The asset management software are used to minimize the operational cost by facilitating and management of efficient utilization of the existing resources. The asset tracking software market is expected to grow at approximately USD 11 Billion by 2023, at 15% of CAGR between 2017 and 2023.
The operative distinction that sets apart a managed service program is the proactive delivery of their service, as compared to reactive IT services, which have been around for decades. The key drivers contributing to the growth of the managed services are rise in digital information, the need to secure it, increasing trend of bring your own devices, flexibility to match custom requirements, continuous upsurge in dependency over heterogeneous networks, and persistent rise in the complexity of technological solutions.
The Asset Tracking Software Market is segmented on the basis of components, deployment, organization size and vertical. The component segment includes software and service. The service segment includes managed service and professional service. Managed Services can be defined as active supervision of an information technology asset or object, by a third party known as a MSP, on behalf of the end-user.
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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.)
Market dynamics of Asset Tracking Software Market Drivers:
- 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.
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Segments of Asset Tracking Software Market:
- Asset Tracking Software Market for segment on the basis of component, deployment, organization size and vertical.
- Component – Software, Service (Professional services, Managed services)
- Deployment – Cloud, On-Premise. Cloud accounts for highest market share as it helps enterprises by minimizing cost associated with the IT infrastructure.
- Organization Size – Small and Medium Organization, Large Organization. Large organization accounts for the highest market share of the market.
- Vertical – Government and Defence, BFSI, IT and Telecommunication, Healthcare, Retail, Education, Others. IT and Telecommunication have the largest market share. However the retail segment is expected to secure the fastest growing segment position.
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