We’re grateful to be at CES 2023, where the momentum around solutions with Semtech’s LoRa® devices and the LoRaWAN® standard is incredibly strong. This morning, we had the pleasure of connecting with a wide range of customers, LoRa ecosystem partners and industry experts to discuss the powerful impact of low power, long range Internet of Things (IoT) technologies on enabling a smarter, greener and more resilient future for our planet. The journey to lower carbon emissions — and, more broadly, help the enterprise achieve its environmental, social and governance (ESG) goals — is a cornerstone to Semtech’s innovation for a better world.
The Need for Continuous Asset Tracking
Of the many complexities along the global supply chain and daily logistics operations, asset tracking is arguably the most challenging. Disruptions and subsequent capital loss not only affect goods transported worldwide, but also containers and vehicles used for shipment. On a more local scale, retail stores and shop owners are challenged in keeping track of their assets and supply at all times throughout the day for reasons varying from theft prevention to inventory management.
The increasing demand for intelligent, scalable and cost-effective global asset tracking solutions is a trend, which has been recently accelerated by the urgency to improve end-to-end supply chain performance, visibility and customer services.
Location is a vital component of the Internet of Things (IoT), encompassing the ability of things to sense and communicate their geographic position. Location data helps organize, track and account for the billions of Internet-connected devices based on sensors and other location-centric elements within them. The ability to capture location data forms the basis of location-based services and starts with the physical radio frequency (RF) technologies that interact with the world around them.
Several technologies, such as GPS, LoRa® and others, can provide outdoor location information. However, these existing technologies are not optimized for IoT asset tracking use cases due to their increased power requirements which require access to frequent charging as well as inability to work indoors. Reducing power consumption on devices fundamentally requires a reduction of compute on device, with IoT this can be accomplished by partitioning the workload between the device and harnessing the power of the Cloud. For precise indoor location, where GPS has no tangible reach, and to enable continuous location detection or tracking, indoor positioning systems (IPS) technologies such as Wi-Fi come into play.
Asset tracking is one of the most widely deployed applications for the Internet of Things (IoT). The IoT’s economic impact on factories, retail settings, work sites, offices, and homes could total as much as $6.3 trillion by 2025, according to McKinsey Global. A variety of industries, including home and building, healthcare, agriculture, and food services in addition to the industrial and logistics markets, are investing in smarter technologies to replace siloed legacy systems with automated asset management solutions. Many existing geolocation applications are power hungry and require multiple devices, software and services from multiple vendors, resulting in increased complexity and cost.
As Internet of Things (IoT) customers discover the benefits of LoRa® devices for applications as diverse as water metering, smart lighting or tracking rhinos, there is increasing demand for “location of things” services. Location is a vital component of the IoT that encompasses the ability of things to sense and communicate their geographic position. Location data helps organize, track and account for the billions of Internet-connected devices based on sensors and other location-centric elements in them. The ability to capture location data forms the basis of location-based services, and starts with the physical radio frequency (RF) technologies that interact with the world around them. Several technologies, such as GPS, LoRa and others, are able to provide outdoor location information. However, for precise indoor location where GPS has no tangible reach, and to enable continuous location detection or tracking, indoor positioning systems (IPS) technologies such as Wi-Fi come into play.
Location based Asset Management solutions are crucial for helping businesses worldwide to manage their assets as efficiently as possible. A large variety of use cases span from asset location, asset traceability, geo-fencing, and asset recovery, to loss and theft prevention. Although there exists a high demand for geolocation asset management solutions, current products often fail to fully satisfy customers’ requirements and expectations.
Asset tracking is one of the most promising applications for the Internet of Things (IoT). A variety of industries, such as transportation, logistics, healthcare, and food services, are investing in smarter technologies to replace siloed legacy systems with automated asset management solutions.
Semtech has introduced the first product in its new LoRa Edge™ platform – a highly versatile and low power software defined LoRa®-based platform that will enable a wide portfolio of applications for indoor and outdoor asset management. The first product of the platform, the LoRa Edge™ multi-technology asset management platform (LR1110), is a game-changing geolocation solution that significantly reduces the cost and complexity of locating and monitoring Internet of Things (IoT) assets in a secure environment.
Geolocation is one of the most compelling and fast growing Internet of Things (IoT) applications. The anticipated market size for “Geo IoT” is expected to reach $74 billion by the end of 2025 from its current value of $40 billion, according to Market Insight Reports.