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: March - 2025 | 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 Size
Wireless Asset Management Market size was USD 16.6 billion in 2022 and is expected to account for a CAGR of more than 13.5% during 2023 to 2032. Advanced technologies like Internet of Things (IoT), Artificial Intelligence (AI), and 5G fuel market growth by facilitating real-time tracking of assets, data analysis, and remote monitoring.
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These technologies improve connectivity, efficiency, and precision in asset management across sectors. Sensors and IoT devices offer detailed insights, while AI-based analytics maximize maintenance schedules. 5G's high-speed, low-latency features facilitate smooth data transmission. For example, in October 2023, Nokia announced Autonomous Inventory Monitoring Service using AI-based drone technology and camera-based indoor localization to transform warehouse inventory management. By using data analytics and computer vision, this solution provides improved accuracy for inventory tracking, streamlining warehouse operations effectively.
| 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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What are the growth opportunities in this market?
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Investments in R&D are driving the market expansion by encouraging innovative solutions. R&D activities drive sensor technology, connectivity, and data analytics advancements, which improve the efficiency & accuracy of asset monitoring. The R&D expenditures drive the development of efficient, easy-to-use systems that support predictive maintenance, remote tracking, and end-to-end data analysis. These innovations appeal to industries looking for smarter, more integrated solutions, broadening the wireless asset management market worldwide. This virtual platform is a knowledge center, providing essential resources to businesses. Focusing on inventory management, asset tracking, and RFID as Electronic Article Surveillance (EAS), Controltek invested heavily in educating and raising awareness.
Cyber security threats are a major issue to the wireless asset management industry because wireless networks are more vulnerable. With connected devices and data transfer, security hacking is a threat to sensitive data and system integrity. It is more challenging to protect against hacking, data breaches, and intrusion in wireless systems. Mitigating the changing threats, enforcing strong encryption & authentication practices, and having current security practices in place are required to protect data, guaranteeing trust & reliability for wireless asset management systems.
COVID-19 Impact
The COVID-19 pandemic fast-tracked the wireless asset management industry. Remote monitoring and contactless operations became the need of the hour, with industries opting for IoT-based asset tracking and management systems. This transition enhanced operational resilience by facilitating remote asset management, predictive maintenance, and real-time monitoring. The pandemic underlined the requirement for agile and efficient solutions, leading to wider acceptance and adoption of wireless asset management technologies across industries.
Wireless Asset Management Market Trends
The convergence of AI and IoT is a new trend in the market. With AI-powered analytics on top of IoT devices, there are real-time insights, predictive maintenance, and fine-grained data analysis for effective asset monitoring. For example, in October 2023, Revnue introduced a revolutionary mobile app, coupled with AI features. The application is a key component of the company's end-to-end SaaS platform with an easy-to-use interface for effective asset, contract, customer, supplier, and service data management. Market companies are establishing strategic alliances to deliver innovative wireless powered asset tracking solutions across a wide spectrum of IoT applications.
For example, in April 2023, Energous Corporation, an RF-based intelligent wireless power network developer partnered InnoTractor, an IoT-based solutions provider for logistics and supply chain applications to implement wireless power solutions for real-time asset tracking in various industries embracing IoT. The collaboration enabled InnoTractor to integrate and deploy Energous' PowerBridge technology and Wiliot's IoT Pixel tags to offer customers a solution with reduced costs and enhanced mobility.
The growing phenomenon of cloud-based solutions for wireless asset management indicates a move toward centralized, accessible storage and management of data. Exploiting the cloud enables effortless remote access to asset data, providing scalability and flexibility in operations. This phenomenon supports real-time collaboration, data sharing, and efficient processes across different locations. Cloud-based solutions also provide enhanced security, cost savings, and support for integration with multiple devices, making the entire process more efficient and adaptable.
Wireless Asset Management Market Analysis
Learn more about the key segments shaping this market
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.
Learn more about the key segments shaping this market
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
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