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Asset Tracking and Inventory Management Solutions Market

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Asset Tracking and Inventory Management Solutions Market Expected to Reach US$
30.59 Bn by 2026
According to a new market report pertaining to the asset tracking and inventory
management solutions market, published by Transparency Market Research , the
global asset tracking and inventory management solutions market is expected to reach
US$ 30.59 Bn by 2026, expanding at a CAGR of 12.9% from 2018 to 2026. According
to the report study, the global market is expected to be influenced by a wide range
of macroeconomic and industry-specific factors. Growing demand by businesses to
optimize product lifecycle management is anticipated to significantly drive the asset
tracking and inventory management solutions market across the globe.
Growth of inventory management and asset tracking solutions in the retail sector is
driving the global asset tracking and inventory management solutions market
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In the global asset tracking and inventory management solutions market, increasing
adoption of asset tracking and inventory management solutions by industries present
in Asia Pacific and the Middle East is the major factor driving the market. Moreover,
retail industry globally is experiencing substantial advancements. Demand for asset
tracking and inventory management solutions are due to various factors such as high
return on investment, cost saving, and reduced search time in case of misplaced
assets. Companies are incorporating advanced asset tracking solutions to gather
accurate and real-time inventory data. Furthermore, growth in the e-commerce
industry coupled with quick delivery of goods is anticipated to create profitable
market opportunity for asset tracking and inventory management solutions. Rising
penetration of asset tracking and inventory management systems in small and
medium enterprises (SMEs) is anticipated to further enhance the adoption of asset
tracking and inventory management solutions.
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Asset Tracking and Inventory Management Solutions Market: Scope of the Report
The global asset tracking and inventory management solutions market is broadly
segmented by component, application, and industry. According to the study, the
hardware segment of the global market held the maximum share and is expected to
show a CAGR of above 12.9% through 2026. Hardware revenue contribution is
mainly due to significant deployment of inventory management and asset tracking
solutionsby businesses due to increasing demand for proper inventory management
needs.However, the software segment is expectedto contribute significantly over the
forecast period.
However, significant proliferation of software systems in the near future is likely to
create a lucrative market for asset tracking and inventory management solutions, and
hence the segment is expected to expand with the highest CAGR during the forecast
period.In terms of end-user, retail segment is anticipated to contribute substantial
market revenue share and is expected to remain dominant throughout the forecast
period. Commercial usage of asset tracking and inventory management solutions in
retail industry includes gathering real-time data, allowing omni-channel fulfillment,
which is anticipated to create significant opportunities for asset tracking and
inventory management solutions in the global market. According to TMR analysis,
asset tracking and inventory management solutions market’s transportation and
logistics industry segment is expected to hold a large market share in 2016 and a
similar trend is expected to be seen over the forecast period.
The market is anticipated to witness significant growth during the forecast period due
to rapid growth of retail and e-commerce markets. However, asset tracking and
inventory management solutions proliferation across warehouse management
applications are anticipated to witness highest growth rate during the forecast period
2018 to 2026. The report projects the application segment to grow significantly over
the forecast period. Moreover, the report predicts that warehouse management is
anticipated to witness remarkable growth over the forecast period 2018– 2026, with a
CAGR of 13.4%. Moreover, proliferation of asset tracking devices across the
manufacturing segment is also one of the significant causes boosting themarket.
Asia Pacific (APAC) held the highest market revenue share in the asset tracking and
inventory management solutions market in 2016 and this region is expected to
expand at a significant CAGR of 13.3% during the forecast period. This region
comprises large number of manufacturers of consumer goods, and asset tracking and
inventory management solutions are majorly being adopted by such industries to
improve production efficiency and optimize product quality. Considering the Asia
Pacific asset tracking and inventory management solutions market at a country level,
in 2016, China held majority of revenue share in the region. India is projected to
grow with strong and substantial CAGR over the forecast periodin terms of
revenuegeneration.
Author
monaliraghu
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management, solutions, market, tracking, asset, inventory
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