Global Wireless Asset Management Market - Segmented by Product (Asset Tags, Wearable Tags, Wireless Sensors), Tag (Destructible, Removable, Tamper-Evident), Technology (RFID, Wi-Fi, Zigbee), Application (Automated Inventory Control, Loss Prevention, Physical Asset Monitoring), and Region - Growth, Trends, and Forecast (2018 - 2023)
The wireless asset management market is expected to grow at a CAGR of 11.64% over the forecast period (2018-2023). The scope of the report includes insights on the solutions offered by major players, including providers of hardware, professional services, and integration solutions. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The study offers insights on products such as GPS, wearable tag, etc. The study includes tag, technology, and application-based segmentation.
Need for Effective Real-time Asset Monitoring Solution
The wireless asset management system helps in connecting various devices and monitors to customize the workflow. One of the key benefits of these systems is that they help in direct termination and modification of the inventory to ensure that the new business orders keep getting updated on a day-to-day basis. The asset management system requires a real-time location system to track static assets, where wireless access can build a platform, benefiting various industries. This functionality is possible through a combination of RFID tags and a Wi-Fi network, and the outcome is a simple way to manage assets with minimal overhead. The real-time asset monitoring solution is mainly based on the concept of integrating sensors that measure production rates and workflow, among other factors, to define parameters for investigations and issuing notifications. Wireless data collection and automated technologies allow IT asset tracking.
Wearable Tags Experience High Demand from Different Industry Segments
Wearable tags are increasingly used in the digital market, packaging, and logistics. Rapid advances in integrated circuits technology is further boosting the digital market. GPS and geo-tagging capability, biometric functionality, and smartphone autonomous functionality are also some of the exclusive features of these products. GPS tracking enables distance tracking and measures the real-time location. Wearable sensors equipped with passive RFID tags are used in monitoring the daily activities of the complex workflows in larger enterprises.
IoT and 3D printing, among other disruptive technologies, are boosting the wearable tags market. Integration of IoT technology can further enhance the functionality of wearable tags, where one device can serve all the purposes rather than multiple apps and devices. Wearable devices, such as activity trackers, can exchange the data with manufacturers and operators without human intervention on a real-time basis.
Key Developments in the Market