Rising Adoptions of Various Asset Management Solutions Has Increased the Demand for Asset Tracking and Inventory Management Solutions Market
Globally, the asset tracking and inventory management solutions market is expected to grow with a CAGR of 14.6% during the forecast period from 2022 to 2030 and is expected to reach a market value of US$ 64.55 Bn by 2030. Asset tracking and inventory management solutions are used for managing various inventories and tracking. These solutions offer various information related to the product, their quantities, when and where they were used or sold and placed. This information saves users time and money.
The rising requirement of new technologies for maintains of the company’s asset and inventory, is one of the primary factors driving the growth of the market globally. These solutions allow the user to locate the misplace inventory or assets leading to enhance working speed and reduction of the overall cost for the process. The asset management reduces the manual work and enhances the working ability of an individual and the process, resulting in high adoption of these solutions by various industrial verticals.
Asset Tracking and Inventory Management Solutions with Hardware in its Component Segment Continue Dominating the Market
In 2021, the overall SATS market was led by the hardware segment in its component segment contributing to a high percentage of the market share of the total revenue generated globally in 2021 with a market share of more than 35.0% and is expected to grow with a significant CAGR during the forecast period. The technological advancement in the hardware devices and utilization of various tracking systems such as handheld devices, RFID devices, and others is expected to drive the market. The utilization of GPS systems and technologies for tracking the asset reduces the time for the search.
Asia-Pacific Dominates the Market by Region
The global asset tracking and inventory management solutions market was led by Asia-Pacific with a market share of more than 35.0% in the year 2020. The presence of various electronics, automotive, hospitality, healthcare, and other industries is a major factor for driving the market in the region. As these industries use these solutions for tracking their assets and inventor. The adoption of these solutions among the industries is growing rapidly resulting in the reduction of work hours and improvement in work efficiency. Based on countries the Asia-Pacific region has been segmented as China, Japan, India, and the Rest of Asia-Pacific. China accounts for the largest market share in the region due to the presence of various manufacturers in the country.
Market Segmentation
Component
- Hardware
- Software
- Services
Application
- Facility Management
- IT Asset Tracking
- Equipment Tracking
- Funding Management
- Tool Tracking
- Warehouse Management
- Mandate Compliance
- Others
Deployment
- Cloud
- On-Premise
Organization Size
- Large Enterprises
- SMEs
End-User
- BFSI
- Retail
- Healthcare
- IT & Telecom
- Transportation
- Hospitality
- Energy & Utilities
- Manufacturing
- Oil & Gas
- Government
- Others