According to a recently released Future Market Insights analysis, the global towing software market is anticipated to grow at a CAGR of 5% from 2022 to 2032, reaching US$ 766.8 Million. The market’s growth can be due to the increase in small and medium enterprise management apps.
The market saw a 6% CAGR from 2015 to 2021, growing to a total value of US$ 447.8 million. One of the main reasons expected to propel the market during the assessment period is the expected growth of technology. The entry of new players into the market has forced the incumbent firm to introduce new features in order to obtain a competitive advantage and expand its market share.
By using cloud-based towing software, new enterprises may now access data from any location and on any device. Because of this, business owners are able to lower operating costs and raise market efficiency, which is projected to give the sector a considerable boost during the assessment period.
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Due to rising vehicle utilization and the need for sophisticated towing solutions, the Asia Pacific region is expected to develop at the quickest rate throughout the projected period. Due to the presence of developing economies like China, Japan, and India, the area has been seen as one of the most significant marketplaces for cloud-based services and design software. The government is also making significant investments in transportation infrastructure, which is ostensibly supporting the market for towing software.
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
- The 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.
Competition Analysis
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
Table of Content
1. Executive Summary | Towing Software Market
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Million)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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