Effective asset management is crucial for every organization to improve efficiency. Wireless asset management is used to manage and monitor assets which include tools and equipment, and operations with the help of wireless technology. Wireless asset management offers on time alerts for servicing the equipment.
Wireless asset management offers theft alert if in case the tool or equipment crosses the geo-restricted area. It also helps to increase asset visibility and accuracy. This asset management provides flexibility, scalability, and portability to the complete system due to wireless connection. Wireless connectivity is one of the most effective ways of communication to transfer information or power. Wireless communication is conducted by radio, free-space optical, sonic, and electromagnetic induction.
The driving factor for the global wireless asset management market is rise in need for real-time asset monitoring solutions. Accessibility of information in time provides better operational productivity. Companies are progressively implementing techniques to improve their asset operation level by research and development. This is done by monitoring asset management through personal computers, laptops, or mobiles.
Besides, the system enables the observance of the entire operations by using internet from any location. Increase in demand for movable monitoring and organization solutions also an important driver of the wireless asset management market. However, high initial cost of wireless asset management and issues related to accuracy of these devices are hampering the growth of the market.
Opportunities for the global wireless asset management market include product development in order to improve overall efficiency. This factor is anticipated to expand the wireless asset management market globally.
The global wireless asset management market is segmented on the basis of products, types of tags, technology, application, and geography. Based on product, the market is sub segmented into asset tags, wearable tags, wireless sensors, GPS and others. The global wireless asset management market is bifurcated in terms of tags such as rigid, tamper evident, destructible, and removable.
In terms of technology, the market is sectioned into Real Time Locating Systems (RTLS), Radio Frequency Identification (RFID), Wi-Fi, UWB, ultrasound, infrared, and Zigbee. It is expected that Wi-Fi technology will grow at a rapid rate due to capabilities of serving a suddenly-increased number of clients with the existing equipment. The global wireless asset management market is fragmented based on applications such as healthcare industry, education, commercial and others.
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Geographically, the market is categorized into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Countries in North America comprising the U.S., Mexico, and Canada have the largest market share for wireless asset management. This is due to large number of American RFID and RTLS providers in the world. Additionally, countries in Asia Pacific such as China and India see substantial growth in the global wireless asset management market owing to increased investment in wireless asset management.
The global wireless asset management market is extremely competitive characterized by a number of multinational manufacturers. The presence of several small- scale, medium-scale, and large scale wireless asset management companies results in this market being highly competitive and the market’s high potential is expected to attract many new players.