Equipment Rental Software Market Worth US$ 430.61 Million, Globally, by 2028 at 7.1% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "Equipment Rental Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On-Premise and Cloud-Based), Organization Size (Small and Medium Enterprise and Large Enterprise), and End User (Manufacturing, Construction, Transportation, and Other)

Rental management software helps in streamlining rental operations and increasing profits. Dealerships can use rental management software to plan, operate, monitor, and improve rental operations to increase profitability and improve customer service. The rental department is fully integrated with the rest of the dealership with rental management software, reducing equipment downtime, streamlining operations, and ultimately boosting the organization's rental department's profitability.

Report Coverage Details
Market Size Value in US$ 266.78 million in 2021
Market Size Value by US$ 430.61 million by 2028
Growth rate CAGR of 7.1% from 2021 to 2028
Forecast Period 2021- 2028
Base Year 2021
No. of Pages 177
No. Tables 115
No. of Charts & Figures 89
Historical data available Yes
Segments covered Type, and Application
Regional scope North America; Europe; Asia Pacific; Latin America; MEA

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With the growing competition, urbanization, and exponential growth in automation and construction industries, the equipment rental software market has shown a rapid growth. The rising adoption of industry 4.0 and 5G wireless technology is fuelling the demand for automation solutions across various industry verticals, supporting the equipment rental software market growth. Further, with the expansion of the industrial Internet of Things (IoT), digital twin, and augmented reality (AR), the demand for equipment rental software is expected to grow at a rapid pace over the coming years. For instance, in July 2021, Kezzler AS collaborated with Rockwell Automation Inc. to enable manufacturers to track their products from raw material sources to the point-of-sale and beyond. However, the equipment rental software industry has also been impacted by the slowdown in global financial growth, maintaining a comparatively favorable growth rate.
Equipment Rental Software Market Insights
Growth in Demand for Construction in Power Sector

Many power generation businesses, particularly in the North America and Europe, are investing in renewable energy sources. For instance, in December 2017, EDF Energy announced a US$ 27 billion investment in solar power infrastructure. Furthermore, governments across the world are promoting renewable energy sources by providing incentives and subsidies to enterprises that generate renewable energy. Wind power generators in Australia were granted US$ 600 million in subsidies by the Australian government. Thus, the proliferation of the power sector, especially the renewable energy industry, would boost the demand for construction services. As a result, the need for heavy equipment is expected to rise in the industry in the coming years, which is likely to provide significant opportunities to the equipment rental software market players in the future.

Component-Based Market Insights
Based on component, the equipment rental software market is segmented into software and services. In 2021, the software segment led the market with a larger share.

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The players operating in the equipment rental software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the equipment rental software market. A few developments by key players are listed below:

In January 2022, the new features offered by Booqable such as request and accept payments with the New Booqable iOS App. The new Booqable iOS app made it easier for customers to request and accept payments. Customers can scan a QR code, receive an email or text message, or AirDrop a link to a customer's device using the new share sheet. The new feature will be able to fill out payment information on the customer phone and make a payment.

In October 2022, eSUB construction software released new project summary dashboards. The dashboards are the part of company's ongoing efforts to modernize the user interface and update its platform architecture. With eSUB Accounting's Sage 300 CRE, Viewpoint Vista, and Spectrum accounting integrations, financial summaries go hand-in-hand. This will provide control over projects and take snapshots of real-time job costing data and projected profitability.

Equipment Rental Software Market-CompanyProfiles
• BCS ProSoft, LLC
• Booqable.com
• eSUB, Inc.
• EZRentOut
• HQ Rental Software
• inspHire Ltd
• MCS Global Ltd
• Orion Software Inc.
• Point of Rental
• Wynne Systems

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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