Asset Tracking and Inventory Management Solutions Market Newest Industry Data, Future Trends 2018 - 2026

 Asset Tracking and Inventory Management Solutions Market – Snapshot

Inventory management systems help businesses to manage stocks of expendable substances across a variety of surroundings. Such solutions influences supplier data, such as materials cost and available supply of parts, as well as customer data like sales history, to help improve planning and forecasting for production and sales. The asset tracking and inventory management solutions market is forecast to quickly grow to US$ 30.59 Bn by 2026 from US$ 10.73 Bn in 2017, recording a CAGR of 12.9%.

global asset tracking and inventory management solutions market

Asset tracking and inventory management solutions market has seen demand traction due to rising demand for asset tracking solutions from industries in Asia Pacific and the Middle East. There are various new entrants in India and China that are developing the related software for inventory management. Furthermore, asset tracking and inventory management solutions reduce operational cost of organizations by effective utilization of existing resources. Growth in demand for asset tracking solutions from industries in the retail sector is due to factors such as high return on investment, cost saving, and reduced search time in case of misplaced assets. Assets being delivered, in stock, expired and other details can be tracked through asset tracking systems. This is providing huge opportunity for asset tracking system providers to capture the e-commerce market.

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Enterprises are adopting asset tracking and inventory management solutions in order to optimize product lifecycle management. As per TMR analysis, recent product launches and developments of key industry participants active in the asset tracking and inventory management solutions market reveals that industries such as retail, manufacturing, transportation and logistics, and manufacturing would continue to dominate the market throughout the forecast period. Asset tracking and inventory management systems are being widely used by industries to obtain real-time inventory data. Factors such as emergence  of IoT and connecting technologies such as predictive maintenance, augmented reality, and others is crucial in influencing market growth trends for asset tracking  and inventory management is different industry verticals. The asset tracking and inventory management solutions market still faces challenges such as high initial cost and security vulnerability which is expected to adversely affect further proliferation of systems.

Enterprises are adopting asset tracking and inventory management solutions in order to increase revenue and to overcome the challenges concerning the loss faced due to the mismanaged inventories. 

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Growing Need to Boost Operational Efficiency Generates Avenues in Asset Tracking and Inventory Management Solutions Market

Asset tracking and inventory management solutions are gaining increasing attention from businesses across sectors over the past few years, especially in the developing world. These solutions can be simple as barcode to complex RFID systems. Strides being made by the Industry 4.0 have helped underpin the demand for and deployment of IoT for asset and inventory management across various operational processes. A great deal of momentum for the demand for asset tracking and inventory management solutions has come from the groundswell of attention cloud-based solutions have gained, especially among small and medium scale enterprises over the world. The need is intense in resource-intensive industries such as oil and gas sector. Further, advances made in the IoT ecosystem have paved way to adoption of asset tracking solutions that are easy to monitor and offers marked flexibility to end users. Rise in research on connected systems that brings business value to inventory management to operational plants is a key trend bolstering the expansion of the asset tracking and inventory management solutions market.

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The Covid-19 pandemic from what emerged as a humanitarian crises has changed the face of businesses across the globe. The outbreaks have led to vast morbidity and mortality among populations. The contagious of the nature and the lack of vaccine in 2020 have severely impacted the workforce across all industries. The economic burden aside, the psychological stresses the patient populations and their caregivers had to undergo in recent months have been heavy dampeners of economic activities. Further, emerging economies are still undergoing the aftermath of the health pandemic and the economic growth is still to pick up pace significantly. On the other hand, international collaborations and supports have cropped up to help countries vaccinate its citizens in a rapid way. 

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