Global Asset Tracking and Inventory Management Solutions Market, By Component (Hardware, Software, Services ), By Industry (Retail, BFSI, IT& Telecom, Healthcare, Hospitality, Transportation, Logistics, Chemical, Energy & Utilities, Oil & Gas, Manufacturing, Education, Government, Others), By Application (IT Asset Tracking, Equipment Tracking, Facility Management, Tool Tracking, Funding Management, Mandate Compliance, Warehouse Management, Others) , By Geographical Segments (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025
Market Analysis: Global Asset Tracking and Inventory Management Solutions Market
The Global Asset Tracking and Inventory Management Solutions Market is expected to reach USD 31.9 billion by 2025 from USD 11.8 billion in 2017 and is projected to grow at a CAGR of 12.7 % in the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Asset Tracking and Inventory Management Solutions Market
Asset tracking and inventory management solutions are defined as collection and maintenance of accurate records for fixed assets. It is a time consuming and expensive task. Asset tracking include tracking unique items of value and inventory tracking refer to tracking non-unique items of value. Inventory management systems help in many businesses to administer stocks of expendable commodities across different surroundings. These solutions are likely to influence supplier data. For instance, the available supply of parts and materials cost & buyer data such as sales history, helps to enhance the forecasting and planning for sales and production.
In 2010, 3M launched asset and inventory tracking system which included 13.56 MHz passive RFID tags, handheld and pad readers and a hosted software application in which asset data can be stored online.
In 2018, Techjockey.com launched a new free asset management tool for MSME’s and startups.It focuses on efficiency and profitability ofasset owners and operators, driving operational reliability. It will help to raise their efficiency and productivity. It is a cloud-based solution which ensures that businesses can manage their vendors, track IT assets and assign those to employees across multiple locations at any time.
Market Drivers and Restraints:
- Demand of asset tracking and inventory management solutions in new offshore fields in deep waters
- Declining efficiencies of aging assets and the need for operational safety
- Decrease in oil and gas prices
- Increasing the demand for maintaining the asset and plant.
- Stringent government safety regulations and quality control requirements
- Climatic changes affecting the operations of various industries
- High initial cost and complex process of system installation
Market Segmentation: Global Asset Tracking and Inventory Management Solutions Market
- The market is based on service, industry and geographical segments.
- Based on component, the market is segmented into hardware and services. Hardware is sub segmented into RFID readers, real-time location system (RTLS), barcode scanners, barcode printers, barcode stickers, RFID tags, and global Positioning System (GPS). Software is sub segmented into on premise and cloud-based. Services are sub segmented into consulting & training, implementation & integration, operation & maintenance.
- Based on industry, the market is segmented into retail, BFSI, IT& telecom, healthcare, hospitality, transportation and logistics, chemical, energy & utilities, oil & gas, manufacturing, education, government and others.
- Based on application, the market is segmented into IT asset tracking, equipment tracking, facility management, tool tracking, funding management, mandate compliance, warehouse management and others.
- Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
Competitive Analysis: Global Asset Tracking and Inventory Management Solutions Market
The global asset tracking and inventory management solutions market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of asset tracking and inventory management solutions market for global, Europe, North America, Asia Pacific and South America.
Key Players: Global Asset Tracking and Inventory Management Solutions Market
The renowned players in asset tracking and inventory management solutions market are Microsoft, Datalogic S.p.A., Chekhra., EMS Barcode Solutions, LLC, Epicor, Honeywell International Inc., JDA Software, Lowry Solutions, Oracle Corporation, REDBEAM, SAP SE, Stanley Black & Decker, Inc., ZIH Corp., Windward Software, Jolly Technologies Inc., Wasp Barcode Technologies, Ubisense Limited, WiseTrack, Trimble Inc and Tipper Group many more.
Research Methodology: Global Asset Tracking and Inventory Management Solutions Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other