Global Wireless Asset Management Market Size By Product (Hardware Management, Software Management), By Application (Automated Inventory Control, Loss Prevention), By Geographic Scope And Forecast

Wireless Asset Management Market Size And Forecast

Wireless Asset Management Market size was valued at USD 18.29 Billion in 2024 and is projected to reach USD 48.72 Billion by 2031 , growing at a CAGR of 13.03% from 2024 to 2031. The increasing need for real-time asset monitoring solutions is the key driver for the global Wireless Asset Management Market. It helps to perform tasks, influences diagnosis trouble codes, and tracks preventive methods. This helps in well understanding the total cost of operation on a real-time basis. Furthermore, the increasing demand for portable monitoring and management solution to advance operational efficiency is also a crucial driver for the Wireless Asset Management Market. The Global Wireless Asset Management Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Wireless Asset Management Market Definition

Wireless asset management is a solution used to monitor and manage assets such as tools, equipment, patient, and also professionals with the help of wireless technology. The wireless asset management minimizes fraud risks, and security, and efficiently manages availability, and capacity, and automates chargebacks across the organization. Asset management is crucial for every organization. Cyber threat, from organized and non-state actors, is a key constraint for the market. The wireless asset management is portable, flexible, and scalable owed to its wireless connectivity. Additionally, they also help in providing accurate changes in assets. Owing to these benefits companies are increasingly adopting new solutions to advance their asset utilization level.

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Global Wireless Asset Management Market Overview

The increasing need for real-time asset monitoring solutions is the key driver for the global Wireless Asset Management Market. It helps to perform tasks, influences diagnosis trouble codes, and tracks preventive methods. This helps in well understanding the total cost of operation on a real-time basis. Furthermore, the increasing demand for portable monitoring and management solution to advance operational efficiency is also a crucial driver for the Wireless Asset Management Market. Organizations are concentrating on implementing wireless methods to enhance their asset operation level with the support of research activities. Getting information in time advances operational productivity. Monitoring is done with the help of computers, laptops, or mobiles.

Moreover, the demand for portable monitoring devices is also an important driver rising the demand for Wireless Asset Management Market. There are certain restraints and challenges faced which will hinder the market growth. High initial costs involved in the implementation of the wireless asset management systems are the crucial factor expected to hamper the market growth. Being a new system, there is a lack of knowledge and expertise related to its functioning and benefits. Which is further projected to restrain the market growth. Moreover, there are various compatibility issues with the existing system.

Global Wireless Asset Management Market Segmentation Analysis

The Global Wireless Asset Management Market is segmented based on Product, Application, and Geography.

Wireless Asset Management Market, By Product

• Hardware Management
• Software Management

Based on Product, the market is bifurcated into Hardware Management and Software Management. The Software segment held the largest market share. The factors can be attributed to the Rapid advances in integrated circuits technology. Biometric functionality, GPS & geotagging capability, and smartphone autonomous functionality are some of the exclusive features of these products.

Wireless Asset Management Market, By Application

• Automated Inventory Control
• Loss Prevention
• Physical Asset Monitoring

Based on Application, the market is bifurcated into Automated Inventory Control, Loss Prevention, and Physical Asset Monitoring. Physical Asset Monitoring is anticipated to have the highest CAGR in the forecast period. The factors can be attributed to technological developments such as GPS. GPS tracking allows distance tracking and measures real-time location.

Wireless Asset Management Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world
• On the basis of Regional Analysis, the Global Wireless Asset Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the Wireless Asset Management Market will be dominated by the Asia Pacific. As most of the critical infrastructural components within the region are completely hooked into digital systems. The digital technology industry provides the inspiration for information exchange across healthcare, and retail, among other sectors of the region.

Key Players

• The "Global Wireless Asset Management Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are
• Cisco, Siemens, Stanley, Boston Networks, Intelligent Insites, ASAP Systems, Fortive, Moog, and Verizon.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• Product Launches/Developments/Expansion
• In May 2022, Verizon dedicated an additional USD 149 million to its local capital spending to satisfy increasing network demands due to Florida's exponential and unexpected population growth.
• Partnerships, Collaborations, and Agreements
• In April 2021, SAP and Siemens Digital Industries Software announced that their relationship would be expanded, allowing both businesses to develop new service and asset lifecycle solutions. Siemens will begin offering SAP(R) Asset Intelligence Network, SAP Asset Strategy and Performance Management, and SAP Enterprise Portfolio and Project Management, with an initial focus on discrete manufacturing.
• Mergers and Acquisitions
• In December 2020, Cisco announced that it would acquire Dashbase, an enterprise software startup, for its logs and events analytics technology. Dashbase is also a player in real-time communications, providing businesses with a mechanism to stitch log data from diverse communication contexts.
• In June 2021, Campbell Global, LLC, a Forest Management and Timberland Investing company, was bought by J.P. Morgan Asset Management to provide ESG-conscious investing options for climate, conservation, and biodiversity.