CHICAGO, July 28, 2020 /PRNewswire/ -- 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" , published by MarketsandMarkets™, 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.
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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.
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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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