Asset management solutions reduce inventory and stock management cost and effectively utilize existing equipment through tracking and monitoring both in real time and non-real time, thereby helping organizations to achieve their objectives. These factors are driving the growth of the asset management system market.
The asset management system market was valued at USD 9.43 Billion in 2015 and is expected to reach USD 25.55 Billion by 2022, at a CAGR of 15.17% between 2016 and 2022.
Inventory management, asset tracking, shelf stocking, check-out process management, and counterfeiting elimination are some of the key applications of asset management systems in the retail industry, which includes departmental stores and supermarkets. The barcode and passive radio-frequency identification (RFID) solutions are widely used in the retail industry, worldwide.
Real-Time Location System (RTLS) solutions have been widely adopted in the healthcare industry since a long time. RTLS technology has emerged with the maturity of barcode and passive RFID systems. RTLS solutions help track work-in-process carriers, containers, valuable equipment, and personnel.
North America is likely to account for the largest share of the asset management system market owing to the presence of several retail giants (such as Walmart, Macy, Kohls, and Nordstrom) and well developed healthcare systems and transport infrastructure in the region. The asset management system market in North America is dominated by the U.S. Many companies in the asset management system market are located in North America.
The major players in the asset management system market are Datalogic S.p.A (Italy), Honeywell International Inc. (U.S.), Impinj, Inc. (U.S.), Mojix, Inc. (U.S.), Sato Holdings Corporation (Japan), Stanley Black and Decker, Inc. (U.S.), TomTom International BV (Netherlands), Topcon Corporation (Japan), Trimble Inc. (U.S.), Ubisense Group Plc. (U.K.), and Zebra Technologies Corporation (U.S.) among others.