Wireless Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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.

Scope of the Report

Wireless asset management provides a solution that is used to monitor and manage assets in the form of equipment, tools using wireless technology. Asset management is crucial for every organization, to improve its efficiency, wireless asset management alerts for examining equipment. This system helps in connecting various devices and monitors to customize the workflow, with the help of a real-time location system to track static assets, where wireless access can build a platform, benefiting various industries.

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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. 

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