The Asset Management
system market size was valued at USD 16.8billion in 2020 and is projected to reach USD
27.4 million by 2025; it is expected to grow at a CAGR of 10.3% from 2020 to
2025.The growth of asset management system market is driven by optimum resource
utilization requirements of enterprises and reduced equipment downtime.
The returnable
transport assets segment is projected to account for the largest size of the
asset management system market from 2020 to 2025. The growth of this segment
can be attributed to the increased use of returnable transport assets in almost
all types of industries. The in-transit equipment segment of the market is
projected to grow at the highest CAGR during the forecast period owing to the
increased importance of these equipment in the value chain and their impact on
the overall business performance of organizations. For instance, it is
necessary for third-party logistics (3PL) companies to deliver consignments on
time. A delay in the delivery of consignments could mean reduced sales of
products, less profitability, and disappointment to customers.
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North America is
expected to hold the largest share in the asset management system market during
the forecast period. Most major asset management system vendors have a strong
presence in this region. Moreover, people in this region adopt new
technological innovations at a higher rate compared with other countries, which
drives the growth of the asset management system market. Due to COVID-19, the
North American economy is facing concerns regarding industrial production.
Financial losses faced by US manufacturers will affect the production capacity
and foreign trade operations in 2020. Thus, the economic slowdown is expected
to impact the market for asset management systems in 2020.
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