According to the new
market research report "Asset Management System Market With Covid-19 Impact by Solution (GPS,
RFID, RTLS, Barcode), Asset Type (Electronic Assets, Returnable Transport
Assets, In-Transit Equipment, Manufacturing Assets, Staff), Industry, Geography
- Global Forecast to 2025" , The Asset Management System
Market is projected to grow from USD 16.8 billion in 2020 to USD 27.4 billion
by 2025; it is expected to grow at a CAGR of 10.3% from 2020 to 2025. The key
factors fueling the growth of the market include the optimum utilization of
resources and reduced downtime of equipment.
The returnable transport asset type to hold
the largest size of the asset management system market by 2025
Management of
returnable transport assets includes tracking of returnable transport items
(RTI) and returnable transport packaging (RTP). Barcodes, RFID tags, and Wi-Fi
tags are used to track assets, increase the productivity of organizations, and
reduce human effort in managing assets. They are increasingly being used in
automotive, beverages, grocery, food processing, dairy, retail, medical,
pharmaceuticals, home improvement, raw materials, and postal services
applications. The demand for returnable transport asset management systems is
expected to increase from the retail and healthcare industries as these are
waste-sensitive industries wherein any waste can result in significant losses
to businesses.
The GPS solution is projected to account for
the largest size of the asset management system market by 2025.
The growth of this
segment can be attributed to the efficiency-related benefits offered by GPS
that assist businesses in reducing their operational costs and increasing their
profitability. In fleet management, GPS solutions help in optimizing the route
of fleet vehicles, decrease the response time of fleet vehicles for improved
customer service, reduce the fuel costs, improve the safety of fleet vehicles,
and minimize the business losses caused by thefts. These advantages of GPS
solutions drive the growth of the GPS segment of the asset management system
market during the forecast period.
North America projected to be the largest
market for a asset management system from 2020 to 2025.
The adoption of
asset management systems in North America by companies to manage their assets
is fueling the growth of the asset management system market in the region. In
addition, the Government of the US has initiated advanced manufacturing
partnership 2.0 initiative to strengthen the competitive position of companies
based in the country. The companies in the US have consolidated their
production and increased their focus on operational expenditure over capital
expenditure. The increasing use of smart manufacturing technologies is enabling
manufacturers to enhance their production efficiency and decrease their
operational expenditure. This, in turn, is expected to lead to the growth of
the asset management system market in the US. Although, due to COVID-19 impact
on North America has been significant, the overall market for asset management
system is 2020 is going to get affected significantly considering the temporary
manufacturing plant shutdowns and supply chain disruption in the region.
The key players
operating in the asset management system market include Zebra Technologies
Corp. (US), 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), and Topcon Corp.
(Japan). Other companies include NCR Corp. (US), Cognex Corp. (US), Fleetmatics
LLC (US), and Teletrac Navman Group (US).
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