Introduction to Asset Tracking and Inventory Management Solutions
The asset tracking inventory management solutions helps to manage the information such as item quantities, personnel assignments and maintenance needs. The purpose of asset tracking monitoring systems are used for tracking the inventory of physical assets. It is also used for the integration of barcode, RFID and GPS technologies.
The asset tracking system consist of software that runs on computer and mobile devices. It is used for reading and communications purposes. The software can track the assets in real time and display the required locations on geographic information systems. The asset tracking system is used to maintain accurate records for fixed assets.
Market Size and Forecast
The asset tracking inventory management solutions market is anticipated to witness robust growth during the forecast period. The increasing demand for better management solution across the different sectors is a major factor for the growth of market during the forecast period.
Asset tracking and inventory management solutions market is anticipated to record a CAGR of 13.5% over the forecast period. The asset tracking and inventory management solutions market is expected to showcase a vibrant
growth by the end of the forecast period. The market is expected to attain a total market size of USD 40 billion by 2027. The market can be segmented on the basis of component, application and industry. On the basis of component, it is sub-segmented into hardware, software and services. The software is expected to be the leading sub-segment during the forecast period.
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The high adoption of cloud based services across various small and medium scale businesses is a major reason for the expansion of sub-segment during the forecast period. On the basis of application, it is sub-segmented into facility management, IT asset tracking, equipment tracking, funding management, tool tracking, warehouse management, mandate compliance and others. On the basis of industry, it is sub-segmented into BFSI, retail, healthcare, it & telecom, transportation and logistics, hospitality, energy & utilities, chemical, manufacturing, oil & gas, education and government. The manufacturing sector is anticipated to be largest sub-segment during the forecast period. The market growth of the manufacturing sector can be attributed to integration of automated systems in manufacturing sector.
Growth Drivers
High adoption of asset tracking and inventory management solutions
The increasing demand for the management software solution by various industries across the globe is expected to drive the asset tracking and inventory management solutions market during the forecast period. Additionally, asset tracking and inventory management solutions offers high return on investment and also reduces the overall time associated with misplaced assets and inventory. Moreover, the high demand for the asset tracking and inventory management by small and medium scale industries is also major growth factor for the asset tracking and inventory management solutions market.
Expansion of E-commerce industries
The rising expansion of various e-commerce industries across the globe is increasing the demand for better management of inventory. Thus, various e-commerce industries are increasing focus on management of inventory .This in turn is anticipated to drive the asset tracking and inventory management solutions market during the forecast period.
Restraints
High initial cost
The high initial cost associated with the software and complex system of installation of software is anticipated to hinder the growth of asset tracking and inventory management solutions market during the forecast period.
Market Segmentation
Our-in depth analysis of the global asset tracking and inventory management solutions market includes the following segments:
By Component
- Hardware
- Barcode Scanners
- Barcode Printers
- Barcode Stickers
- RFID Tags
- Global Positioning System (GPS)
- Software
- On-premise
- Cloud-based
- Services
- Consulting & Training
- Implementation & Integration
- Operation & Maintenance
By Application
- Facility Management
- IT Asset Tracking
- Equipment Tracking
- Funding Management
- Tool Tracking
- Warehouse Management
- Mandate Compliance
- Others
By Industry
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Transportation and Logistics
- Hospitality
- Energy & Utilities
- Chemical
- Manufacturing
- Oil & Gas
- Education
- Government
By Region
On the basis of regional analysis, global asset tracking and inventory management solutions market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific region is expected to be the leading region for the overall asset tracking and inventory management solutions market during the forecast period. The various developing industrial sectors in the region on the account of rapid industrialization in the region is anticipated to be a major reason for the increasing demand for asset tracking and inventory management solutions. According to International Organization of Motor Vehicle Manufacturers, the total number of commercial vehicles in India was 8, 11,360 in 2016 which increased to 8, 30,346 in 2017.Thus, it would increase the inventory related to raw materials which in turn is expected to increase the demand for asset tracking and inventory management.
North America is expected to contribute significant market share during the forecast period. The growth in the region can be attributed to the presence of large number manufacturers related to asset tracking and inventory management. Additionally, the highly developed industrial sector in the region is also major reason for high demand for asset tracking and inventory management solutions.
Global asset tracking and inventory management solutions market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Top Featured Companies Dominating The Market
- Chekhra Business Solutions
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SAP Systems
- EMS Barcode Solutions, LLC
- Datalogic S.P.A.
- GigaTrak
- Epicor Software Corporation
- Lowry solutions Inc.
- JDA Software
- RedBeam, Inc.
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Honeywell International Inc.
- Tenna, LLC
- Stanley Black & Decker, Inc.
- Trimble Inc.
