Herein is provided a ferrous shape memory alloy (SMA) wire and processes for production of ferrous shape memory alloy wire that do not require crystallographic texturing processes to achieve superior superelastic and SMA wire properties. The shape memory alloy wire includes an elongated wire body with a longitudinal-axis length of iron alloy material and has a cross-sectional wire diameter that is less than about 1 millimeter. The iron alloy material has an oligocrystalline crystallographic morphology along the longitudinal-axis length. The iron alloy material has a ′-fcc crystallographic matrix and a volume fraction of ′-LH crystallographic precipitates in the ′-fee crystallographic matrix.