Market Scenario
Market Research Future (MRFR) in its latest report on the asset tracking software market size 2021 shed light on governing forces of the market. As per MRFR study, the asset tracking software market is anticipated to rise at 12.80% CAGR by 2032, the asset tracking software is expected to value at USD 45.82 Billion. A comprehensive analysis of the impact of CVOID 19 outbreak on the asset tracking software market is supplemented with the report.
The presence of top-notch developers of tracking software and increase in the start-up count dealing in asset tracking software are likely to generate high revenue for the market across the study period. The cash-rich retail sector is observed as one of the highest end consumers of asset tracking software market. The increase in the deployment of this technology in retail chain is observed as a significant cause that can support the rise of the asset tracking software market. In rapid expansion of e-commerce business and its robust globalization can support the rise of the asset tracking software market across the analysis period. The high investment in asset tracking tools to introduce efficient and result-oriented solutions to meet consumer requirements can boost the asset tracking software market rise.
Key Players
Zebra Technologies Corporation (U.S.), Honeywell International, Inc. (U.S.), Stanley Black And Decker, Inc. (U.S.), Trimble Inc. (U.S.), Datalogic S.P.A (Italy), Mojix, Inc. (U.S.), Ubisense Group Plc. (U.K.), and Impinj, Inc. (U.S.) among others are some reputed names in the asset tracking software market as listed by MRFR.
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Segment Study
The segment analysis of the asset tracking software market is done by organization size, components, deployment, and vertical.
The component based segments of the asset tracking software market are software and service. The service segments are professional service and managed service. The increased application of managed services due to their benefit of proactive delivery over other reactive IT services are observed to suffice the demand of consumers. This can impel the expansion of the asset tracking software market. Rise in digital information and the increased need to secure bring your own devices, following the need for flexibility to match custom requirements can impel the expansion of the market.
The deployment based segments of the asset tracking software are on-premise and cloud. The increased application of cloud solutions aids enterprises to cut cost associated with IT infrastructure that enables enterprise to focus on its core business competencies. Cloud deployed asset tracking software also enables data protection and security. Other benefits, such as effective management of storage and privacy issues that offer high data integrity and provides effective information regarding coordination and management of business activities can to boost the overall business productivity. These factors are likely to promote the expansion of the market.
The end-user based segments of the Asset Tracking Software Market are BFSI, Healthcare, Government and Defense, Retail, IT and Telecommunication, Education, and others. The IT & telecommunication sector can garner high revenue for the asset tracking software in the years to come. The government and defense sector can also earn high revenue across the review period.
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According to the search results, the Asset Tracking Software Market is experiencing several trends, such as:
Increasing adoption of IoT technology: The Internet of Things (IoT) is playing a significant role in the asset tracking software market, as it enables real-time tracking and monitoring of assets remotely through sensors or RFID tags.
Integration of AI and machine learning: By leveraging AI and machine learning technologies, asset tracking software can detect patterns and predict potential problems, enabling better decision-making and optimization of asset management.
Growth of cloud-based asset tracking solutions: Cloud-based asset tracking solutions are gaining popularity due to their scalability, flexibility, and cost-effectiveness, allowing organizations to manage their assets from anywhere in the world.
Focus on sustainability: The asset tracking software market is placing an increasing emphasis on sustainability by offering solutions that can track and manage assets in an environmentally-friendly manner , reducing waste and energy consumption.
Increasing demand for mobile and web-based asset tracking software: There is a growing preference for mobile and web-based asset tracking software, enabling users to monitor assets on the go and access real-time data from anywhere with an internet connection.
It's important to note that these trends are not exhaustive and that the asset tracking software market is constantly evolving with new trends emerging . Additionally, the exact trends and their impact on the asset tracking software market can vary depending on the source of the information , and further research may be necessary to obtain precise and up-to-date information.
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