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 market for asset tracking and inventory management solutions 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%.
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.
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.
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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.
Rising demand from Small and Medium Enterprises (SMEs) for barcode and RFID systems in order to track assets is anticipated to contribute significantly to market growth during the forecast period. Analyzing the regional level market, Europe has a high adoption rate of asset-tracking technologies because of the dominance of transportation, automotive, and aerospace industries in this region. Enterprises are emphasizing on adoption of solutions which are cost effective and enhance location granularity applications, thus allowing them to optimize their operations. Inventory management systems help businesses to manage stocks of expendable substances across a variety of surroundings. Manufacturers & distributors who implemented RFID technology into their supply chain have90% advancement in receiving time.