Global Wireless Asset Management Market to Reach $52.25 Billion by 2029, Growing at 17% CAGR

What industry-specific factors are fueling the growth of the wireless asset management market?
The anticipated surge in the utilization of the Internet of Things (IoT) is set to boost the expansion of the wireless asset management market. The IoT is a network system characterized by interconnected computing devices, mechanical and electronic machinery with unique identifiers, and the ability to transfer data without human-to-human or human-to-computer interaction. This technology facilitates the tracking of assets in real-time, thereby simplifying their management and control. By deploying IoT sensors and devices, firms can keep tabs on the whereabouts, status, and movement of their assets in real-time. As an illustration, a Global Mobile Supplier Association (GSA) report, released in March 2023, disclosed that global IoT connections hit 13.2 billion in 2022, and predicted an 18% rise to 34.7 billion by 2028. This UK-based, non-profit industry organization represents suppliers in the field of mobile communication. Consequently, the escalating application of the Internet of Things (IoT) is the driving force behind the wireless asset management market.

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What Is the projected market size and growth rate for the wireless asset management market?
In recent times, the size of the wireless asset management market has seen a rapid expansion. The market, which stands at $24.8 billion in 2024, is projected to rise to $28.07 billion in 2025, showcasing a compound annual growth rate (CAGR) of 13.2%. The growth experienced during the historical period is a result of the emerging demand for effective asset tracking, the widespread adoption of IoT devices, an expansion in the e-commerce sector, the need for real-time monitoring, and the globalisation of supply chains.

In the coming years, the wireless asset management market is projected to experience a robust expansion. It is predicted to achieve a market value of $52.25 billion by 2029, with an annual growth rate of 16.8%. The anticipated growth during this period can be linked to the advent of 5g networks, the prioritization of supply chain efficiency, a rise in the need for connecting devices, the development of intelligent manufacturing facilities, and a boom in e-commerce practices. Key trends envisaged during this timeframe encompass the utilization of edge computing for instant analytics, the introduction of blockchain in managing assets, a dedication towards sustainability in asset tracking solutions, the amalgamation of augmented reality (AR) for maintenance operations, and the implication of machine learning in predictive upkeep.

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What new trends are reshaping the wireless asset management market and its opportunities?
Leading businesses in the wireless asset management market are paying attention to the development of leading-edge solutions such as cloud-based plant asset monitoring systems to bolster their competencies and retain a competitive advantage. This digital solution employs cloud technology to monitor and manage the performance and status of equipment in real-time, thereby improving operational efficiency and facilitating predictive maintenance. For example, Yokogawa Electric Corporation, an IT company located in Japan, in June 2022 introduced the OpreX Asset Health Insights. This cloud-based asset tracking service offered by Yokogawa improves operational efficiency by delivering instantaneous data and artificial intelligence-driven insights for a thorough assessment of asset performance. This system supports proactive management of a wide array of assets, lowers downtime, and refines maintenance across a multitude of sectors.

What major market segments define the scope and growth of the wireless asset management market?
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

Subsegments:
1) By Hardware: RFID Tags, RFID Readers, Sensors, Mobile Devices
2) By Software: Asset Tracking Software, Inventory Management Software, Analytics And Reporting Tools, Integration Software

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Which region dominates the wireless asset management market?
Asia-Pacific was the largest region in the wireless asset management market in 2024, 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

Which key market leaders are driving the wireless asset management industry growth?
Major companies operating in the wireless asset management market include 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

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What Is Covered In The Wireless Asset Management Global Market Report?

• Market Size Forecast: Examine the wireless asset management market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the wireless asset management market for a structured understanding.
• Key Players Overview: Analyze major players in the wireless asset management market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the wireless asset management market.
• Segment Contributions: Evaluate how different segments drive overall growth in the wireless asset management market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the wireless asset management market.
• Industry Challenges: Identify potential risks and obstacles affecting the wireless asset management market.
• Competitive Landscape: Review strategic developments in the wireless asset management market, including expansions, agreements, and new product launches.

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