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(IT-NEWSWIRE.COM, April 03, 2020 ) According to the new market research report, “Asset Management System Market by Solution (RFID, RTLS, GPS and Barcode), Asset Type (Electronics Assets, Returnable Transport Assets, In-Transit Equipment, Manufacturing Assets and Personnel), Industry and Geography - Global Forecast to 2022” , 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. 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.
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Driver: Optimum resource utilization by efficient asset tracking and management
Streamlined operations and optimum utilization of an organization’s existing resources help enable cost saving and high profits, which is the major goal of any enterprise. The installation of an AMS allows an enterprise to reduce the inventory and stock management cost and helps utilize existing equipment efficiently by tracking and managing assets in real time. Personnel tracking helps ensure staff efficiency and safety and results in benefits for the enterprise by saving costs. In the healthcare industry, asset tracking (of both equipment and personnel) is critical to improve patient safety and satisfaction. Thus, the installation of AMSs leads to significant cost savings and high RoI, along with the optimized resource utilization.
Restraint: High initial cost and significant maintenance expenditure
The range of RTLS and RFID solutions required for different applications varies from a few meters to thousands of meters. Therefore, the cost of RTLS and RFID solutions also varies according to the requirement and technology in addition to accuracy and range. The high initial investment is one of the major restraining factors, especially for the RTLS-based asset management market. Though the cost of some products such as tags and readers is declining significantly, the overall cost of these solutions is still high as they include the cost of infrastructure such as software and servers, along with maintenance and other costs. The cost incurred for the installation of RTLS solutions is generally higher than that for conventional passive RFID solutions. In addition, it is difficult for companies, especially smaller ones, to find professionals having technical skills, and it is also difficult to train new employees.
Opportunity: Increasing demand for image-based solutions in the barcode scanner market
Image-based solutions in barcode readers are rapidly replacing laser scanners in various industries such as logistics, healthcare, consumer goods, and food and beverages. 1D barcode tags provide less information compared to 2D or data matrix and QR Codes. Image-based barcode readers can be compared, in terms of cost, to the laser scanner technology but are more powerful than the latter. Many companies are adopting image-based barcode readers as they have many advantages over laser scanners such as long-term reliability, 2D code reading capability, multiple code readings, and so on. This is leading to a shift from laser scanning to camera-based imagers capable of capturing 2D codes. Thus, the imager or image-based reader is expected to drive the market for barcode technology in the coming years.
Challenge: Complicated trade-off between accuracy, range, and power consumption posing a challenge for RTLS providers
Various RTLS providers offer different technologies such as Wi-Fi, UWB, Bluetoothfor specific applications to offer value addition in terms of technological advancements such as high range, low power, and high accuracy. However, to develop a single RTLS with all these benefits is the major challenge faced by solution providers. RTLSs comprise hardware and software for continuously tracking and delivering real-time location of the assets and resources equipped with such devices. Tags, readers, or sensors are used to instantly track and/or monitor assets, people, or any resource of value with very high accuracy and mobility, anywhere in the area covered by the network. However, RTLS tags face challenges because of a complicated trade-off between accuracy, power consumption, and range. Narrowband-based tags do not provide the accuracy required by some critical applications, while wideband-based tags provide accuracy but are energy detector-based systems with a limited range, and some wideband-based tags are large and consume more power.
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MarketsandMarkets™
Mr. Sanjay Gupta
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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