The Asset Management System Market is projected to grow from USD 16.8 billion in 2020 to USD 31.6 billion by 2027; it is expected to grow at a CAGR of 5.4 % from 2020 to 2027. The growth of the asset management system market is driven by reduced equipment downtime and optimum resource utilization requirements of resources. Streamlined operations and optimum utilization of existing resources of organizations enable cost-savings and increased profits for them. The deployment of asset management systems by enterprises allows them to reduce their inventory and stock management costs and helps them use their existing equipment efficiently by tracking and managing assets in real-time. Personnel tracking solutions help enterprises in ensuring staff efficiency and safety, thereby leading to cost-savings. In the healthcare sector, asset tracking of both equipment and personnel is critical for improving patient care. Thus, the deployment of asset management systems leads to significant cost-savings and high return on investments (RoI), along with optimized resource utilization.
The range offered by RTLS and RFID solutions used in different solutions varies from a few meters to thousands of meters. Therefore, the cost of RTLS and RFID solutions also varies according to their accuracy and range, as well as technologies incorporated in them and the solutions wherein, they are to be used. High initial investments are one of the key factors restraining the adoption of assets management systems, especially the systems based on RTLS. Though the use of RTLS solutions in healthcare, manufacturing, retail, defence, and logistics industries reduces workforce costs and enhances the efficiency of resource utilization, their initial installation costs are high.
The costs of some asset management solutions such as tags and readers are reducing significantly. However, the overall costs of these solutions are still high as they include the cost of infrastructures such as software and servers, along with maintenance and other costs. The costs incurred for the installation of RTLS solutions are generally higher than that for conventional passive RFID solutions, as the former requires technical expertise for monitoring and maintaining the entire infrastructure. In addition, it is difficult for companies, especially small ones, to find professionals having the required technical skills, and it is also challenging for them to train new employees.
Image-based barcode readers are rapidly replacing laser scanners in various industries such as logistics, healthcare, consumer goods, and food and beverages. 1D barcode tags provide less information than 2D or data matrix and QR codes. Image-based barcode readers can be compared, in terms of cost, to the laser scanners, but they are more powerful than the latter. A number of companies are adopting image-based barcode readers as they offer long-term reliability, 2D code reading capability, and multiple code reading facility. Thus, the rising adoption of imagers or image-based barcode readers is expected to act as an opportunity for the growth of the asset management system market in coming years.
The asset management system players have implemented various asset types of organic as well as inorganic growth strategies, such as new product launches, agreements, collaborations, partnerships, acquisitions, and product developments to strengthen their offerings in the market. The major players are Zebra Technologies Corp. (US), Stanley Black and Decker, Inc. (US), SATO Holdings Corp. (Japan), Impinj, Inc. (US), Honeywell International Inc. (US), DatalogicS.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 TeletracNavman Group (US) were the major players in the asset management system market.
APAC is likely to be the fastest-growing region in the asset management system market. Countries such as China and India are witnessing rising demand for asset management systems. COVID-19 forced lockdowns across APAC. The supply chains in and around APAC have been disrupted, which has resulted in limited permissible transportation. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. This has impacted the demand for asset management systems in 2020.
The range offered by RTLS and RFID solutions used in different solutions varies from a few meters to thousands of meters. Therefore, the cost of RTLS and RFID solutions also varies according to their accuracy and range, as well as technologies incorporated in them and the solutions wherein, they are to be used. High initial investments are one of the key factors restraining the adoption of assets management systems, especially the systems based on RTLS. Though the use of RTLS solutions in healthcare, manufacturing, retail, defence, and logistics industries reduces workforce costs and enhances the efficiency of resource utilization, their initial installation costs are high.
The costs of some asset management solutions such as tags and readers are reducing significantly. However, the overall costs of these solutions are still high as they include the cost of infrastructures such as software and servers, along with maintenance and other costs. The costs incurred for the installation of RTLS solutions are generally higher than that for conventional passive RFID solutions, as the former requires technical expertise for monitoring and maintaining the entire infrastructure. In addition, it is difficult for companies, especially small ones, to find professionals having the required technical skills, and it is also challenging for them to train new employees.
Image-based barcode readers are rapidly replacing laser scanners in various industries such as logistics, healthcare, consumer goods, and food and beverages. 1D barcode tags provide less information than 2D or data matrix and QR codes. Image-based barcode readers can be compared, in terms of cost, to the laser scanners, but they are more powerful than the latter. A number of companies are adopting image-based barcode readers as they offer long-term reliability, 2D code reading capability, and multiple code reading facility. Thus, the rising adoption of imagers or image-based barcode readers is expected to act as an opportunity for the growth of the asset management system market in coming years.
The asset management system players have implemented various asset types of organic as well as inorganic growth strategies, such as new product launches, agreements, collaborations, partnerships, acquisitions, and product developments to strengthen their offerings in the market. The major players are Zebra Technologies Corp. (US), Stanley Black and Decker, Inc. (US), SATO Holdings Corp. (Japan), Impinj, Inc. (US), Honeywell International Inc. (US), DatalogicS.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 TeletracNavman Group (US) were the major players in the asset management system market.
APAC is likely to be the fastest-growing region in the asset management system market. Countries such as China and India are witnessing rising demand for asset management systems. COVID-19 forced lockdowns across APAC. The supply chains in and around APAC have been disrupted, which has resulted in limited permissible transportation. Asian countries under lockdown have suffered tremendous loss of business and revenue due to the shutdown of many manufacturing units. This has impacted the demand for asset management systems in 2020.
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