Enhanced Security and Accessibility for Dealers to Create Growth Opportunities for Equipment Rental Software Market Players During 2021–2028
According to our latest market study on “Equipment Rental Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, Organization Size, and End User,” the market is projected to reach US$ 430.61 million by 2028 from US$ 266.78 million in 2021; it is expected to grow at a CAGR of 7.1% from 2021 to 2028.
Rental software solutions improve the security of 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. It 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. There is also a physical security precaution to ensure that the server is not freely accessible to unauthorized individuals. In addition, the demand for cloud-based equipment rental software has skyrocketed due to its various advantages, such as maximizing company return on investment (RoI) by efficiently renting out gears and minimizing equipment downtime. Many companies are coming up with advanced features of cloud-based equipment rental software. For instance, on March 14, 2022, EZRentOut introduced a slew of new features and enhancements. Such factors are likely to propel the equipment rental software market growth during the forecast period.
Furthermore, the market is expected to grow in the coming years due to increasing building activities and rising usage of machinery on a rental basis. Furthermore, the market players are introducing new machines with modern technology, resulting in an increase in demand for innovative equipment. In addition, the growing number of infrastructure development projects across the world would fuel the equipment rental software market growth in the future.
The global equipment rental software market is segmented on the basis of component, deployment, organization size, and end user. Based on component, the market is segmented into software and services. Based on deployment, the market is bifurcated into on-premise and cloud. By organization size, the market is segmented into SMEs and large enterprises. Based on end user, the market is segmented into manufacturing, construction, medical, mining, transportation, consumer electronics, and others.
Impact of COVID-19 Pandemic on Equipment Rental Software Market
Over the past two years, the global equipment rental software market faced turbulence due to the COVID-19 pandemic, as building operations were halted during the lockdown period to maintain social distancing and restrict the spread of the virus. However, with the progressive reopening of the economy, demand for equipment rental software is regaining pace as governments are raising their spending on construction activities to bring GDP growth back on track, which is likely to boost the equipment rental software market during the forecast period.
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 players operating in the equipment rental software market. Furthermore, at regular periods, new dealers enter the market. Ancient global traders compete fiercely in the market, attempting to match technical revolutions, dependability, and commonplace of equipment rental software industry product affairs.
Equipment Rental Software Market – by Region, 2021 and 2028 (%)
Equipment Rental Software Market Growth & Trend Analysis by 2028
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Equipment Rental Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On-Premise and Cloud-Based), Organization Size (Small and Medium Enterprise and Large Enterprise), and End User (Manufacturing, Construction, Transportation, and Other)
Equipment Rental Software Market Growth & Trend Analysis by 2028
Download Free SampleEquipment Rental Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software and Services), Deployment (On-Premise and Cloud-Based), Organization Size (Small and Medium Enterprise and Large Enterprise), and End User (Manufacturing, Construction, Transportation, and Other)
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