Asset Tracking and Inventory Management Market Size will Observe Substantial Growth by 2025
Asset tracking deals with assets such as educational material, tools, or computers. A company may have 10 computers of the same configuration but it needs to have a unique barcode label or RFID tag so that one can track the assets’ condition, purchase date, custodian, last maintenance, value, location etc.
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Inventory management refers to objects that are sold, consumed, or distributed by a company. These are temporary items and include office supplies and retail items. Inventory management solutions allow employees to monitor/track reorder levels, objects for sale or resale. The asset tracking and inventory management solution is a source of all the asset and inventory information and dictates how one interacts with this information. The use of asset management software in combination with mobile computers allows speeding up audit tasks and conduct asset tracking in real time. Asset tracking and inventory management solutions enables data to get collected faster and in great detail, eliminates human errors, enables reporting flexibility, and enforces accountability and personal responsibility for company property.
Asset tracking and inventory management solutions minimizes operational cost of companies by efficient utilization of existing resources. This factor drives the market. For instance, managing and tracking equipment in real time helps organizations to schedule the maintenance in a timely manner, thereby increasing equipment life and reducing machine downtime. However, factors such as high initial cost associated with the hardware and significant maintenance expenditure are restraining the growth of the asset tracking and inventory management market. Deployment of relevant solutions such as real time location system, GPS etc. are helping to reduce maintenance downtime which is creating opportunities for the growth of the asset tracking and inventory management market. Moreover, the advent of wireless technology is enabling the deployment of these technologies wirelessly which is also creating growth opportunities for the asset tracking and inventory management market.
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The global asset tracking and inventory management market is segmented on the basis of component, deployment type, function, solution, end use, and region. The market can be segmented on the basis of component into hardware, software, and services. In terms of deployment type, the market can be segmented into on-premise and cloud. The functional market can be segmented into location/movement tracking, check-in/check-out, repair and maintenance and others including security, automatic updating of data etc. In terms of solution, the market can be classified into radio frequency identification (RFID), real-time location system (RLTS), barcode, and global positioning system (GPS). On the basis of end use, the market is classified into retail, healthcare, transportation & logistics, hospitality, industrial manufacturing, process industry and others including construction, government, education etc. The market is segmented in terms of geographical regions into North America, Asia Pacific, Middle East & Africa (MEA), South America, and Europe.
Industry participants leading the asset tracking and inventory management market with significant developments are SAP SE, Microsoft Corporation, Oracle Corporation, Epicor Software Corporation, JDA Software, Stanley Black & Decker, Inc., Honeywell International, Inc., Trimble Inc., Topcon Corporation, and Zebra Technologies Corporation, among others.
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