Asset Management System Market Research Report 2019 to 2028 | Axiom Market Research & Consulting
Asset management is simply a system that helps organizations keep track of all their assets. It includes both digital and physical assets, such as vehicles, equipment and investments. Asset tracking helps to optimize operations, especially in terms of selling them. Implementing an asset management system helps an organization track assets to improve workflow and productivity, keep track of losses and gains, and reduces the chances of loss and misplacement of assets. The system is also used for inventory management, shelf stocking, checkout management, and counterfeiting.
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ASSET MANAGEMENT SYSTEM MARKET DYNAMICS
Tracking and monitoring the physical and human assets of organizations along with their performance leads to the efficient use of assets further leading to market growth. Also, the growth of the asset management systems market is driven by the reduction of equipment downtime and optimal use of resources. On the other hand, high initial installation and maintenance costs restrains the growth of the asset management system market.
COVID 19 IMPACT ON ASSET MANAGEMENT SYSTEM MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, ‘supply shocks’. The dynamics in which various industries operated will change dramatically. As the world continues to face this crisis, many industries continue to experience a constant recession. Among these industries, transportation, logistics and hospitality have had an adverse effect. Slowing down the production of electronic equipment or retail goods, as well as disruptions in supply chain logistics worldwide as a result of the outbreak of COVID-19, have led to a decline asset management systems market.
ASSET MANAGEMENT SYSTEM MARKET SEGMENTAL OVERVIEW
The report analyses the asset management system market based on solution, function, asset type, verticals, and geography.
ASSET MANAGEMENT SYSTEM BY SOLUTION
By solution, the global asset management system market is segmented into real-time location system, global positioning system (GPS), mobile computers, barcode, label, radio frequency identification, and others. Among these, the Global Positioning System (GPS) is expected to expand over the forecast period with the benefits of the efficiency offered by GPS, which helps companies reduce their operating costs and make it more profitable. GPS solutions help optimize fleet routes, reduce fleet response times for additional customer service, improve fleet vehicle safety and reduced business losses caused by theft.
ASSET MANAGEMENT SYSTEM MARKET BY FUNCTION
By function, the global asset management system market is segmented into location and movement tracking, repair and maintenance, check in/check out management, and others. Location and movement tracking segment holds the largest market share. Aircraft companies, shipping companies, and third party logistics companies (3PL) service providers are actively investing in location and tracking solutions to track their assets in real time.
ASSET MANAGEMENT SYSTEM MARKET BY ASSET TYPE
The global asset management system by asset type is classified into manufacturing asset, electronic asset, personnel equipment, in-transit equipment, and returnable transport asset. Among these, in-transit equipment asset is expected to show high growth due to the increased significance of this equipment in the value chain and its impact on the overall business performance of organizations.
ASSET MANAGEMENT SYSTEM MARKET BY VERTICAL
The global asset management system by vertical is classified into healthcare, public sector, retail, hospitality, industrial manufacturing, energy and utilities, and others.
ASSET MANAGEMENT SYSTEM MARKET BY GEOGRAPHY
Geographically, the asset management system market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America has taken a significant lead in both infrastructure development and adoption of technology. A strong presence of major IT enterprises and rapid digitization in the US and Canada contributes to the growth of the regional market. The growing adoption of connected, smart and secure technologies for asset-driven applications is expected to drive market growth.
ASSET MANAGEMENT SYSTEM KEY PLAYERS
Some of the major players operating in this market include Stanley Black and Decker, Inc. (US), Sato Holdings Corp. (Japan), Impinj, Inc. (US), Honeywell International Inc. (US), Datalogic S.p.A (Italy), Trimble Inc. (US), TomTom International BV (Netherlands), Topcon Corp. (Japan) and others.
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