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Asset Management System Market worth 25.55 Billion USD by 2022
According to the new market research report, “Asset Management System Market by Solution (RFID, RTLS, GPS and Barcode), Asset Type (Electronics Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets and Personnel), Industry and Geography - Global Forecast to 2022” , The asset management system market was valued at USD 9.43 Billion in 2015 and is expected to reach USD 25.55 Billion by 2022, at a CAGR of 15.17% between 2016 and 2022. Asset management solutions reduce inventory and stock management cost and effectively utilize existing equipment through tracking and monitoring both in real time and non-real time, thereby helping organizations to achieve their objectives. These factors are driving the growth of the asset management system market.
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“Retail industry to hold the largest share of the asset management system market”
Inventory management, asset tracking, shelf stocking, check-out process management, and counterfeiting elimination are some of the key applications of asset management systems in the retail industry, which includes departmental stores and supermarkets. The barcode and passive radio-frequency identification (RFID) solutions are widely used in the retail industry, worldwide. Point-of-sale (POS) barcode scanners are used to read 2D barcode labels and rewards/loyalty cards, while passive tags are primarily used for apparel tagging.
“RTLS solution is expected to grow at the highest rate in the asset management system market between 2016 and 2022”
Real-Time Location System (RTLS) solutions have been widely adopted in the healthcare industry since a long time. RTLS technology has emerged with the maturity of barcode and passive RFID systems. RTLS solutions help track work-in-process carriers, containers, valuable equipment, and personnel. Moreover, RTLS solutions provide real-time monitoring of the operations in an enterprise, thereby ensuring smooth production. Considering all these factors, RTLS solution is expected to grow at the highest rate between 2016 and 2022.
“Returnable transport assets to hold the largest market share in the asset management system market”
Returnable assets are been used in almost all type of industries, thus holding a major share of the asset management system market. Returnable transport items plays a key role in the supply chain of the business, therefore their tracking and monitoring is important. There is a widespread usage of this function in industries such as automotive, beverage, grocery, food processing, fruit and vegetable, dairy, retail, medical, pharmaceutical, home improvement, raw materials, and postal services among others. Barcodes, passive RFID, and wireless fidelity (Wi-Fi) tags among other technologies are used to track the asset, increase the productivity, and reduce human efforts.
“North America to hold the largest market share in the asset management system market”
North America is likely to account for the largest share of the asset management system market owing to the presence of several retail giants (such as Walmart, Macy, Kohls, and Nordstrom) and well developed healthcare systems and transport infrastructure in the region. The asset management system market in North America is dominated by the U.S. Many companies in the asset management system market are located in North America.
The major players in the asset management system market are Datalogic S.p.A (Italy), Honeywell International Inc. (U.S.), Impinj, Inc. (U.S.), Mojix, Inc. (U.S.), Sato Holdings Corporation (Japan), Stanley Black and Decker, Inc. (U.S.), TomTom International BV (Netherlands), Topcon Corporation (Japan), Trimble Inc. (U.S.), Ubisense Group Plc. (U.K.), and Zebra Technologies Corporation (U.S.) among others.
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