Global Asset Management System Market: Overview
An asset management system facilitates organization to manage and track physical and human assets linked to their performance; hence, resulting in the efficient use of the assets. It is implemented to measure and monitor things of value to an entity or group. It may apply to the tangible or intangible assets such as intellectual property, financial assets, human capital, and goodwill. Asset management is a process of operating, deploying, upgrading, disposing, and maintaining of assets cost-effectively. However, the meaning of asset management varies according to the domain such as in the engineering environment is to achieve the greatest return on productive assets. In the public infrastructure, it is about providing the best possible service to users.
Global Asset Management System Market: Growth Factors
Asset management systems are used to track information of the tangible and intangible assets; this in turn may drive the global asset management system market growth in the near future. Asset management system is extensively used in the healthcare industry due to its high use for keeping record of the patients and medical equipment especially in emergencies. Conversely, huge capital investment and higher maintenance costs are restraining global asset management system market growth.
Global Asset Management System Market: Segmentation
The global asset management system market is divided based on function, asset type, industry, and solution. The function segment includes check-in/check-out, repair & maintenance, movement tracking, and others. The asset type comprises manufacturing assets, returnable transport assets, electronics assets, personnel, and others. The industry segment consists of healthcare, industrial manufacturing, process industry, retail, transportation and logistics, hospitality, and others. Furthermore, the solution segment includes barcode, radio frequency identification (RFID), global positioning system (GPS), and real-time location system (RTLS). Of these, the barcode is the dominating segment in the global asset management system market. It is widely used in the numerous industries such as transportation and logistics, retail, manufacturing, healthcare, and others. It has accurate identification rates and has low misread ratio. Hence, owing to the significance of the barcode, it is used in various applications including attendance, inventory management, and asset counting. RFID is the second largest in the global market and efficient in the healthcare-related products and medical device including bed utilization, asset allocation, and patient flow.
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Global Asset Management System Market: Regional Analysis
The geographical segmentation of the global asset management system market includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the leading region in the global market. However, increasing demand for factory automation, the transition from traditional retail to organized retail, and high growth in the e-commerce sector are driving the global market growth in this region.
Global Asset Management System Market: Competitive Players
Major players are operating in the global asset management system market are TomTom International, Sato Holdings Corporation, Ubisense Group, Zebra Technologies Corporation, Impinj,and Data logic. Other players influencing the global market are Trimble, Mojix, Stanley Black and Decker, Topcon Corporation, and Honeywell International.
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