January 11, 2021
According to the research report titled ‘Global Asset Management System Market Size study, by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry (Healthcare, Retail, Hospitality, Transportation & Logistics, Industrial Manufacturing) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global asset management system market garnered a valuation of USD 15.53 billion in 2019 and is projected to record a y-o-y growth rate of 10.21% during 2020-2027.
Associated benefits such as reduced search time for out-of-place assets, upgraded supply chain efficiency, and high ROI (Return on Investment) & cost savings are primarily driving the growth of global asset management system market.
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For those unversed, asset management is any system which aids to maintain and monitor elements essential to a group or an entity. It is applicable to intangible assets such as financials and human capital as well as tangible asset like buildings. It involves maintenance, operation, and development of assets beneficially, helps decrease cost of inventory and stock management, and employs existing tools through monitoring and tracking in both non-real and real time.
Integration of system for functions including maintenance & repairs, location tracking, and check-in/check-out is impelling the market share. Citing an instance, Maikubo Artificial Intelligence (AI), in May 2020, adopted RFID solution of Zebra Technologies in order to improve tagging and management of training equipment. Further, escalating adoption of image-based barcode readers is expected to facilitate the global asset management system business scenario.
Speaking of the restraints, hefty initial cost of the system installation is likely to hamper global asset management system industry remuneration over the forecast timespan.
Considering the geographical landscape, the market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report states that, North America presently leads the overall market share and is poised to gain traction in the coming years, on account of surging demand for optimized asset management, and increasing assets of the operating companies.
Meanwhile, Asia Pacific asset management system industry is slated to grow substantially through 2027, creditable to mounting number of global giants in the region.
Major contenders impacting global asset management system market forecast are NCR Corporation, Topcon Corp., TomTom International BV, Trimble Inc., Datalogic S.p.A., Honeywell International Inc., Impinj Inc., Sato Holdings Corporation, Stanley Black & Decker Inc., and Zebra Technologies Corp.