Equipment Rental Software Market Report To 2028 By Top Key Players, Types & Applications

The Equipment Rental Software Market is expected to grow from US$ 266.78 billion in 2021 to US$ 430.61 million by 2028; it is estimated to grow at a CAGR of 7.1% during 2021-2028.

The rental industry can benefit significantly from the enormous amount of data produced by the Internet of Things (IoT), as it has the potential to transform the way organizations work, improve processes, and increase profits. Using analytical tools, IoT data can be leveraged to enhance business operations. Predictive analysis can be used to anticipate maintenance needs, allowing companies to take action before equipment defects occur. This predictive analysis can revolutionize asset management by enabling companies to forecast when equipment needs maintenance through data analysis. Maintenance schedules are typically based on time or usage. Still, if companies can predict when maintenance is necessary, they can save money on early or unnecessary care, leading to greater overall efficiency and use. Thus, integrating IoT and predictive analytics is likely to emerge as a significant trend in the equipment rental software market, contributing to its growth.

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List of 10 Companies
1. BCS ProSoft, LLC
2. Booqable
3. eSUB Inc.
4. EZRentOut
5. HQ Rental Software
6. inspHire Ltd.
7. MCS Global Ltd.
8. Orion Software Inc.
9. Point-of-Rental
10. Wynne Systems

The growth of the equipment rental software market in North America is being boosted by the increasing adoption of emerging technologies, including big data, artificial intelligence (AI), and machine learning (ML). Factors driving the market growth in the region include the need for data security, faster Disaster Recovery (DR), and compliance requirements. Additionally, the demand for equipment rental software is being fueled by the desire to mitigate risks, achieve scalability and flexibility in data management, simplify storage and infrastructure, and improve business efficiency.

The implementation of trade agreements is considered a top method for expanding foreign markets to exporters in North America. Currently, the US has 14 active agreements with 20 countries, including NAFTA and CAFTA-DR. In Canada and Mexico, the USMCA took effect on July 1, 2020. These policies facilitate the growth of various industries such as manufacturing, construction, medical, mining, transportation, and consumer electronics. Recent data from the US Census Bureau indicates that the US goods trade deficit hit an all-time high of $1.09 trillion in 2021, with an increase of $168.7 billion (18.3%) from the previous year. In addition to favorable policies, the North America equipment rental software market is also driven by the adoption of emerging technologies such as IoT and AI, as well as the rapid uptake of cloud computing.

The APAC market for equipment rental software is rapidly evolving due to various government initiatives such as Digital India, and an increase in digitization and competition among small and large enterprises. With the growth of the logistics industry in APAC, fleet management services are also expanding. Many industries are striving to achieve maximum output at minimum cost, leading them to adopt equipment rental software. Retailers and equipment rental management companies bear significant operating expenses in the form of fleet costs, making them keen on leveraging the tracking and inventory management features offered by equipment rental software providers. By using GPS tracking, dealerships and rental firms can monitor all equipment in their software. Real-time KPIs integrated with GPS mapping help organizations make informed strategic decisions based on equipment usage, travel time and distance, freight cost, and other factors, providing them with a competitive edge.

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The construction sector in Italy, Germany, and France is experiencing growth due to an increase in public infrastructure projects, such as airports and railways, which has led to a surge in demand for construction equipment rental services. For example, Milan Bergamo airport in Italy plans to invest US$ 503.09 million in its growth plan until 2030, which includes expanding the terminal and developing new facilities. These factors are anticipated to have a positive impact on the rental services market and heavy machinery, consequently driving the growth of the equipment rental software market.

Moreover, in January 2020, WeShare announced its expansion plans in seven additional cities across Europe, with a goal to operate an electric car fleet of 8,400 vehicles in cities such as Prague, Hamburg, Madrid, Paris, Munich, and Budapest. WeShare is collaborating with Skoda in Prague and Budapest, while Volkswagen is expected to provide e-Golf1 and other vehicles in Germany, Spain, Italy, and France. Consequently, many rental service companies are adopting digital solutions to efficiently manage their operations and business, driving the growth of the equipment rental software market.

The construction sector's rapid growth across the Asia Pacific (APAC) region is a significant driver of the equipment rental software market. The construction and infrastructure transformation projects across all industrial verticals in countries like India, China, and other APAC countries are booming. For example, India's construction industry is currently working on several essential projects such as Pune Metro Rail, Navi Mumbai International Airport, Delhi Mumbai Industrial Corridor, Charanka Solar Park, and Chenab River Railway Bridge. The demand for efficient construction machinery at lower prices in both small and large infrastructure projects is driving the demand for rental equipment, leading to the equipment rental software market's growth. Similarly, in China, ongoing mega-projects require the relocation of a significant amount of machinery and materials from one region of the country to another.

Several construction devices are likely to be used on projects such as the Tianhuangping hydroelectric project, the South-North water transfer project, the Belt and Road Initiative, and the Beijing airport. In 2019, China's fixed-asset infrastructure development grew at an average monthly rate of 5.3%. Excavator sales in China also increased by 25% in 2019, indicating an increase in construction activity. Therefore, the increasing number of infrastructure development projects across APAC is expected to drive the growth of the construction equipment rental business during the forecast period, leading to the expansion of the equipment rental software market.

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Impact of COVID-19 Pandemic on Europe equipment rental software Market
Europe, led by Russia and the UK, suffered significant economic setbacks due to the COVID-19 outbreak, which impacted several industries, including construction. Business lockdowns, travel restrictions, and supply chain disruptions caused a decline in revenue across the region in 2020-2021. The construction industry was among the hardest hit, with a significant drop in building activity as construction sites shut down and safety equipment and personnel became scarce. Consequently, the rental equipment software market in Europe experienced an unexpected decline in 2020. However, a gradual recovery was observed in 2021, and normalization is anticipated to commence by 2022.

The equipment rental software market is categorized into two segments based on the component: software and services. The software segment dominated the market in 2021. The market is classified into cloud and on-premise based on deployment, with the cloud segment holding the larger market share in 2021. The market is divided into small and medium enterprises (SMEs) and large enterprises based on organization size, with the latter holding the larger market share in 2021. The market is segmented by end-users into manufacturing, construction, transportation, and others, with the construction segment leading the market in 2021. The equipment rental software market is further segmented by geography into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with North America holding the largest market share in 2021.

The equipment rental software market size has been determined through a comprehensive research process that involves both primary and secondary sources. The research process began with exhaustive secondary research using internal and external sources to gather qualitative and quantitative information related to the market. This process aimed to provide an overview and forecast of the equipment rental software market for all its segments, including the five major regions of North America, Europe, Asia Pacific, Middle East & Africa, and South America. To gain more analytical insights and validate data, primary interviews were conducted with industry participants such as VPs, business development managers, market intelligence managers, national sales managers, as well as external consultants including valuation experts, research analysts, and key opinion leaders who specialize in the equipment rental software market.

TABLE OF CONTENTS
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 By Component
1.3.2 By Deployment
1.3.3 By Organization Size
1.3.4 By End User
1.3.5 By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Key Market Dynamics
Continued…

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