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Wireless Asset Management Market Trends

Report ID: GMI7268
Published Date: Nov 2023
Report Format: PDF

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Wireless Asset Management Market Trends

The integration of AI and IoT is an emerging trend in the market. AI-powered analytics combined with IoT devices provide real-time insights, predictive maintenance, and granular data analysis for efficient asset monitoring. For instance, in October 2023, Revnue launched an innovative mobile app, integrated with AI capabilities. The app is a pivotal addition to the company’s comprehensive SaaS platform offering a user-friendly interface for efficient asset, contract, customer, supplier, and service data management. Companies operating in the market are forming strategic partnerships to provide modern wireless powered asset tracking solutions across a broad range of IoT applications.

For instance, in April 2023, Energous Corporation, a developer of RF-based intelligent wireless power networks partnered InnoTractor, a provider of IoT-based solutions for logistics and supply chain applications to integrate wireless power solutions for real-time asset tracking across various industries adopting IoT. The partnership allowed InnoTractor to integrate and deploy Energous’ PowerBridge technology and Wiliot’s IoT Pixel tags to provide customers with a solution featuring lower costs and increased mobility.

The increasing trend of cloud-based solutions in wireless asset management signifies a shift toward centralized, accessible data storage and management. Leveraging the cloud allows seamless remote access to asset information, ensuring scalability and flexibility in operations. This trend enables real-time collaboration, data sharing, and streamlined processes across diverse locations. Cloud-based platforms also offer improved security, cost-effectiveness, and the ability to integrate with various devices, enhancing the overall efficiency and adaptability.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The wireless asset management industry was valued at USD 16.6 billion in 2022 and is estimated to register over 13.5% between 2023 and 2032.

The manufacturing segment accounted for a market share of around 27% in 2022 and is anticipated to grow through 2032 owing to the inclination toward smart manufacturing practices, leading to increasing adoption of IoT sensors, AI-driven analytics, and RFID technology to ensure precise asset tracking, predictive maintenance, and streamlined operations.

North America wireless asset management industry share was around 34% in 2022 and is expected to grow significantly through 2032 owing to robust technological advancements and adoption of innovative solutions across the region.

Cisco Systems Inc., Hitachi Ltd., IBM Corporation, Infosys Limited, Moog Inc., RCS Technologies (RCS), Securitas AB, Siemens AG, Teletrac Inc., and Verizon Communications Inc.