Rising Adoptions of Various Asset Management Solutions Has Increased the Demand for Asset Tracking and Inventory Management Solutions Market

Globally, the asset tracking and inventory management solutions market is expected to grow with a CAGR of 14.6% during the forecast period from 2023 to 2030 and is expected to reach a market value of US$ 64.55 Bn by 2030. Asset tracking and inventory management solutions are used for managing various inventories and tracking. These solutions offer various information related to the product, their quantities, when and where they were used or sold and placed. This information saves users time and money.

The rising requirement of new technologies for maintains of the company’s asset and inventory, is one of the primary factors driving the growth of the market globally.  These solutions allow the user to locate the misplace inventory or assets leading to enhance working speed and reduction of the overall cost for the process. The asset management reduces the manual work and enhances the working ability of an individual and the process, resulting in high adoption of these solutions by various industrial verticals. 

Asset Tracking and Inventory Management Solutions with Hardware in its Component Segment Continue Dominating the Market

In 2021, the overall SATS market was led by the hardware segment in its component segment contributing to a high percentage of the market share of the total revenue generated globally in 2021 with a market share of more than 35.0% and is expected to grow with a significant CAGR during the forecast period. The technological advancement in the hardware devices and utilization of various tracking systems such as handheld devices, RFID devices, and others is expected to drive the market. The utilization of GPS systems and technologies for tracking the asset reduces the time for the search.

Asia-Pacific Dominates the Market by Region

The global asset tracking and inventory management solutions market was led by Asia-Pacific with a market share of more than 35.0% in the year 2020. The presence of various electronics, automotive, hospitality, healthcare, and other industries is a major factor for driving the market in the region. As these industries use these solutions for tracking their assets and inventor. The adoption of these solutions among the industries is growing rapidly resulting in the reduction of work hours and improvement in work efficiency. Based on countries the Asia-Pacific region has been segmented as China, Japan, India, and the Rest of Asia-Pacific. China accounts for the largest market share in the region due to the presence of various manufacturers in the country.

Some of the prominent players operating in the asset tracking and inventory management solutions are Oracle Corporation, JDA Software, Microsoft Corporation, Honeywell International Inc., Zebra Technologies Corporation, RedBeam, Inc., ASAP Systems, LLC, Datalogic S.P.A., EMS Barcode Solutions, GigaTrak, Stanley Black & Decker, Inc., Epicor Software Corporation, SAP SE, Wasp Barcode Technologies, Inc., Jolly Technologies, and Lowry Solutions Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Asset Tracking And Inventory Management Solutions market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Asset Tracking And Inventory Management Solutions market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Asset Tracking And Inventory Management Solutions market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Asset Tracking And Inventory Management Solutions market?
• Which is the largest regional market for Asset Tracking And Inventory Management Solutions market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Asset Tracking And Inventory Management Solutions market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Asset Tracking And Inventory Management Solutions market worldwide?