The global asset management system market accounted for a value of USD 14.2 billion in 2019 and is projected to register growth at a CAGR of 8.7% during forecast period.
COVID-19 has impacted the asset management system market. The outbreak of corona virus has adversely disrupted functioning of various industries and dynamics of industries are changing drastically around the globe. The supply chain got disrupted due travel restriction and lockdown. The industries are facing cash flow issues and manufacturing of products have to halt. This results in decrease in demand for asset management system significantly due to COVID-19.
For more details, visit: Global Asset Management System Market By Asset Type (Manufacturing Assets, Electronic Assets, Others), By Solutions (RFID, RTLS, Others), By End-Users (Retail, Healthcare, Others), By Region, Forecast & Opportunities to 2026
The asset management system helps in streamline operations and enables optimum utilization of resources by organizations and thus, enable cost-saving for organizations. The use of asset management system also helps in reducing inventory and stock management cost. This increases adoption of asset management system by large number of organizations around the world and drives growth in asset management system market during forecast period.
On the basis of asset type, the asset management system market is segmented into personnel/staff, manufacturing assets, electronic assets, in-transit equipment and returnable transport assets. The in-transit equipment asset type segment is estimated to register growth at highest CAGR during forecast period. The importance of in-transit equipment is increasing immensely in the value chain and it also helps in improving overall business performance of a company. This increases demand for in-transit equipment and drives growth in this segment during forecast period.
On the basis of solutions, the asset management system market is segmented into radio frequency identification (RFID), real-time location system (RTLS), barcode and global positioning system (GPS). The GPS solution segment is estimated to register growth at highest CAGR during forecast period. GPS helps in reducing business’s operational cost and increases the profitability. GPS solution helps in route optimizing for fleet vehicles and it also decrease response time of fleet vehicles along with reduced fuel cost. The GPS provides higher efficient and reduces losses. The various advantages offered by GPS increase its adoption and drives growth in this segment during forecast period.
Asia-Pacific region is estimated to grow at highest CAGR during forecast period. Various countries in this region such as India and China are experiencing increased demand for asset management system. The establishment of various industries is increasing in this region and this increases the demand and adoption for asset management system in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in asset management system market are Zebra Technologies Corporation, Honeywell International, Trimble Inc., Topcon Corporation, TOMTOM International, Stainley Black & Decker, Sato Holdings Corporation, IQGEO Group, Datalogic SPA, Mojix Inc., Alien Technology, Airista Flow, Vizinex RFID, Centrak, NCR Corporation, Advantech and Pepperl Fuchs.
- What are the expected industry trends over the next three to five years?
- Which of the asset management system type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?