Wireless Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The wireless asset management market is expected to grow at a CAGR of 13.03% over the forecast period. The necessity of the wireless asset management system is increasing, owing to its real-time applications that can help any enterprise in conducting its business. It performs tasks, impacts diagnose trouble codes, and tracks preventive methods. This helps in better understanding the total cost of operation on a real-time basis.

Key Highlights

• RTLS solutions for wireless asset management would increase business potential and is incredibly valuable for various organizations, such as transportation services, hospitality, healthcare, and others. The RTLS asset management system is attached to the asset with RFID tags to locate where the group of assets is stored and located on a real-time basis.
• Wireless asset management minimizes security and fraud risks, effectively manages capacity and availability, and automates chargebacks across the organization. Cyber threats from organized and non-state actors are a major constraint for the market. However, companies are gradually adopting new solutions to improve their asset utilization.
• A key driver for the Wireless Asset Management Market is the growing need for portable monitoring and management solutions to improve operational efficiency. With the help of research, organizations focus on applying wireless technologies to improve asset operating levels. Obtaining information on time boosts operational productivity. Computers, laptops, and mobile devices are used for monitoring.
• The high initial expenses of adopting wireless asset management systems are projected to hinder market expansion. As an innovative system, there is a lack of knowledge and experience about its operation and advantages. This is expected to limit the market growth further. Furthermore, there are various compatibility difficulties with the current system.
• The proliferation of COVID-19 benefitted the wireless asset management market. COVID-19 has posed additional obstacles for various businesses. The COVID-19 outbreak has underlined the importance of embracing digital technologies and utilizing the capabilities of software asset management solutions and services to boost operational productivity. Post-pandemic also, the market is growing rapidly with the increased digitization throughout the globe.

Wireless Asset Management Market Trends

Physical Asset Monitoring Application Segment is Expected to Hold Significant Market Share

• Digitalization across physical asset monitoring is expected to boost its market share and rapid advances in integrated circuit technology are boosting the digital market. GPS & geotagging capability, biometric functionality, and autonomous smartphone functionality are some of the exclusive features of these products. GPS tracking enables distance tracking and measures real-time location, fueling physical asset monitoring.
• IoT and 3D printing, among other disruptive technologies, are boosting wearable tags that are integrated with IoT technology which can further enhance the functionality of wearable tags, where one device can serve all the purposes rather than multiple apps and devices. According to Cisco Systems, Connected wearables used in North America and Asia Pacific are together forecast to account for approximately 70 percent of the wearable 5G connections worldwide in the previous year.
• Moreover, according to Ericsson, the number of short-range internet of things (IoT) devices reached 16.6 billion worldwide in the current year. That number is forecast to increase to 22.4 billion by the next four years. The wide-area IoT devices amounted to 3.2 billion in the current year and are predicted to reach 5.2 billion by the next four years.
• Tags working on LF and HF bands work in terms of radio wavelength. Depending on the frequency used by the band, signaling between the reader and the tag is done in several different incompatible ways. These tags also provide electronic article surveillance (EAS), where self-checkout can be made for automatic identification to ease inventory systems.

Asia Pacific is Expected to be the Fastest Growing Market

• Asia-Pacific is expected to witness the highest growth rate over the forecast period, owing to the increasing adoption of various technological advancements in the region and the region’s emerging economies’ significant contributions. The rapid increase in IoT and AI adoption in almost every end-user industry in the area is expected to be a substantial driver.
• IoT is predicted to undergo massive growth in the coming years, with mobile technologies playing a vital role in enabling the industry to grow. The advanced industries sector is highly metropolitan and varies considerably in its composition and depth across the regions. According to Cisco systems, the number of connected wearable devices in the Asia Pacific region was approximately 311 million in the previous year.
• Further, India is one of the strongest emerging economies in the Asian markets. The Smart Advanced Manufacturing and Rapid Transformation Hub (SAMARTH) Udyog Bharat 4.0 initiative aimed at enhancing awareness about manufacturing 4.0 within the Indian manufacturing industry and helping stakeholders address the challenges related to asset monitoring in the manufacturing environment. The advancement in asset-tracking applications in the region drives market growth.
• According to the IBEF, the Indian e-commerce market is expected to grow to USD 200 billion by 2026 from USD 38.5 billion in 2017. The above developments would boost the market’s growth during the forecast period.
• Moreover, The Korean government has decided and set targets to build 30,000 smart factories around the country by 2025, in line with its Smart Factory Roll-out and Advancement Strategy. Additionally, with the transition toward organized retailing, multifold growth of e-commerce is expected to drive the development of the region’s market.
• Therefore, the growing government aid to boost the adoption of digitalization in various regional industries and collaborations bolstered the demand for wireless asset management solutions.

Wireless Asset Management Industry Overview

The wireless asset management market is highly fragmented with the presence of major players like Cisco Systems Inc., Siemens AG, AeroScout Inc., Boston Networks Ltd, and TVL Inc. (WiseTrack). Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.

• December 2022 - Cisco introduced a new SMB program in the Asia Pacific to increase partner sales productivity and profitability. Because it offers an upfront discount on a focused portfolio customized for SMBs, the Partner Deal Express program enables Cisco's partners to conduct faster transactions for SMBs. This eliminates the requirement for partners to obtain clearance for agreements that fit under this program. It also provides the best price and promotions to improve customer experience and boosts partner profitability through predictable pricing, making SMB deals/transactions easier and faster to close. To do this, Cisco regularly analyzes historical pricing and competitive data and alters Fast Track (price) to deliver the best upfront savings for SMBs.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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