Overview and Scope
Wireless asset management refers to managing and tracking assets using wireless connectivity and digital solutions to monitor, track, and secure assets efficiently. It offers improved efficiency, real-time tracking, and streamlined processes for asset management in various industries.
Sizing and Forecast
The wireless asset management market size has grown rapidly in recent years. It will grow from $22.12 billion in 2023 to $25.34 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to rising need for efficient asset tracking, increased adoption of iot devices, growth in the e-commerce sector, demand for real-time monitoring, globalization of supply chains.
The wireless asset management market size is expected to see rapid growth in the next few years. It will grow to $44.09 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to expansion of 5g networks, growing emphasis on supply chain optimization, increasing demand for connected devices, rise of smart factories, surge in e-commerce activities. Major trends in the forecast period include adoption of edge computing for real-time analytics, emergence of blockchain in asset management, focus on sustainability in asset tracking solutions, integration of augmented reality (ar) for maintenance, use of machine learning in predictive maintenance.
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Segmentation & Regional Insights
The wireless asset management market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Application: Asset Monitoring, Loss Prevention, Automate Inventory Control, Other Applications
3) By End-User: Healthcare, Retail, Oil And Gas, Transportation And Logistics, Manufacturing, Energy And Utilities, Other End-User
Asia-Pacific was the largest region in the wireless asset management market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing adoption of the Internet of Things (IoT) is expected to propel the growth of the wireless asset management market going forward. The Internet of Things (IoT) is a networked system of interconnected computing devices, mechanical and electronic machinery with unique identities (UIDs), and the capacity to transfer data without needing human-to-human or human-to-computer contact. The Internet of Things (IoT) enables real-time tracking of assets, making it easier to manage and control them. Additionally, through IoT sensors and devices, organizations can monitor the location, condition, and movement of assets in real-time. For instance, in March 2023, according to a report published by the Global Mobile Supplier Association (GSA), a UK-based not-for-profit industry organization representing suppliers in the mobile communication industry, the global IoT connections reached 13.2 billion in 2022, and is expected to increase by 18% to 34.7 billion by 2028. Therefore, the increasing usage of the Internet of Things (IoT) drives the wireless asset management market.
Key Industry Players
Major companies operating in the wireless asset management market report are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services Inc., T-Mobile US Inc., Siemens AG, General Electric Company, Panasonic Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Fujitsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, Stanley Black & Decker Inc., Motorola Solutions Inc., Zebra Technologies Corporation, Trimble Inc., Infor Inc., Hyster-Yale Group Inc., Horizons Incorporated
The wireless asset management market report table of contents includes:
1. Executive Summary
2. Wireless Asset Management Market Characteristics
3. Wireless Asset Management Market Trends And Strategies
4. Wireless Asset Management Market – Macro Economic Scenario
5. Global Wireless Asset Management Market Size and Growth
…..
32. Global Wireless Asset Management Market Competitive Benchmarking
33. Global Wireless Asset Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Wireless Asset Management Market
35. Wireless Asset Management Market Future Outlook and Potential Analysis
36. Appendix
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