The wireless asset management market is expected to grow at a CAGR of 11.64% over the forecast period (2021 - 2026). 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 of the total cost of operation on a real-time basis.
- The growing applications of the combined RFID tags and Wi-Fi network are fueling the demand for wireless asset management to manage assets with minimal overhead.
- RTLS solutions for asset management will 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 itself with RFID tags for it to locate where the group of assets is stored and located on a real-time basis.
- The wireless asset management minimizes security, fraud risks, and effectively manages capacity, availability, and automates chargebacks across the organization. Cyberthreats, from the organized and non-state actors, are a major constraint for the market. However, companies are gradually adopting new solutions to improve their asset utilization level.
Key Market Trends
Digitalization across Physical Asset Monitoring is Expected to Boost its Market Share
- Rapid advances in integrated circuits technology are boosting the digital market. GPS & geotagging capability, biometric functionality, and smartphone autonomous functionality are some of the exclusive features of these products. GPS tracking enables distance tracking and measures real-time location thereby fueling the physical asset monitoring.
- IoT and 3D printing, among other disruptive technologies, are boosting the 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.
- 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 region is Expected to be the Fastest Growing Region
- Asia-Pacific is expected to account for a significant share in the wireless asset management, as most of the critical infrastructural components in the region are completely dependent on digital systems. The digital technology industry provides the foundation for information exchange across the healthcare, retail, among other sectors of the region.
- 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 it varies considerably in its composition and depth across the regions.
The wireless asset management market is moderately competitive and consists of several players. In terms of market share, few of the players currently dominate the market. However, with innovation across the wireless segment, many companies are expanding their market presence thereby tapping across the markets of emerging economies.
- November 2018 - Boston Networks secured a contract to upgrade the WiFi infrastructure at Aberdeen, Glasgow and Southampton Airports to the latest industry-leading enterprise-grade technology, as part of their ongoing investment program. With the current network nearing the end of life, expected increased growth in passenger numbers, and a commitment to offering travelers an exceptional user experience.
- August 2018 - Intelligent InSites announced the release of version 5.1 of its software technology platform featuring new customized Live Boards. The Live Boards packaged with this latest release are just one of the many features that enable care teams to leverage real-time data to make in-the-moment decisions while continuing to focus on providing exceptional patient care.
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