Wireless Asset Management Market - By Type (Hardware, Software, Service), By Application (Physical Asset Monitoring, Automate Inventory Control, Precise Maintenance Management, Loss Prevention), By Deployment Model, By End-user Industry, Forecast 2023 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationWireless Asset Management Market - By Type (Hardware, Software, Service), By Application (Physical Asset Monitoring, Automate Inventory Control, Precise Maintenance Management, Loss Prevention), By Deployment Model, By End-user Industry, Forecast 2023 - 2032
Wireless Asset Management Market Size
Wireless Asset Management Market size was valued at USD 16.6 billion in 2022 and is estimated to register a CAGR of over 13.5% between 2023 and 2032. Cutting-edge technologies, such as Internet of Things (IoT), Artificial Intelligence (AI), and 5G, drive market expansion by enabling real-time asset tracking, data analytics, and remote monitoring.
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These innovations enhance connectivity, efficiency, and accuracy in the management of assets across industries. IoT devices and sensors provide granular insights, while AI-driven analytics optimize maintenance schedules. The high-speed, low-latency capabilities of 5G ensure seamless data transfer. For instance, in October 2023, Nokia launched Autonomous Inventory Monitoring Service utilizing AI-driven drone technology and camera-based indoor localization to revolutionize warehouse inventory management. Through data analytics and computer vision, this solution offers enhanced precision for inventory tracking, optimizing warehouse operations efficiently.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Wireless Asset Management Market Size in 2022 | USD 16.6 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 13.5% |
| 2032 Value Projection | USD 59.4 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 350 |
| Segments covered | Type, application, deployment model, and end-user industry |
| Growth Drivers |
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| Pitfalls & Challenges |
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Investments in R&D are propelling the market growth by fostering innovative solutions. R&D initiatives drive advancements in sensor technology, connectivity, and data analytics, enhancing the accuracy & efficiency of asset monitoring. The R&D funding fuels the creation of robust, user-friendly systems capable of predictive maintenance, remote tracking, and comprehensive data analysis. Such innovations attract industries seeking smarter, more integrated solutions, expanding the wireless asset management market on a global scale. This virtual platform serves as a knowledge hub, offering vital resources for businesses. By focusing on inventory management, asset tracking, and RFID as Electronic Article Surveillance (EAS), Controltek made significant investments in educating and creating awareness.
Cyber security threats pose significant challenges to the wireless asset management market due to the increased vulnerability of wireless networks. With interconnected devices and data transmission, security breaches pose risks to sensitive information and system integrity. Protection against hacking, data breaches, and unauthorized access becomes more complex in wireless systems. Addressing the evolving threats, implementing robust encryption & authentication protocols, and maintaining updated security measures are essential to safeguard data, ensuring trust & reliability in wireless asset management solutions.
COVID-19 Impact
The COVID-19 pandemic accelerated the wireless asset management market. The need for remote monitoring and contactless operations surged, driving industries to invest in IoT-based asset tracking and management systems. This shift improved operational resilience, enabling the remote management of assets, predictive maintenance, and real-time monitoring. The pandemic highlighted the necessity for agile, efficient solutions, prompting increased acceptance and implementation of wireless asset management technologies across sectors.
Wireless Asset Management Market Trends
The integration of AI and IoT is an emerging trend in the market. AI-powered analytics combined with IoT devices provide real-time insights, predictive maintenance, and granular data analysis for efficient asset monitoring. For instance, in October 2023, Revnue launched an innovative mobile app, integrated with AI capabilities. The app is a pivotal addition to the company’s comprehensive SaaS platform offering a user-friendly interface for efficient asset, contract, customer, supplier, and service data management. Companies operating in the market are forming strategic partnerships to provide modern wireless powered asset tracking solutions across a broad range of IoT applications.
For instance, in April 2023, Energous Corporation, a developer of RF-based intelligent wireless power networks partnered InnoTractor, a provider of IoT-based solutions for logistics and supply chain applications to integrate wireless power solutions for real-time asset tracking across various industries adopting IoT. The partnership allowed InnoTractor to integrate and deploy Energous’ PowerBridge technology and Wiliot’s IoT Pixel tags to provide customers with a solution featuring lower costs and increased mobility.
The increasing trend of cloud-based solutions in wireless asset management signifies a shift toward centralized, accessible data storage and management. Leveraging the cloud allows seamless remote access to asset information, ensuring scalability and flexibility in operations. This trend enables real-time collaboration, data sharing, and streamlined processes across diverse locations. Cloud-based platforms also offer improved security, cost-effectiveness, and the ability to integrate with various devices, enhancing the overall efficiency and adaptability.
Wireless Asset Management Market Analysis
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Based on type, the market is divided into hardware, software, and services. The software segment accounted for around 45% of the business share in 2022 and is projected to grow due to the increasing demand for advanced solutions. For instance, In November 2022, SATO launched ASETRA, a RAIN RFID1-based asset management solution in Europe. The solution is easy to deploy and comprises of RFID tags, RFID printers and desktop reader/writers. The solution helps to easily track and manage assets through the supply chain. The solution installed in the handheld readers can switch between RFID and barcode and 2D codes for flexibility.
The solutions help in eliminating the need to count inventory by hand, such as office supplies in a warehouse or critical equipment in healthcare and helps in saving employee’s significant time. The need for scalable, cloud-based software offering seamless integration with diverse devices is further fueling segment growth. As such software supports industries in optimizing asset utilization and operational efficiency, it is driving the expansion of the software segment.
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Based on end-user industry, the wireless asset management market is categorized into manufacturing, logistics & transportation, healthcare, oil & gas, retail, and others. The manufacturing segment accounted for a market share of around 27% in 2022 and is anticipated to grow owing to the industry's inclination toward smart manufacturing practices. The increasing adoption of IoT sensors, AI-driven analytics, and RFID technology ensures precise asset tracking, predictive maintenance, and streamlined operations. These advancements drive efficiency, minimize downtime, and optimize inventory control. The expansion of the manufacturing segment is fueled by the need for real-time data insights, enabling proactive decision-making, process optimization, and cost-effective asset management. These efforts enhance the overall productivity and competitiveness in the sector.
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North America accounted for a wireless asset management market share of around 34% in 2022 and is expected to grow significantly over the forecast period owing to robust technological advancements and adoption of innovative solutions. The region's substantial investments in IoT, AI, and 5G infrastructure are propelling market trends. The increasing demand for efficient asset tracking and management in sectors, such as manufacturing, logistics, and healthcare, is driving regional market growth. The presence of key market players, coupled with a conducive regulatory environment, further accelerates the adoption of wireless asset management solutions in the region, driving market progress.
Wireless Asset Management Market Share
The major players operating in the wireless asset management industry are
- Cisco Systems Inc.
- Hitachi Ltd.
- IBM Corporation
- Infosys Limited
- Moog Inc.
- RCS Technologies (RCS)
- Securitas AB
- Siemens AG
- Teletrac Inc.
- Verizon Communications Inc.
The major players operating in the market are focused on expanding the range of wireless asset management solutions offered, including asset tracking, remote monitoring, predictive maintenance, and data analytics. Also, these companies focus on developing industry-specific solutions to meet the unique needs of various industries including healthcare, logistics, manufacturing.
Wireless Asset Management Industry News
- In March 2023, Eptura launched of its unified worktech platform, which includes Eptura Asset and Eptura Workplace. The Eptura experience connects workplace and physical asset management capabilities in a single solution. The new platform experience enables customers to operationalize workplace plans that fit their needs, including hybrid work, office-first, flex models, and others.
The wireless asset management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD billion) from 2018 to 2032 for the following segments
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By Type, 2018 – 2032
- Hardware
- Software
- Services
By Application, 2018 – 2032
- Physical Asset Monitoring
- Automate Inventory Control
- Precise Maintenance Management
- Loss Prevention
- Others
By Deployment Model, 2018 – 2032
- On-premises
- Cloud
By End-user Industry, 2018 – 2032
- Manufacturing
- Logistics & Transportation
- Healthcare
- Oil & Gas
- Retail
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Russia
- Spain
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- UAE
- Saudi Arabia
Frequently Asked Questions (FAQ)
How big is the wireless asset management market?
The wireless asset management industry was valued at USD 16.6 billion in 2022 and is estimated to register over 13.5% between 2023 and 2032.
Why is the manufacturing sector increasingly using wireless asset management?
The manufacturing segment accounted for a market share of around 27% in 2022 and is anticipated to grow through 2032 owing to the inclination toward smart manufacturing practices, leading to increasing adoption of IoT sensors, AI-driven analytics, and RFID technology to ensure precise asset tracking, predictive maintenance, and streamlined operations.
What are the factors driving North America wireless asset management market?
North America wireless asset management industry share was around 34% in 2022 and is expected to grow significantly through 2032 owing to robust technological advancements and adoption of innovative solutions across the region.
Who are the leading wireless asset management solution providers?
Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Infosys Limited, Moog Inc., RCS Technologies (RCS), Securitas AB, Siemens AG, Teletrac Inc., and Verizon Communications Inc.
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