DUBLIN, Aug. 19, 2020 /PRNewswire/ — The “Asset Management System Market With Covid-19 Impact by Solution (GPS, RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The global asset management system market is projected to grow from USD 16.8 billion in 2020 to USD 27.4 billion by 2025; it is expected to grow at a CAGR of 10.3% from 2020 to 2025.
The growth of the asset management system market is driven by reduced equipment downtime and the optimum resource utilization requirements of enterprises.
COVID-19 has emerged as a global pandemic that has spread across 215 countries worldwide and disrupted various industries around the world. The prominent players across industries have been affected by this pandemic. The foreseeable decline in the growth of end-user industries may have a considerable direct impact on the asset management system market.
The in-transit equipment asset type is expected to grow at the highest CAGR during the forecast period.
The in-transit equipment segment of the market is projected to grow at the highest CAGR during the forecast period owing to the increased importance of this equipment in the value chain and its impact on the overall business performance of organizations. The in-transit goods are transported through buses, light rails, heavy rails, para-transit rolling stocks, ferryboats, etc. Barcode, GPS or GIS, RFID, and automatic identification and data capture (AIDC) solutions are used for tracking and managing them. They help organizations in ensuring optimum performance and costs of their products during their lifespan.
The GPS solution is projected to account for the largest share of the asset management system market during the forecast period.
The growth of this segment can be attributed to the efficiency-related benefits offered by GPS that assist businesses in reducing their operational costs and increasing their profitability. In fleet management, GPS solutions help in optimizing the route of fleet vehicles, decrease the response time of fleet vehicles for improved customer service, reduce the fuel costs, improve the safety of fleet vehicles, and minimize the business losses caused by thefts. GPS reduces wastage of time and eliminates the requirement of local knowledge about the position of different assets. GPS integrated with field support systems provide a rich level of context. The information received is based on the current location of assets. These advantages of GPS solutions drive the growth of the GPS segment of the asset management system market during the forecast period.
APAC is projected to grow at the highest CAGR during the forecast period.
The market in APAC is projected to grow at the highest CAGR from 2020 to 2025 owing to the growth of the IoT industry and the rapid modernization of production facilities in APAC in the industrial sectors of China and India. The factory automation is increasing in China owing to continuously rising labor wages and the presence of a large number of automotive manufacturing plants in the country. COVID-19 forced lockdowns across APAC. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. Thus, widely mandated stay-at-home orders are already having an impact on the various markets in APAC. This has impacted the demand for asset management systems in 2020.
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