The asset tracking software market is expected to grow at approximately USD 11 Billion by 2023, at 15% of CAGR between 2017 and 2023.
The surging level of digital information is motivating the asset tracking software market. Reports that inspect the information and communication technology industry have been presented by Market Research Future, which makes reports on industry verticals that evaluate the market expansion and prospects. The market shows potential to capture USD 11 Billion in earnings at 15% of CAGR by 2023.
The trend of ‘bring your own devices’ is expected to create a favorable growth pace in the market for asset tracking software. The implementation of the cloud solution in the market is enabling enterprises to concentrate on core business competencies. Moreover, the incessant increase in dependency over diverse networks is expected to boost the demand for asset tracking software market further. Also, the need to improve overall business productivity is expected to create better opportunities for development in the forecast period.
The segmentation of the asset tracking software market is conducted on the basis of components, deployment, organization size, and vertical. On the basis of component, the asset tracking software market comprises of software and service. On the basis of deployment, the asset tracking software market includes on-premise and cloud. Based on organization size, the asset tracking software market is segmented into small & medium enterprises and large enterprises. On the basis of vertical, the asset tracking software market consists of government, BFSI, retail, automotive and manufacturing. Based on the regions, the asset tracking software market is segmented into Asia Pacific, the Americas, Europe and the Rest of the World.
On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America region is generating highest market share in the asset tracking software market owing to better network infrastructure, digitization and higher technology implementation. Digitization in North America is mainly due to the invention of advanced technology and economies benefitting from it. North America region is leading due to presence of major players from the region in the asset tracking software market and presence of big retail chains. The implementation of asset tracking software solution by both small and medium enterprises is increasing rapidly, especially one into IT & retail sector. The asset tracking software is gaining demand as organization seek to improve their business growth by shifting from on-premise to cloud based. The initial low cost, saving amount spent on infrastructure, automatic Streaming upgrading and seamless integration is driving the market of cloud based Asset Tracking Software market.
Market Research Analysis:
The asset tracking software market in North America region is growing due to high adoption of cloud solutions by enterprise and need to improve information governance in organizations. According to the study, the asset tracking software market will show rapid growth in Europe region. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of asset tracking software market and growing complexity associated with managing asset is driving asset tracking software market in the region. Increasing population, and growing IT landscape is boosting the market in the region. The region is witnessing high adoption of asset tracking software tools by enterprises. Developing countries such as India and China are adopting asset tracking software tools at large scale owing to growing e-commerce and manufacturing sector from numerous industries and the need to designed efficient software for asset management of business is one of the prime factor that is boosting the market in the region. By vertical segment, retail and IT & telecommunication sector is driving the asset tracking software market. The region is witnessing high growth in asset tracking software market due to growing technological advancement in plant, machinery and software management.
Asset Tracking Software Market is estimated to grow at a CAGR of 15% from 2017 and 2023, Global…
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