Asset Tracking and Inventory Management Solutions Market Expected to Reach US$ 30.59 Bn by 2026

According to a new market report pertaining to the asset tracking and inventory management solutions market, published by Transparency Market Research , the global asset tracking and inventory management solutions market is expected to reach US$ 30.59 Bn by 2026, expanding at a CAGR of 12.9% from 2018 to 2026. According to the report study, the global market is expected to be influenced by a wide range of macroeconomic and industry-specific factors. Growing demand by businesses to optimize product lifecycle management is anticipated to significantly drive the asset tracking and inventory management solutions market across the globe.

Growth of inventory management and asset tracking solutions in the retail sector is driving the global asset tracking and inventory management solutions market

In the global asset tracking and inventory management solutions market, increasing adoption of asset tracking and inventory management solutions by industries present in Asia Pacific and the Middle East is the major factor driving the market. Moreover, retail industry globally is experiencing substantial advancements. Demand for asset tracking and inventory management solutions are due to various factors such as high return on investment, cost saving, and reduced search time in case of misplaced assets. Companies are incorporating advanced asset tracking solutions to gather accurate and real-time inventory data. Furthermore, growth in the e-commerce industry coupled with quick delivery of goods is anticipated to create profitable market opportunity for asset tracking and inventory management solutions. Rising penetration of asset tracking and inventory management systems in small and medium enterprises (SMEs) is anticipated to further enhance the adoption of asset tracking and inventory management solutions.

The global asset tracking and inventory management solutions market is broadly segmented by component, application, and industry. According to the study, the hardware segment of the global market held the maximum share and is expected to show a CAGR of above 12.9% through 2026. Hardware revenue contribution is mainly due to significant deployment of inventory management and asset tracking solutionsby businesses due to increasing demand for proper inventory management needs.However, the software segment is expectedto contribute significantly over the forecast period.

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However, significant proliferation of software systems in the near future is likely to create a lucrative market for asset tracking and inventory management solutions, and hence the segment is expected to expand with the highest CAGR during the forecast period.In terms of end-user, retail segment is anticipated to contribute substantial market revenue share and is expected to remain dominant throughout the forecast period. Commercial usage of asset tracking and inventory management solutions in retail industry includes gathering real-time data, allowing omni-channel fulfillment, which is anticipated to create significant opportunities for asset tracking and inventory management solutions in the global market. According to TMR analysis, asset tracking and inventory management solutions market’s transportation and logistics industry segment is expected to hold a large market share in 2016 and a similar trend is expected to be seen over the forecast period.