Categories: Market Research

Wireless Asset Management Market Drivers, Demand, Insights 2024-2033

The Wireless Asset Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Wireless Asset Management Global Market Report 2024, 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.

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.

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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

Technological advancements are a key trend gaining popularity in the wireless asset management market. Major companies operating in the wireless asset management market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Sierra Wireless, a Canada-based company that manufactures wireless communications equipment, introduced Acculink Cargo, a new managed Internet of Things (IoT) solution for asset management. It allows companies to quickly deploy and track the location and condition of high-value and sensitive assets, providing near-real-time visibility, global tracking, exception-based monitoring, flexible asset tracking, and configurable location and status reporting.

The wireless asset management market report table of contents includes: