Wireless Asset Management Market - By Type (Hardware, Software, Service), By Application (Physical Asset Monitoring, Automate Inventory Control, Precise Maintenance Management, Loss Prevention), By Deployment Model, By End-user Industry, Forecast 2023 - 2

Wireless Asset Management Market - By Type (Hardware, Software, Service), By Application (Physical Asset Monitoring, Automate Inventory Control, Precise Maintenance Management, Loss Prevention), By Deployment Model, By End-user Industry, Forecast 2023 - 2032

Wireless Asset Management Market size is poised to record over 13.5% CAGR from 2023-2032. The emergence of various sustainability goals is driving the demand for asset data for minimizing waste and improving resource utilization. Wireless asset management (WAM) systems are widely adopted in various industries as they contribute to improved energy efficiency by monitoring and optimizing resource usage. For example, in April 2023, Verizon Connect released Equipment Asset Tracker (ETA) in wired and battery-powered versions for offering better field equipment management. The growing digital transformation efforts along with the dire need for remote accessibility and management will also boost the market growth.

The wireless asset management industry is segmented into type, application, deployment model, end-user industry, and region.

In terms of deployment model, the industry share from the cloud segment may record robust CAGR from 2023 to 2032. Cloud-based wireless asset management enables scalable deployments suitable for varying size businesses. These solutions also offer scalability for allowing businesses to easily expand and scale down their asset management systems with the changing needs. The rising popularity of pay-as-you-go models and the reduced upfront investment are other factors driving the segment expansion.

Based on end-user industry, the wireless asset management industry value is expected to expand exponentially from the healthcare segment through 2032. This is owing to the surging need for effectively tracking the medical equipment for enhancing asset utilization whilst ensuring equipment availability when required. The rising popularity of real-time location systems (RTLS) given their ability to track patient movement and assist in patient safety within facilities will also boost the segment growth.

Regionally, the Asia Pacific wireless asset management market size is projected to witness significant CAGR through 2032. The rising investment in smart transportation infrastructure in the region is driving the adoption of asset tracking for efficient logistics and traffic management. The influx of smart city projects is also leading to the higher integration of wireless asset management for infrastructure monitoring, traffic control, and public safety. The growing popularity of smart agriculture and the need for precision agriculture, optimized resource usage and enhanced crop yield will also boost the regional market growth.