Asset Tracking and Inventory Management Solutions Market Size 2021 -Key Manufacturers, Emerging Technology by Regional Forecast to 2030

In a recent published report, Kenneth Research has updated the market report for Asset Tracking and Inventory Management Solutions for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asset Tracking and Inventory Management Solutions products.

Download Sample of This Strategic Report-
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

The asset tracking inventory management solutions helps to manage information such as item quantities, personnel assignments, and maintenance needs. The purpose of asset tracking monitoring systems is used for tracking the inventory of physical assets. It is also used for the integration of barcode, RFID, and GPS technologies.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

The asset tracking system consists of software that runs on computers 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.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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 solutions across the different sectors is a major factor for the growth of the 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. 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.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Key Players

Chekhra Business Solutions
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.

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

Download Sample of This Strategic Report-
https://www.kennethresearch.com/sample-request-10076375

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