Equipment Rental Software Market Forecast to 2028

ByLance T. Lee

Apr 21, 2022

ReportLinker

The hardware rental software market is expected to grow from US$266.78 billion in 2021 to US$430.61 million by 2028; it is estimated to grow at a CAGR of 7.1% over the period 2021-2028. Emerging technologies, such as big data, artificial intelligence (AI), and machine learning (ML), are gaining popularity, contributing to the growth of the equipment rental software market.

New York, April 21, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Equipment Rental Software Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Component, Deployment, Size of the organization and end user” – https://www.reportlinker.com/p06269998/?utm_source=GNW
North America equipment rental software market growth is driven by several factors, such as data security, faster disaster recovery (DR), and meeting compliance requirements.

The need to mitigate risk, achieve scalability and flexibility in moving and storing data, reduce storage and infrastructure complexity, and increase business efficiency is also fueling the demand for equipment rental software in the region.

In North America, trade agreements are one of the best ways to open foreign markets to exporters. The United States has 14 agreements in force with 20 countries, such as the Central American Free Trade Agreement (CAFTA-DR) and the North American Free Trade Agreement. (NAFTA).

In Canada and Mexico, the United States-Mexico-Canada Agreement (USMCA) came into effect on July 1, 2020. These free trade policies in North America support the growth of various industries, such as manufacturing, construction, medical, mining, transportation, and consumer electronics.

For example, according to new data from the US Census Bureau, the US trade deficit in goods reached a record US$1.09 trillion in 2021, increasing US$168.7 billion (18.3%) from to the trade deficit of 2020. Favorable policies and emerging technologies, such as IoT and AI, along with the rapid adoption of cloud computing are driving the growth of equipment rental software market in America North.

The APAC equipment rental software market is growing rapidly. Several government initiatives, such as Digital India, along with increasing digitalization and competition have led many small and large businesses to embrace the digital business model to gain competitive advantages.

In Asia-Pacific, fleet management services are proliferating with the growth of the logistics industry. Many industry verticals aim for maximum output at minimum cost.

Thus, they are inclined towards hardware rental software. For retailers and equipment rental managers, the cost incurred on fleets holds back a large portion of business operating expenses.

Organizations benefit from robust inventory tracking and management tools provided by hardware rental software market players. For example, dealerships and rental companies can see every piece of equipment in their software through GPS tracking. Organizations gain a competitive edge by empowering leaders to make strategic decisions based on equipment usage, travel time and distance, freight cost, and more using metrics real-time key performance indicators integrated with GPS mapping.

Impact of the COVID-19 pandemic on the Europe hardware rental software market
Russia has been the hardest hit country by the COVID-19 outbreak in Europe, followed by the UK. Most European countries are expected to suffer an economic blow due to lack of revenue from various industries.

Countries have recorded the highest number of COVID-19 cases and deaths in recent years. Due to business closures, travel bans and supply chain disruptions, the region faced a significant economic setback in 2020-21.

Europe’s construction industry has seen one of the biggest declines in activity after the pandemic shuttered construction sites and hampered the supply of safety equipment and personnel. The decline in construction activity in the region has had a direct impact on the European equipment rental industry.

The hardware rental software market saw an unexpected decline in 2020 due to a decline in construction. However, a moderate recovery was seen in 2021 and normalization is expected to start by 2022.

On the basis of components, the equipment rental software market is segmented into software and services. In 2021, the software segment dominated the market with a larger share.

Based on deployment, the market is divided into cloud and on-premises. In 2021, the cloud segment accounted for a larger market share.

Based on organization size, the equipment rental software market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. In 2021, the large enterprise segment accounted for a larger market share.

On the basis of end users, the market is segmented into manufacturing, construction, transportation, and others. In 2021, the construction segment accounted for the largest market share. By geography, the equipment rental software market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest market share.

The Equipment Rental Software market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves to obtain an overview and forecast of the Equipment Rental Software market for all segments. , Europe, Asia-Pacific, Middle East and Africa and South America.

Additionally, primary interviews were conducted with industry participants to validate the data and gain more analytical insights. Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, as well as external consultants such as evaluation, research analysts and key opinion leaders, specializing in the Equipment Rental Software market.

BCS ProSoft, LLC; Booqable.com; eSUB, Inc.; EZRentOut; HQ rental software; insp Hire Ltd. ; MCS Global Ltd. ; Orion Software Inc.; rental point; and Wynne Systems are among the leading companies operating in the equipment rental software market.
Read the full report: https://www.reportlinker.com/p06269998/?utm_source=GNW

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