The global towing software market is expected to reach US$ 766.8 Million and exhibit a CAGR of 5% during the forecast period from 2022 to 2032, reports a recently published Future Market Insights study. Expansion of the market can be attributed to the growing applications for small & medium enterprise management.
From 2015 to 2021, the market experienced a CAGR of 6% to be valued at US$ 447.8 Million. Growing technological advancement is estimated to be one of the key factors driving the market during the assessment period. The arrival of newcomers in the market has compelled the established player to add new features to gain a technological edge and gain new grounds in the industry.
The adoption of cloud-based towing software has encouraged new businesses to access information from anywhere and from any device. Owing to this, the business owners are capable to cut down the cost of business and increase efficiency in the market, thereby likely to provide a significant boost to the industry during the assessment period.
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The Asia Pacific is anticipated to witness the fastest growth during the forecast period, attributed to the increasing amount of vehicle usage and growing demand for sophisticated towing solutions. The region has been acknowledged as one of the most notable markets for cloud-based services and design software owing to the presence of evolving economies such as China, Japan and India. Additionally, the governing bodies are investing heftily in transportation infrastructure, which is postulating support to the towing software market.
Key Points from the Market Study
• Global towing software market to accumulate US$ 471.4 Million by 2022-end
• By type, cloud-based towing software is anticipated to dominate the market, exhibiting a CAGR of 4.9%
• By application, the SMEs segment is projected to record a CAGR of 6.4% from 2022-2032
• S to dominate in terms of market growth, registering a CAGR of 4.7% until 2032
• Market in the U.K to garner a market value worth US$ 32.3 Million by 2032
• Industry in China to record a CAGR of 4.3% during the forecast period
• Market in South Korea is expected to hold a value of US$ 27.6 Million during the assessment period
“Growing adoption of technological advances like cloud bases services have slashed the cost of the business in the Large & SMEs and improved the functionality of the businesses over the forecast period,” remarks an FMI analyst.
Key players in the global towing software market include TOPS, Clearplan, Dispatch Anywhere, ProTow, and Tow Administrator, among others. Some of the recent developments in the global towing software market are:
• In October 2021, Force technology launched SimFlex Cloud, a dedicated SaaS solution offering highly realistic navigation training. Unlocking agile and accessible maritime training, SimFlex cloud provides global onshore and onboard access to FORCE Technology’s highly realistic SimFlex simulator and the technology-leading Den-Mark simulator engine and model library.
• In May 2022, FleetPride Inc., the nation’s largest distributor of truck and trailer parts and service in the independent heavy-duty aftermarket, announced the acquisition of the assets of T&R Towing and Service Centers of Bath.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Towing Software market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product type (Installed-pc, Installed mobile, and Cloud-based), end-user (General Contractors, Building Owners, Independent Construction Managers, Sub-Contractors, and others), and Region ((North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)
Key Segments Covered in the Towing Software Industry Report
Towing Software Market by Type:
• Cloud-based Towing Software
• Web-based Towing Software
Towing Software Market by Application:
• Towing Software for Large Enterprises
• Towing Software for SME
Towing Software Market by Region:
• North America Towing Software Market
• Latin America Towing Software Market
• Europe Towing Software Market
• Asia Pacific Towing Software Market
• Middle East & Africa Towing Software Market