The equipment rental software market is expected to grow from US$ 266.78 million in 2021 to US$ 430.61 million by 2028; it is estimated to grow at a CAGR of 7.1% during 2021–2028.
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.
With the growing competition, urbanization, and exponential growth in automation and construction industries, the equipment rental software market has shown a rapid 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 growth. Further, with the expansion of the industrial Internet of Things (IoT), digital twin, and augmented reality (AR), the demand for equipment rental software is expected to grow at a rapid pace over the coming years. 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.
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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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Speak to AnalystImpact of COVID-19 Pandemic on North America Equipment Rental Software Market
The COVID-19 outbreak severely impacted the supply chain, affecting the residential construction industry in North America. The evolution of the outbreak from a China-centric threat to a worldwide pandemic has shifted the disease's impact on North American construction supply networks and marketplaces. The pandemic posed various obstacles for the construction industry and has also affected the equipment rental software market growth. The size and severity of these issues will primarily be determined by the crisis's nature and duration, the recession's length, and the road to recovery. In 2020, the building industry, particularly the new residential segment, was doing well and seeing a rise in activity across various industries. Many ongoing projects deemed necessary by government officials were not halted, but new residential construction permits were suspended due to the rising number of instances worldwide. As a result, the crisis had a minimal impact on the demand for rental equipment and software.
Lucrative Regions for Equipment Rental Software Market
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Equipment Rental Software Market Insights
Growth in Demand for Construction in Power Sector
Many power generation businesses, particularly in the North America and Europe, are investing in renewable energy sources. For instance, in December 2017, EDF Energy announced a US$ 27 billion investment in solar power infrastructure. Furthermore, governments across the world are promoting renewable energy sources by providing incentives and subsidies to enterprises that generate renewable energy. Wind power generators in Australia were granted US$ 600 million in subsidies by the Australian government. Thus, the proliferation of the power sector, especially the renewable energy industry, would boost the demand for construction services. As a result, the need for heavy equipment is expected to rise in the industry in the coming years, which is likely to provide significant opportunities to the equipment rental software market players in the future.
Component-Based Market Insights
Based on component, the equipment rental software market is segmented into software and services. In 2021, the software segment led the market with a larger share.
Equipment Rental Software Market, by Component, 2020 and 2028 (%)
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Deployment – Based Market Insights
Based on deployment, the equipment rental software market is bifurcated into cloud and on-premise. In 2021, the cloud segment accounted for a larger market share.
Organization Size – Based Market Insights
Based on organization size, the equipment rental software market is segmented into small and medium enterprises (SMEs) and large enterprise. In 2021, the large enterprises segment accounted for a larger market share.
End Users – Based Market Insights
Based on end users, the equipment rental software market is segmented into manufacturing, construction, transportation, and others. In 2021, the construction segment accounted for the largest market share.
The players operating in the equipment rental software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the equipment rental software market. A few developments by key players are listed below:
- In January 2022, the new features offered by Booqable such as request and accept payments with the New Booqable iOS App. The new Booqable iOS app made it 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.
- In October 2022, eSUB construction software released new project summary dashboards. The dashboards are the part of company's ongoing efforts 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 control over projects and take snapshots of real-time job costing data and projected profitability.
Company Profiles
- BCS ProSoft, LLC
- Booqable.com
- eSUB, Inc.
- EZRentOut
- HQ Rental Software
- inspHire Ltd
- MCS Global Ltd
- Orion Software Inc.
- Point of Rental
- Wynne Systems
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
Expansion of construction industry, and enhanced security and accessibility for dealers to improve enterprises business operation efficiency are driving the growth of the equipment rental software market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including equipment rental software market. Further, growth in demand for construction in power sector, the incorporation of quantum computing in artificial intelligence and the growing development of robots using artificial intelligence are presenting significant potential for the future growth of the equipment rental software market players.
Based on component, the equipment rental software market is segmented into software and services. In 2020, the software segment led the equipment rental software market, accounting for the largest share in the market.
In 2020, North America led the market with a substantial revenue share, followed by Asia Pacific and Europe. North America is a prospective market for equipment rental software developers.
The major companies in equipment rental software includes 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.
Based on deployment, the equipment rental software market can be segmented into Cloud based, and On-premises. In 2020, the cloud-based segment accounted for the largest market share.
The List of Companies - Equipment Rental Software Market
- BCS ProSoft, LLC
- Booqable
- eSUB Inc.
- EZRentOut
- HQ Rental Software
- inspHire Ltd.
- MCS Global Ltd.
- Orion Software Inc.
- Point-of-Rental
- Wynne Systems
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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