Equipment Rental Software Market Size, Share, Growth, And Industry Analysis, By Type (Cloud Based and Web Based), By Application (Large Enterprises and SMEs), Regional Forecast To 2031

Updated On: 01 April 2024

Equipment Rental Software Market Report Overview

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The global equipment rental software market size was USD 46.83 billion in 2022 and the market is expected to reach USD 52.77 billion in 2030, exhibiting a Compound annual growth rate (CAGR) of 1.5% during the forecast period. The market's growth and demand returning to pre-pandemic levels when the pandemic is finished is what caused the abrupt increase in CAGR.

Rental companies can handle orders, maintenance of equipment and tracking, and the back-office operations of their enterprises by using equipment rental software. This includes managing the rental of heavy machinery, recreational equipment, and other types of equipment. This software supports numerous back-office tasks, including accounting, and assists with inventory management and tracking equipment maintenance. Except for car rentals, this programme was made for rental companies.

The equipment rental software industry has expanded quickly due to increased rivalry, urbanization, and the exponential rise of the automation and construction industries. The industry rental software sector is growing as a result of the increasing adoption of industry 4.0 and 5G wireless technology, which is driving demand for automation solutions across numerous industry verticals. Additionally, with the development of the industrial Internet of Things (IoT), the digital twin, and augmented reality (AR), it is anticipated that the demand for equipment software will increase quickly in the upcoming years.

COVID-19 Impact: Negative Impact on the North America Home Construction Market as a Result of the Challenges Created by the Pandemic

The COVID-19 epidemic had a significant impact on the supply chain and the North American home construction market. Impact on North American construction supply networks and markets had changed as a result of the outbreak's transition from a threat focused on China to a global pandemic. The pandemic created a number of challenges for the building sector and had an impact on the expansion of the equipment rental industry. A surge in activity across numerous businesses was observed in the building sector in 2020, with the new residential category performing particularly strongly. In spite of the suspension of new home construction permits, many ongoing projects that government officials believed vital to continue with were not stopped. This was because of the increasing number of incidents around the world. In light of this, the crisis had little effect on the need for equipment software.

Latest Trends

"Commercialization of GPS Technology so that Organizations can Install and Work with all Brands of Equipment"

To complement its rental services, Orion Software and Telus announced a partnership in 2020 to market and commercialize GPS technology. The Sirius e platform allows rental companies to update their meters in real-time, bill for excessive usage, and send out notifications for routine maintenance. The web portal for the client portal can also find machinery out in the open on a building site. This technology combination with Telus offers a sizable deployment benefit. Rental organizations can obtain a standard technology that is very easy to install and works with all brands of equipment.

Equipment Rental Software Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Cloud Based and Web Based

• By Application Analysis

Based on application, the market can be divided into Large Enterprises and SMEs

Driving Factors

"Increase in Investments in Renewable Power Generation caused the Software Market Participants to Benefit due to the Former’s Market Growth"

The increase in investments in renewable power generation is predicted to cause the construction industry to expand quickly during the projection period. Renewable energy sources are being invested in by numerous power producing companies in the area. Additionally, by providing incentives and subsidies to businesses that produce renewable energy, governments in the region are boosting the use of renewable energy sources. For instance, the Australian government provided 600 million US dollars to Australian wind power plants. As a result, the demand for construction services will increase as the power sector, including the renewable energy industry, expands. Thus, equipment rental software industry participants are anticipated to benefit financially from the equipment rental industry's subsequent growth, which would propel the market in the area.

"Emerging Utilization of IoT and Predictive Analysis Pilots the Equipment Rental Industry Expansion"

The rental business may undergo a radical change as a result of Internet of Things (IoT) data production. Utilizing these data allows firms to operate more productively, comprehend their processes better, and make money. The use of analytical tools increases the potential of IoT data for corporate growth. By using the knowledge gained from these investigations, predictive analysis can be utilized to ensure that maintenance is carried out before a fault appears. Through data analysis, businesses can predict when equipment requires maintenance, changing asset management. Usually, usage or time dictates maintenance. The OEM'S maintenance plans are followed by rental companies to guarantee that the equipment is in good functioning condition. But if businesses can anticipate when equipment has to be fixed, they might increase usage and achieve higher general efficiency by saving money on unnecessary early maintenance. Therefore, by enhancing its expansion, the application of IoT and predictive analytics is projected to become an emerging priority in the equipment rental software business.

Restraining Factors

"Multiple Factors Associated with Renting Equipment can Obstruct the Broadening of the Sector"

The renter pays the rental firm on a regular basis; these payments also include a reserve for the tenant. it is due to the rented asset's potential for obsolescence. As a result, borrowing for equipment is sometimes viewed as expensive financing. In addition, if the renter cancels the agreement for the equipment rental before the end of the rental period, they typically have to pay a fee to the renter firm. The rental party suffers from having to pay the penalty. These factors can, therefore, hinder the equipment rental software market growth during the anticipated time frame.

Equipment Rental Software Market Regional Insights

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"Increase in demand for the equipment from the other sectors and the growing number of infrastructure projects is anticipated to grow the market"

The Asia-Pacific region, which in 2019 had the lion's share of global market revenue, was in supremacy. Construction, manufacturing, and the oil and gas industries, as well as others, have all seen an increase in demand for rental equipment. During the projected period, it is also anticipated that enterprises will spend more money to grow their commercial operations. Thus, the expansion of the equipment rental software market share is anticipated to be fueled by the rising number of infrastructure development projects throughout Asia Pacific over the forecast period.

The regional construction industry is growing as a result of the increase in major infrastructure projects in Germany, France, and Italy, such as airports and railways. The need for construction equipment rental software services in these areas is being driven by the rising number of construction projects. These elements are encouraging the European market's quick expansion over the course of the projection period.

Key Industry Players

"Key Players are Focusing on Discovering New Geographies to Acquire an Advantage over the Rival Firms"

The businesses are researching the market by implementing their preferred strategies, which include growth, investments, the introduction of new services, and collaborations. Through global expansion and acquisitions, the participants are discovering new geographies in an effort to acquire an advantage over rivals through coordinated cooperation. In addition, they are spending money on R&D projects to increase their market share over rivals and attract more clients.

List of Market Players Profiled

• EZRentOut (U.S.)
• ARM Software (U.K.)
• InTempo (U.S.)
• Wynne Systems (U.S.)
• Point of Rental (U.S.)
• HQ Rental Software (Curacao)
• eSUB (U.S.)
• Booqable (The Netherlands)
• Viberent (U.S.)
• Rentrax (Canada)
• Rental Tracker (U.S.)
• Orion Software Inc (Canada)
• Alert EasyPro (U.S.)
• MCS Global Ltd (U.K.)

Report Coverage

This report covers the equipment rental software market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2030. The effect COVID-19 had on the market in the beginning o f the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.