In asset tracking software market, digitization and efficient asset management technology is one of the significant factor driving the market. Digitization in asset tracking software technology helps organization by providing seamless platform to monitor their valuable assets and increases efficiency and accuracy in business operations. Digital technology supports both upstream and downstream asset tracking software activities. Asset tracking software solution enable organization by providing full life cycle of product management.
By vertical segment, retail, IT and telecommunication sector acquires highest market share owing to better analysis offered by asset tracking software tools that is benefitting banking and manufacturing business and is further fueling the market growth. In IT & telecommunication sector, Asset Tracking Software Market is used by organization owing to its excellent software tracking solutions and enrich cloud solutions. The software can be used for IT asset tracking, equipment tracking, facility management, tool tracking, funding management and instruction compliance.
The segmentation on the basis of deployment includes cloud and on-premise. Cloud solution accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure. Cloud solution enables enterprise to focus on core business competencies. It provides enterprises with data protection and security, efficiently manage storage and privacy issues, offers data integrity and provides information related to governance and make enterprise legally prepared.
According to Market Research Future Analysis, asset tracking software market has been valued at approximately USD 11 Billion by the end of forecast period with approx. 15% of CAGR during forecast period 2017 to 2023.
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Major Key Players of Asset Tracking Software Market:
Zebra Technologies Corporation (U.S.), Stanley Black And Decker, Inc. (U.S.), Honeywell International, Inc. (U.S.), Datalogic S.P.A (Italy), Trimble Inc. (U.S.), Ubisense Group Plc. (U.K.), Mojix, Inc. (U.S.), Impinj, Inc. (U.S.) and others.
Market dynamics of Asset Tracking Software Market:
- Better utilization of assets, timely maintenance, and reduction of wastage and thereby better returns on invested capital
- Rise in digital information and analytics
- Real time data and continuous monitoring
- Growing frequency, volume and complexity of asset leasing and lending instruments
- Cloud-based asset tracking software services expected to be the fastest growing segment
- Growing number of end-use, such as financial services, insurance, manufacturing, telecom and IT, healthcare, and energy and utilities.
- Growing demand for centralization and automation
- Growing fragmentation of asset ownership and growing outsourcing
- Growing complexity of manufacturing and development of global supply chains
- High costs of installation and maintenance
- Concerns over data security and records leakage
- Asset management technologies are still in the nascent stage
Regional Analysis of Asset Tracking Software Market:
The regional analysis of asset tracking software market is being studied for regions such as Asia Pacific, Americas, Europe and Rest of the World. North America region accounts for highest market share, which is dominated by U.S. The presence of major players in the region and developed economy are the prime movers of the asset tracking software market. The presence of major retail chain players and software developers this region is one of the significant reason that is propelling the market. Industries such as consumer goods, aerospace, etc. are the top end users of asset management technologies due to the sheer complexity and volume of parts.
Europe accounts for the second largest market share due to large economy and free movement of goods in the region. We expect the European market to be led by Germany, Italy and others. Asia‐Pacific region is expected to be growing at the highest CAGR in the asset tracking software market, which will be propelled by increasing e-commerce industries in the region. Asia Pacific market is expected to be led by Japan, China followed by India. Large investments in asset tracking tools to improve business efficiency and productivity is one of the significant factors boosting market in the region.
The Middle East and Africa market is expected to result in lower growth due to poor development of industries and poor socio-economic conditions. The gulf region economies are expected to gain more than 70 % stake of the region. However globalization is expected to reduce the difference between the developed and developing regions of the world.
Segments of Asset Tracking Software Market:
In IT & telecommunication sector, asset tracking software is used by organization owing to its excellent software tracking solutions and enrich cloud solutions. The software can be used for IT asset tracking, equipment tracking, facility management, tool tracking, funding management and instruction compliance.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- IT Solution Providers
- Original Equipment Manufacturers (OEM)
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure
2 Research Methodology
2.1 Research Type
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
2.4.1 Market Data Collection, Analysis & Forecast
2.4.2 Market Size Estimation
3 Market Dynamics
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
3.5 Market Restraints
List of Tables
Table 1 Asset Tracking Software Market, By Component
Table 2 Asset Tracking Software Market, By Deployment
Table 3 Asset Tracking Software Market, By Oraganization Size
Table 4 Asset Tracking Software Market, By Vertical
Table 5 Asset Tracking Software Market, By Region
List of Figures
Figure 1 Research Component
Figure 2 Asset Tracking Software Market: By Component (%)
Figure 3 Asset Tracking Software Market: By Deployment (%)
Figure 4 Asset Tracking Software Market: By Organization Size (%)
Figure 5 Asset Tracking Software Market: By Vertical (%)
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