Asset Tracking and Inventory Management Solutions Market: Rising Demand For Asset Tracking Solutions From Industries

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.

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Growth of inventory management and asset tracking solutions in the retail sector is driving the global asset tracking and inventory management solutions market

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.

global asset tracking and inventory management solutions market
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.

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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.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.