Wireless Asset Management Global Market Report 2024

The wireless asset management market size has grown rapidly in recent years. It will grow from $22.12 billion in 2023 to $25.34 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The expansion during the historical period can be attributed to the rising need for efficient asset tracking, increased adoption of IoT devices, growth in the e-commerce sector, demand for real-time monitoring, and the globalization of supply chains.

The wireless asset management market size is expected to see rapid growth in the next few years. It will grow to $44.09 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The anticipated growth in the forecast period can be attributed to the expansion of 5G networks, a growing emphasis on supply chain optimization, increasing demand for connected devices, the rise of smart factories, and a surge in e-commerce activities. Key trends expected in the forecast period include the adoption of edge computing for real-time analytics, the emergence of blockchain in asset management, a focus on sustainability in asset tracking solutions, the integration of augmented reality (AR) for maintenance, and the use of machine learning in predictive maintenance.

The anticipated surge in the adoption of the Internet of Things (IoT) is poised to drive the growth of the wireless asset management market. IoT, a networked system of interconnected computing devices and machinery, facilitates real-time tracking of assets, making management and control more efficient. Through IoT sensors and devices, organizations can monitor the location, condition, and movement of assets in real-time. As of March 2023, the global IoT connections reached 13.2 billion, and a substantial increase to 34.7 billion is expected by 2028, according to a report by the Global Mobile Supplier Association (GSA). This robust increase underscores the pivotal role of the IoT in propelling the wireless asset management market forward.

The heightened use of cloud-based applications is expected to be a significant driver for the wireless asset management market. Cloud-based applications, delivered over the internet, enhance device operation, security, and performance. Wireless asset management plays a crucial role in providing essential infrastructure support, ensuring the seamless operation of cloud-based applications. A survey conducted by O’Reilly Media Inc. in December 2021 revealed that 90% of 2,834 global respondents reported current usage of cloud-based applications. Looking ahead, 48% plan to shift over half of their apps to the cloud within the next year, indicating a substantial reliance on cloud-based solutions and driving the growth of the wireless asset management market.

Technological advancements emerge as a key trend in the wireless asset management market, with major companies adopting new technologies to sustain their market positions. In April 2021, Sierra Wireless introduced Acculink Cargo, a managed IoT solution for asset management, showcasing the industry's commitment to staying at the forefront of technological innovation. The solution allows for quick deployment and real-time tracking of high-value and sensitive assets, offering global tracking, exception-based monitoring, and configurable reporting.

Major companies operating in the wireless asset management market are focused on developing innovative products, such as wireless asset monitoring with low-power requirements. This technology minimizes energy consumption while tracking and managing assets using wireless communication. In December 2023, Prylada launched the Energy-Harvesting Wireless Sensor Platform, designed for low-power wireless condition monitoring of industrial critical assets. The platform operates independently or integrates into the Prylada ecosystem, streamlining monitoring, minimizing cables, and ensuring real-time emergency alarm management.

In January 2023, Semtech Corporation acquired Sierra Wireless Inc. for approximately $1.2 billion. This strategic acquisition positions Semtech Corporation to deliver a robust product portfolio and service model across high-growth IoT segments, leveraging Sierra Wireless's expertise in cellular connectivity, IoT software, and services, as well as extensive knowledge of IoT hardware and software channels and vertical markets.

Major companies operating in the wireless asset management market report are Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Hitachi Ltd., Amazon Web Services Inc., T-Mobile US Inc., Siemens AG, General Electric Company, Panasonic Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Fujitsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, Stanley Black & Decker Inc., Motorola Solutions Inc., Zebra Technologies Corporation, Trimble Inc., Infor Inc., Hyster-Yale Group Inc., Horizons Incorporated.

Asia-Pacific was the largest region in the wireless asset management market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the wireless asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wireless asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of wireless asset management include hardware and software. Hardware refers to the physical components, devices, and equipment that constitute a computer system or electronic device. These components are applied in various applications such as asset monitoring, loss prevention, automated inventory control, and others. Wireless asset management finds applications in industries such as healthcare, retail, oil and gas, transportation and logistics, manufacturing, energy and utilities, among others.

The wireless asset management market research report is one of a series of new reports that provides wireless asset management market statistics, including the wireless asset management industry global market size, regional shares, competitors with a wireless asset management market share, detailed wireless asset management market segments, market trends and opportunities, and any further data you may need to thrive in the wireless asset management industry. This wireless asset management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The wireless asset management market includes revenues earned by entities by providing wireless management solutions, physical asset monitoring, and next-generation wireless asset management. The market value includes the value of related goods sold by the service provider or included within the service offering. The wireless asset management market also consists of sales of GPS asset tracking devices, wireless sensors, and monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.