Rental management software helps in streamlining rental operations and increasing profits. Dealerships can use rental management software to plan, operate, monitor, and improve rental operations to increase profitability and improve customer service. The rental department is fully integrated with the rest of the dealership with rental management software, reducing equipment downtime, streamlining operations, and ultimately boosting the organization’s rental department’s profitability.
EZRENTOUT, BCS PROSOFT, LLC, ORION SOFTWARE INC., POINT OF RENTAL, AND WYNNE SYSTEMS – PROMINENT MARKET PARTICIPANTS IN EQUIPMENT RENTAL SOFTWARE MARKET
Rental operations use point of rental (POR) software to manage their unique business needs, while traditional retailers use point of sale (POS) systems. The equipment is catalogued into an inventory database. Rental reservations are accepted and scheduled, and equipment servicing, and maintenance are managed within this equipment rental management software. Thus, rental equipment software manages and enhances a rental-based business’s customer experience and operational processes.
With the growing competition, urbanization, and exponential growth in automation and construction industries, the equipment rental software market has shown a northward direction growth. The rising adoption of industry 4.0 and 5G wireless technology is fuelling the demand for automation solutions across various industry verticals, supporting the equipment rental software market. Further, with the expansion of the industrial Internet of Things (IoT), digital twin, and augmented reality (AR), it is expected that over the coming years, the demand for equipment rental software will grow at a rapid pace. For instance, in July 2021, Kezzler AS collaborated with Rockwell Automation Inc. to enable manufacturers to track their products from raw material sources to the point-of-sale and beyond. However, the equipment rental software industry has also been impacted by the slowdown in global financial growth, maintaining a comparatively favorable growth rate.
Factors such as expansion of construction industry, and enhanced security and accessibility for dealers are influencing the market growth. However, growing acceptance of leasing are restraining equipment rental software market growth. Moreover, growth in demand for construction in power sector are among other factors contributing toward the market growth.
EZRentOut, BCS ProSoft, LLC, Orion Software Inc., Point of Rental, and Wynne Systems are the five key market players operating in the global equipment rental software market. The equipment rental software market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the Equipment Rental Software market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Most of the market initiatives were observed in the North America region, which have a high potential of Equipment Rental Software providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2022 | The new features offer by Booqable such as request and accept payments with the New Booqable iOS App. The new Booqable iOS app makes it even easier for customers to request and accept payments. Customers can scan a QR code, receive an email or text message, or AirDrop a link to a customer’s device using the new share sheet. The new feature will be able to fill out payment information on the customer phone and make a payment. | North America |
| 2022 | The eSUB construction software releases new project summary dashboards. The dashboards are part of the company’s ongoing effort to modernize the user interface and update its platform architecture. With eSUB Accounting’s Sage 300 CRE, Viewpoint Vista, and Spectrum accounting integrations, financial summaries go hand-in-hand. This will provide gain more control over projects, take snapshots of real-time job costing data and projected profitability. | North America |
