ID: MRFR/ICT/3028-HCR | February 2021 | Region: Global | 100 pages
Asset tracking software allows tracking the information on the status and location of assets. With the help of asset tracking, organizations aim to improve the usage and security of valuable assets. Asset tracking is the process of managing and recording valuable items that a company owns. Asset tracking software is a very cost-effective tool that can make your business more productive and efficient. Asset tracking software can lower the business cost as it eliminates the need for the human to track the assets, and there will be no chance of human error. With the help of asset tracking, the customer service of an organization can be increased. Asset tracking software helps the company to plan for future growth and improve the accuracy of the business. Businesses are still using spreadsheets to track everything they own, but it gets difficult to improve with traditional methods. Asset tracking software will help you to boost you your sale with identifying asset utilization.
Enterprises and Industries own high-cost assets, and these assets are the major part of their investment. Especially in feet equipment, the need for tracking the assets is very important.
Businesses are trying to find a solution that can provide critical information such as location, history, contract for the assets they own. Manufacturers are upgrading their place to use smart technology, and the advanced technology will help them to make better decisions. The need for in-time shipments is increasing the demand for tracking assets software. As a result, the global asset tracking software market on the rise. Overall, the need for sensor, location-based technology, loT implementation fueling the asset tracking software Industry.
This asset tracking software market research highlights the market will reach $12.69 billion with a CAGR rate of 13.70% by the end of the year 2023. Due to the need for asset tracking in e-commerce and retail stores, the market is expected to see huge growth as this software can save the employer time to manually record the data and reduce errors. With asset tracking software, companies don't have to focus on asset tracking; instead of that, they can focus on another Complex task.
Covid-19 has become a global pandemic, and it has become a concern for 215 countries across the world. Many companies have stuffed because of this pandemic, and they have faced a major decline in sales. The major Industries that are highly impacted by the pandemic are transportation and logistics, hospitality, and travel. Covid-19 had impacted all the major regions. As globalization is interconnected, so many countries were affected due to the pandemic. The financial condition of the countries is not good, and it is the same for the businesses. Due to lockdown and social distancing guidelines, companies are facing severe loss. The business process around the world has slowed down. And due to this, the asset tracking software market demand was also reduced. As many organizations are not using asset tracking software, and some businesses are financial not eligible to use asset tracking software. The asset tracking software market growth is expected after the post-Covid situation. The asset tracking software market players played a huge role in keeping the market demand alive in the covid-19 pandemic.
There are some major factors that boost the demand for the asset tracking software business. These factors are called the market key players. One of the major drivers is the need for asset tracking software in the transportation and logistics sectors. Along with that need for asset tracking software in the e-commerce sector to give the customers a good shopping experience has boosted the asset tracking software market trends. Fleet Management needs to keep track of their assets, and the wide application of asset tracking software in fleet management is one of the major drivers in asset tracking software industry growth. The adoption of loT devices in all sectors has increased over the years. loT devices offer a wide range of information and location and status of the asset, and it is driving the asset tracking software market.
The demand for RFID systems is increasing in small and medium Enterprises for tracking the assets and manage. With technological advancement, companies are adopting new technology to boost their performance, productivity, and sales. They are constantly looking for better solutions to run their businesses more efficiently. The need for advanced technology in businesses has become a big opportunity for the asset tracking software market. The need for in-time shipment in e-commerce sectors has increased, and with it, the e-Commerce sectors are adopting asset tracking software to meet their consumer requirements, and it boosts the asset tracking software growth.
The market restraints are influencing the demand of the asset tracking software market. The high initial cost is one of the major restraints in the asset tracking software market. Due to the high cost, the medium and small businesses are not available to afford it. As a result, they are using the same traditional methods. The lack of Technological advancement in businesses is also one of the major restraints in the asset tracking software market.
Many challenges are faced by the asset tracking software market like other markets. One of the major challenges is the managing cost of asset tracking software. The High maintenance cost has become a concern for the asset tracking software market. Apart from high maintenance costs, the asset tracking software needs high training costs as, and it has become a challenge for the asset tracking software market. The Increasing number of cyber-attacks and with it the security concern has become another challenge for the asset tracking software market.
Cumulative Growth Analysis:
The need for asset tracking software is increasing, and with it, the asset tracking software market is on the rise. It is expected that the asset tracking software market size will grow more in the coming years with more application of asset tracking software in all Industries. The asset tracking software market was valued at $17.14 billion in the year 2020, and it is expected to grow by $ 11 billion with a CAGR rate of 15% by the end of the year 2023.
The major regions in the asset tracking software market are North America, Europe, Asia Pacific, and others. According to asset tracking software market analysis, North America is dominating the market and has the highest share in the asset tracking software market. Strong manufacturing and transportation industries and government initiatives are contributing to the market growth in this region. North America is also a big asset management technology provider, and that's why this region is contributing to the market growth. Asia Pacific is growing at the highest CAGR rate, and it is expected to have a huge share of the market in the forecast period. The adoption of advanced technology in this region and increasing loT devices are driving the growth of the market in this region. The market in the European region is expected to see rapid growth due to the advanced automotive Industries in this region.
Among Zebra Technologies Corporation (U.S.), Trimble Inc. (U.S.), Honeywell International, Inc. (U.S.), Datalogic S.P.A (Italy) Mojix, Inc. (U.S.), Ubisense Group Plc. (U.K.), Stanley Black And Decker, Inc. (U.S.) Impinj, Inc. (U.S.) and the most contributing key player are Stanley Black And Decker, Inc. (U.S.).
Frequently Asked Questions (FAQ) :
The regional analysis of asset tracking software market includes the regions of Asia Pacific, Americas, Europe and Rest of the World.
North America accounts the highest market share in asset tracking software market.
The market will be achieving a valuation of USD 12.69 Billion by 2027.
The market will be expanding at 13.70% of CAGR in the future.
As per the experts, the market is going to expand between the years of 2021 and 2027.