Equipment Rental Software Market Trends, Growth, Future Demand, Analysis and Forecast by 2027
Posted by Avi on September 26th, 2022
According to The Insight Partners’ research, the global Equipment Rental Software Market is slated to be worth US$ 163.82 million by 2028, expanding at 7.1% CAGR from 2020 to 2028. Expansion of construction industry and enhanced security and accessibility for dealers are the leading factors attributing to market augmentation.
Loaders, excavators, skid steers, trucks, lifts, generators, and uninterruptible power supplies are among the equipment setups required by all construction companies. Like any other department or resource, they need to streamline their operations for achieving maximum efficiency and versatility. Renting allows businesses to pay just when the equipment is needed. The advantages of renting construction equipment are enhanced in today's economy, especially given the cyclical nature of the building business. Many contractors, building organizations, and businesses from a wide range of industries are increasingly looking into renting solutions. Many economists and business executives believe that an economic downturn is on the road, which could increase demand for equipment rental and push corporations away from leasing and ownership, resulting in market expansion.
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Rental software solutions improve the security of the data stored on servers. Traditionally, vital data is modified and destroyed in the process or in the storage, affecting business operations and resulting in losses which is bypassed in case of renting software. Rental software solutions aids in reducing data breach by reducing security protocols. On the other hand, software ensures that the data is stored on the cloud and can be retrieved at any time, thereby ensuring optimum security. When users wish to obtain data, an authentication code is required, which ensures that the information is secure.
On the other hand, the growing acceptance of leasing will likely hinder market expansion over the forecast timeframe.
Based on components, the global equipment rental software market is split into software and services. Among these, the software segment held 73% of the market share in 2020. The segment was assessed at US$ 186.38 million in 2020 and is anticipated to amass US$ 311.55 million by 2028, expanding at 7% CAGR during the forecast period.
Speaking of deployment, the equipment rental software market sphere is arrayed into on premise and cloud based. Among these, the cloud-based segment captured 63.9% of the market share in 2020. The segment was gauged at US$ 163.02 million in 2020 and is predicted to accrue US$ 289.20 million by 2028, growing at 7.8% CAGR during the study period.
As per organization size, the global equipment rental software market is divided into small and medium
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Key players contributing to the global equipment rental software market valuation are Point of Rental Software; Insphire Ltd.; BOOQABLE.com; EZRENTOUT; and MCS Global Ltd; ESUB Inc.; ARM Limited; HQ Rental Software; Orion Software Inc.; and Wynne System.
enterprises and large enterprises. Among these, large enterprises segment accounted for 45.78% of the market share in 2020. The segment was evaluated at US$ 175.88 million in 2020 and is projected to reach US$ 282.53 million by 2028, augmenting at 6.4% CAGR between 2020 and 2028.
Moving on to end user spectrum, the global equipment rental software market is segmented into manufacturing, construction, transportation, and others. Among these, the construction segment captured 43.5% of the market share in 2020. The segment accumulated US$ 111.01 million in 2020 and is estimated to reach US$ 200.14 million by 2028, expanding at 8.0 % CAGR during the forecast timeframe.
As per regional point of reference, North America accounted for a significant share in the global equipment rental software market share in 2020. The regional market amassed US$ 105.72 million in 2020 and is estimated to garner US$ 175.26 million by 2028, growing at 6.8% CAGR throughout. Meanwhile, APAC is projected to register a stellar growth rate of 9.3% and garner US$ 1,456.61 million by 2028.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense, Food & beverage, Chemical and Materials, Semiconductors etc.
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About the AuthorAvi
Joined: September 26th, 2022
Articles Posted: 29
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