According to a new market research report published by Credence Research “Global Asset Tracking and Inventory Management Solutions Market (Component (Services, Hardware, Software); Application (Facility Management, IT Asset Tracking, Equipment Tracking, Funding Management, Tool Tracking, Warehouse Management, Mandate Compliance, Others); Deployment (Cloud, On-Premise); Organization Size (Large Enterprises, SMEs); End-Users (BFSI, Retail, Healthcare, IT & Telecom, Transportation, Hospitality, Energy & Utilities, Manufacturing, Oil & Gas, Government, Others)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall asset tracking and inventory management solutions market worldwide is expected to reach at a value of US$ 43.60 Bn in 2027 and is set to grow with a CAGR of 14.6% during the forecast period.
The rising need for a solution for maintaining the asset and inventory of the organization is driving the tracking and inventory management solutions globally. Various business organizations, industries, and government facilities are adopting tracking and inventory management solutions to reduce human efforts, optimize product life cycle management, reduce operational cost, and others. These benefits allow organizations to increase their productivity.
Based on applications, the asset tracking and inventory management solutions market has been segmented as facility management, IT asset tracking, equipment tracking, funding management, tool tracking, warehouse management, mandate compliance, and others. The facility management segments dominated the application segment in 2018 with a market share of more than 20.0% and are expected to dominate the market during the forecast period. The facility management segment maintains the data related to all the devices, components or parts of the systems used within a facility such as plants.
Additionally, these solutions allow the user to locate the position of the components which reduces the human efforts and saves time for the work. The rise in industrialization globally is a one of the major factor driving the market as asset tracking and inventory management solutions provides the information and track record of the component, products or items bought, sold or used within an organization.
North America accounted for the second largest market share for the asset tracking and inventory management solutions market due to the presence of various IT, telecom, manufacturing and hospitality industries in the region. The region is expected to grow with a CAGR of more than 12.0% during the forecast period, due to increasing demand for the asset management and inventory management solution by various companies. The increasing adoption of asset tracking and inventory management solutions by small & medium enterprises is also driving the market in the region.
Some of the prominent players operating in the asset tracking and inventory management solutions market include Oracle Corporation, JDA Software, Microsoft Corporation, Honeywell International Inc., Zebra Technologies Corporation, RedBeam, Inc., ASAP Systems, LLC, Datalogic S.P.A., EMS Barcode Solutions, GigaTrak, Stanley Black & Decker, Inc., Epicor Software Corporation, SAP SE, Wasp Barcode Technologies, Inc., Jolly Technologies, and Lowry Solutions Inc.
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