcos, IoT application developers and system integrators with the full set of capabilities needed to help them deploy globally Low-cost and interconnected IoT networks, gateways, sensors, module products and IoT services. IoT networks based on the LoRaWAN® specification have been deployed in more than 100 countries and regions. At the same time, Semtech is also a founding member of the LoRa Alliance®, the fastest growing IoT alliance in the field of low-power wide-area networking applications. Visit the LoRa section of the Semtech website to learn more about how LoRa can be applied to the Internet of Things.
Semtech Company Profile
Semtech Corporation (Semtech) is a leading global supplier of semiconductor solutions, providing high-performance analog and mixed-signal semiconductor products and advanced algorithms for high-end consumer, enterprise computing, communications and industrial equipment. Its products are designed to benefit the engineering field and the global community. Committed to reducing the environmental impact of itself and its products, the company’s internal green programs seek to reduce waste through material and manufacturing process control, the use of green technologies, and design for resource conservation. Semtech went public in 1967 under the ticker symbol SMTC on the Nasdaq Global Select Market.