The global asset management systems market is anticipated to grow at a CAGR of around 10.2% during the forecast period 2020 to 2027 and to reach around US$ 34.3 Bn by 2027.
lowering the cost is resulting in rising demand for asset management system from various end use industries this is major factor expected to drive the growth of global market. Government is spending high on the development of healthcare infrastructure in order to provide advanced care to the patients. Hospitals contain large number of systems and medical equipments that are actively working in order to provide effective healthcare facility. Assent management helps in optimizing and protecting the critical inner workings of a building in order to maintain a safe, clean and well-maintained medical environment.
Business development activities by major players through acquisition and partnerships is another factor expected to support the growth of target market.
In 2020, Zebra Technologies Corporation a global technology solution provider announced that Maikubo Artificial Intelligence (AI) Academy has partnered with the company with the focus to adopt Zebra’s RFID solutions to achieve faster, more accurate asset tagging and improve the accuracy and visibility along with enhanced staff efficiency. This is expected to help the company to enhance the business presence.
In 2020, DRMP, Inc. is a privately-held, employee-owned, multi-discipline civil engineering and surveying firm adopted Zebra RFID solutions to increase asset control, security, and visibility. This is expected to help the company to enhance the customer base.
In 2020, Advantech is a manufacturer of industrial computers, industrial Motherboard,ATX Motherboard, etc. launched real-time location system (RTLS) solution-ready package (SRP) designed for real-time locating and monitoring of medical equipment, staff, and patients. This is expected to help the company to enhance the product portfolio.
In 2020, STANLEY Healthcare a global provider of innovative solutions and technology integrated its AeroScout Real-time Location System (RTLS) platform with Cisco Systems (US) Cisco DNA Spaces. The integration is expected to help the company to location and status of assets further simplifying the operations.
In 2020, SATO, a global pioneer in the development of auto-ID and labeling solutions launched ASETRA, a package system that utilizes RAIN RFID tags, QR codes and barcodes to simplify management of special tools and returnable items (RTIs). This product launch is expected to help the company to enhance the product portfolio and increase the customer base.
However, factors such as high cost of asset management system and lack of advanced infrastructure in developing countries in order to support the adoption of advanced solution are expected to hamper the growth of global market. In addition, lack of skilled engineers related to handling the technical difficulties giving heads-up during the working is expected to challenge the growth of target market.
High investment by major players and focus on providing innovative solutions is expected to create new opportunities for players operating in the target market over the forecast period. In addition, players inclination towards emerging economies in order to enhance the business is expected to support the revenue transaction of target market.
Segment Analysis by Region
The market in Asia Pacific is expected to witness faster growth in the target market due to increasing demand for assent management from manufacturers. In addition, rapid advancements in manufacturing practices and players focus on adoption of asset management as it allows them to predict future infrastructure costs, cut maintenance overheads, etc. this is expected to support the growth of target market.
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Global Asset Management Systems Market
2016 – 2027
2020 – 2027
Solution, Asset Type, Function, Industry Vertical and Geography
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
Asset Management Systems Market Segment Analysis, 2019
The global market is segmented into solution, asset type, function, and industry vertical. The solution segment is bifurcated into real-time location system, mobile computers, barcode, label, radio frequency identification, and others. Among the solution the real-time location system segment is expected to gain importance due to easy tracking of asset. The end use segment is further divided in to healthcare, public sector, retail, hospitality, industrial manufacturing, energy and utilities, and others.
The players profiled in the report are Trimble Navigation Ltd., TrackX LLC, Siemens AG, Omni-ID, Motorola Solutions Inc., Infor, Inc., Zebra Technologies Corp., GE Healthcare, Cisco Systems, Inc., and AeroScout, Inc.
Market By Solution
Real-Time Location System
Radio Frequency Identification
Market By Asset Type
Returnable Transport Asset
Market By Function
Location and Movement Tracking
Repair and Maintenance
Check in/Check out Management
Market By End Use
Energy and Utilities
Market By Region
Middle East & Africa
Rapid technological advancements in asset tracking and optimizing the operational system further lowering the cost is resulting in rising demand for asset management system from various end use industries this is major factor expected to drive the growth of global market.
The global asset management systems market in 2027 is expected to be above US$ 34.3 Bn.
In solution the real-time location system segment is growing at faster pace.
The CAGR of the global asset management systems market from 2020-2027 is above 10.2%.
In the global market the Asia Pacific region is expected to grow faster.
Some of the players considered in the report scope are Trimble Navigation Ltd., TrackX LLC, Siemens AG, Omni-ID, Motorola Solutions Inc., Infor, Inc., Zebra Technologies Corp., GE Healthcare, Cisco Systems, Inc., and AeroScout, Inc.
The Asia Pacific is expected to account for major revenue share in the global market.