Equipment Rental Software Market Size and CAGR by 2031
The equipment rental software market size is projected to reach US$ 504.1 million by 2031 from US$ 284.6 million in 2023. The market is expected to register a CAGR of 7.4% during 2023–2031. The implementation of predictive analytics is likely to remain a key trend in the market.
Equipment Rental Software Market Analysis
Equipment rental software is designed to efficiently utilize available resources while ensuring that each aspect of the business is covered, from training and customer support to productivity and financial management. The purpose of equipment rental software is to help manage the fleet of equipment that an organization owns. This software can benefit an organization beyond knowing what is available and where the rental is located. Strong equipment rental software will allow an organization to do the following and reap the benefits. The benefit of all of these features, overall, is an increase in productivity and profitability. The difference between good equipment rental software and the best equipment rental software is the depth and usability of its features. HBS Systems goes beyond the basic equipment rental software features with a host of additional features that can be used anywhere on mobile devices in one easy-to-use system.
Equipment Rental Software Market Overview
Equipment rental software provides companies with tools to streamline processes, organize operations, manage assets, and calculate depreciation. Using this software solution, one can also assign equipment to employees, schedule maintenance, and perform back-office operations like accounting and bookkeeping. Equipment rental software can help the middle market and fast-growing small businesses achieve their company goals and grow through benefits such as reducing equipment downtime, organizing schedules, generating reports and insights, managing invoices and documents, and others.
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Equipment Rental Software Market: Strategic Insights
Market Size Value in US$ 266.78 million in 2021 Market Size Value by US$ 430.61 million by 2028 Growth rate CAGR of 7.1% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Equipment Rental Software Market: Strategic Insights
| Market Size Value in | US$ 266.78 million in 2021 |
| Market Size Value by | US$ 430.61 million by 2028 |
| Growth rate | CAGR of 7.1% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Equipment Rental Software Market Drivers and Opportunities
Growth of Construction Industry to Favor Market
Public investment projects are giving a big push to the construction industry. This includes mega-projects in sectors such as urban infrastructure, transportation, roads, irrigation, and real estate. The Airports Authority of India is investing US $7.3 billion in building new airports, expanding and upgrading existing ones, and strengthening runways, technical blocks, and control towers. It will also expand the three PPP airports in Delhi, Bengaluru, and Hyderabad, with an investment of US $3.59 billion by 2025. Construction material industry construction equipment rental software ensures that you have a reliable and reliable solution that meets clients' needs. With specific features such as industrial equipment pricing, preventive maintenance, serial number management, and repair modules, Sirius-e was designed to meet all the needs of tool and equipment rental. Sirius-e’s ability to handle rentals, sales, and service all in one integrated rental software will bring significant benefits to your construction rental business.
Embracing Digital Transformation
The advent of digital technologies presents unprecedented opportunities for rental equipment businesses to streamline operations, enhance customer experiences, and drive growth. Embracing digital transformation initiatives, such as cloud-based rental management systems, IoT-enabled equipment tracking, and mobile applications for customer engagement, enables businesses to stay ahead of the curve. By leveraging data analytics and predictive insights, businesses can optimize resource allocation, anticipate customer needs, and make informed business decisions. Microsoft Dynamics 365 Business Central can be a valuable solution for equipment rental companies, providing an integrated platform to manage various aspects of their business operations efficiently.
Equipment Rental Software Market Report Segmentation Analysis
Key segments that contributed to the derivation of the equipment rental software market analysis are component, deployment, organization size, and end user.
- Based on the component, the equipment rental software market is divided into software and services.
- By deployment, the market is segmented into on-premise and cloud-based.
- By organization size, the market is segmented into small and medium enterprises and large enterprises.
- In terms of end users, the market is segmented into manufacturing, construction, transportation, and others.
Equipment Rental Software Market Share Analysis by Geography
The geographic scope of the equipment rental software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. The growing construction activities across North America and the growing need for operation efficiently among enterprises are driving the growth of the market. Various players across North America are launching equipment rental software. For example, in September 2020, Orion Software announced a deal with Telus to sell and commercialize GPS technology to supplement its rental services. Rental companies can use the Sirius e platform to update their meters in real time, invoicing overuse and triggering preventive maintenance alerts. The customer portal's web portal can also locate equipment in the field on a construction site. This integration with Telus technology provides a significant deployment benefit. Rental companies can get a standard technology that works on all equipment brands and is very simple to install.
Equipment Rental Software Market Report Scope
Equipment Rental Software Market News and Recent Developments
The equipment rental software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the equipment rental software market are listed below:
- EZRentOut has introduced a slew of new features and enhancements. Rentals to businesses are made easier with the B2B customer management module. Customers can now use a Quick Check-in button for faster and more efficient returns, charge rental rates based on how much the asset was used, and add charts/graphs from Custom Reports directly to the Dashboard, among other features. (Source: EZRentOut, March 2022)
- Point of Rental Software has expanded its operations in South Africa, as it is one of the company's growth strategies; the company is targeting business intelligence software solutions in Sub-Saharan Africa. (Source: Point of Rental Software., December 2021)
Equipment Rental Software Market Report Coverage and Deliverables
The “Equipment Rental Software Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Equipment rental software market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Equipment rental software market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Equipment rental software market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the equipment rental software market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment, Organization Size, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the equipment rental software market in 2023.
The growth of the construction industry is the major factors that propel the global equipment rental software market.
The implementation of predictive analytics to play a significant role in the global equipment rental software market in the coming years.
The leading players operating in the global equipment rental software market are BCS Prosoft, LLC, Booqable, eSlJB Inc., EZRentOut, HQ Rental Software, inspire Ltd., MCS Global Ltd., Orion Software Inc., Point-of-Rental, and Wynne Systems.
The global equipment rental software market is expected to reach US$ 504.1 million by 2031.
The market is expected to register a CAGR of 7.4% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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