equipment rental software Market

The equipment 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% during 2021-2028.

The growth of the equipment rental software market in North America is being boosted by the increasing adoption of emerging technologies, including big data, artificial intelligence (AI), and machine learning (ML). Factors driving the market growth in the region include the need for data security, faster Disaster Recovery (DR), and compliance requirements. Additionally, the demand for equipment rental software is being fueled by the desire to mitigate risks, achieve scalability and flexibility in data management, simplify storage and infrastructure, and improve business efficiency.

The implementation of trade agreements is considered a top method for expanding foreign markets to exporters in North America. Currently, the US has 14 active agreements with 20 countries, including NAFTA and CAFTA-DR. In Canada and Mexico, the USMCA took effect on July 1, 2020. These policies facilitate the growth of various industries such as manufacturing, construction, medical, mining, transportation, and consumer electronics. Recent data from the US Census Bureau indicates that the US goods trade deficit hit an all-time high of $1.09 trillion in 2021, with an increase of $168.7 billion (18.3%) from the previous year. In addition to favorable policies, the North America equipment rental software market is also driven by the adoption of emerging technologies such as IoT and AI, as well as the rapid uptake of cloud computing.

The APAC market for equipment rental software is rapidly evolving due to various government initiatives such as Digital India, and an increase in digitization and competition among small and large enterprises. With the growth of the logistics industry in APAC, fleet management services are also expanding. Many industries are striving to achieve maximum output at minimum cost, leading them to adopt equipment rental software. Retailers and equipment rental management companies bear significant operating expenses in the form of fleet costs, making them keen on leveraging the tracking and inventory management features offered by equipment rental software providers. By using GPS tracking, dealerships and rental firms can monitor all equipment in their software. Real-time KPIs integrated with GPS mapping help organizations make informed strategic decisions based on equipment usage, travel time and distance, freight cost, and other factors, providing them with a competitive edge.

Impact of COVID-19 Pandemic on Europe equipment rental software Market

Europe, led by Russia and the UK, suffered significant economic setbacks due to the COVID-19 outbreak, which impacted several industries, including construction. Business lockdowns, travel restrictions, and supply chain disruptions caused a decline in revenue across the region in 2020-2021. The construction industry was among the hardest hit, with a significant drop in building activity as construction sites shut down and safety equipment and personnel became scarce. Consequently, the rental equipment software market in Europe experienced an unexpected decline in 2020. However, a gradual recovery was observed in 2021, and normalization is anticipated to commence by 2022.

The equipment rental software market is categorized into two segments based on the component: software and services. The software segment dominated the market in 2021. The market is classified into cloud and on-premise based on deployment, with the cloud segment holding the larger market share in 2021. The market is divided into small and medium enterprises (SMEs) and large enterprises based on organization size, with the latter holding the larger market share in 2021. The market is segmented by end-users into manufacturing, construction, transportation, and others, with the construction segment leading the market in 2021. The equipment rental software market is further segmented by geography into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with North America holding the largest market share in 2021.

The equipment rental software market size has been determined through a comprehensive research process that involves both primary and secondary sources. The research process began with exhaustive secondary research using internal and external sources to gather qualitative and quantitative information related to the market. This process aimed to provide an overview and forecast of the equipment rental software market for all its segments, including the five major regions of North America, Europe, Asia Pacific, Middle East & Africa, and South America. To gain more analytical insights and validate data, primary interviews were conducted with industry participants such as VPs, business development managers, market intelligence managers, national sales managers, as well as external consultants including valuation experts, research analysts, and key opinion leaders who specialize in the equipment rental software market.  

BCS ProSoft, LLC; Booqable.com; eSUB, Inc.; EZRentOut; HQ Rental Software; inspHire Ltd.; MCS Global Ltd.; Orion Software Inc.; Point of Rental; and Wynne Systems are among the key companies operating in the equipment rental software market.