The global asset management systems market is expected to witness considerable growth owing to favorable factors such as high Return on Investment (ROI) & cost saving, improved supply chain efficiency, and reduction in search time for misplaced assets. Asset management systems are used for several functions such as check-in/check-out, location tracking, and maintenance & repairs. They are used for tracking numerous types of assets, which include in-transit equipment, IT assets, manufacturing assets, personnel & staff, and returnable transport. Key industry verticals served by asset management systems include government, healthcare, hospitality, industrial manufacturing, IT services, retail, and transport & logistics.
Technologies such as barcode, Global Positioning System (GPS), Radio-frequency identification (RFID), and Real-Time Locating System (RTLS) are widely used for incorporating these systems. The advent of RTLS is expected to provide a fillip to the asset management systems market, as it has swiftly replaced other types of technologies. Increased reliability on asset management technologies supplemented by favorable economic conditions has resulted in North America being a lucrative market for asset management systems. High deployment costs may prove to be a hindrance for SMEs in order to adopt these systems. Unavailability of skilled technicians or engineers to address technical and operational issues is expected to restrain asset management system market growth over the forecast period. In spite of necessary security protocols, misuse or theft of sensitive data due to system vulnerability may raise privacy and security concerns, thereby inhibiting adoption.
The industry is characterized by collaborations, partnerships, and agreements between several players across the value chain in order to gain competitive advantage. Some of the key asset management systems market players include Zebra Technologies Corp., Trimble Navigation Ltd., TrackX LLC, Siemens AG, Omni-ID, Motorola Solutions Inc., Infor, Inc., GE Healthcare, Cisco Systems, Inc., and AeroScout, Inc.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.