The global wireless asset management market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing applications of the combined radio frequency identification (RFID) tags and Wi-Fi network. Moreover, increasing requirement for wireless asset management to manage assets with minimal overhead is driving the market growth.
Wireless asset management provides a solution to monitor and manage assets in the form of equipment and tools using wireless technology. As asset management is crucial for every organization to improve its efficiency. The wireless asset management are flexible, portable, and scalable due to their wireless connectivity.
The solution can perform tasks, impacts diagnose trouble codes, and tracks preventive methods. Moreover, it can minimize fraud risks, and effectively manages capacity, availability, and automates chargebacks.
Wireless asset management solutions assist in providing accurate changes of asset. It is one of the most efficient alternatives for communication that helps to transfer power and information. It can be conducted by using radio, electromagnetic induction, free-space optical, and sonic technology. This system helps in connecting various devices and helps in customizing the workflow, with the help of a real-time location system to track static assets,
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for wireless asset management systems owing to rising real-time applications is anticipated to boost the market growth.
- Rising use of radio frequency identification (RTLS) solutions in wireless asset management, as it can be used in transportation, hospitality, and healthcare industries, spurring the market growth during the forecast period.
- Companies are gradually adopting new solutions to improve their asset utilization level, which can hamper the market growth.
- High initial cost of the wireless asset management can hinder the market expansion in the coming years.
- Increasing R&D investment and ongoing technological advancement to improve the overall efficiency can create significant opportunities for the market players.
Scope of Wireless Asset Management Market Report
The report on the global wireless asset management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Wireless Asset Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Hardware and Software) and Applications (Automated Inventory Control, Loss Prevention, and Physical Asset Monitoring)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cisco Systems Inc., Siemens AG, Boston Networks Ltd, Intelligent InSites Inc., and Moog Inc.
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Wireless Asset Management Market Segment Insights
Software segment is projected to hold a large market share
Based on types, the wireless asset management market is bifurcated into hardware and software. The software segment is expected to constitute a key market share during the forecast period owing to rapid advancements in integrated circuits technology.
Physical asset monitoring segment to grow at a rapid pace
In terms of applications, the wireless asset management is segmented into automated inventory control, loss prevention, and physical asset monitoring. The physical asset monitoring is expected to expand at a significant pace during the forecast period. Some of the features of physical asset monitoring are GPS & geotagging capability, biometric functionality, and smartphone autonomous functionality.
Asia Pacific to dominate the market
On the basis of regions, the wireless asset management market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to increasing dependence of critical infrastructural components on digital systems.
The digital technology industry provides foundation for information exchange across the healthcare, and retail. Internet of Things (IoT) is predicted to undergo massive growth in the coming years, with mobile technologies playing a vital role in enabling the industry to expand rapidly. Increasing urbanization and rapid industrialization in emerging economies such as India and China are expected to proliferate the market growth in the region.
Segments
The global wireless asset management market has been segmented on the basis of
Types
Applications
- Automated Inventory Control
- Loss Prevention
- Physical Asset Monitoring
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the wireless asset management market include Cisco Systems Inc., Siemens AG, Boston Networks Ltd, Intelligent InSites Inc., and Moog Inc.
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