The equipment rental software market size is expected to grow from $266.78 Million in 2021 to $430.61 Million by 2028; it is estimated to grow at a CAGR of 7.1% during 2021–2028.

New York, April 05, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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)”, the global equipment rental software market growth is driven by the expansion of construction industry, enhanced security and accessibility for dealers to improve enterprises business operation efficiency.

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Equipment Rental Software Market: Competitive Landscape and Key Developments
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 that are profiled during equipment rental software market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global equipment rental software market and its ecosystem.

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In 2022, the Point of Rental announced that it is establishing the Canadian headquarters to focus on its large Canadian user base. To expand, the company is concentrating on its Toronto-based unit.

In 2020, Orion Software announced a deal with Telus to sell and commercialize GPS technology to supplement its rental services. Rental companies can use the Sirius e platform to update their meters in real time, invoicing overuse and triggering preventive maintenance alerts. The customer portal's web portal can also locate equipment in the field on a construction site. This integration with Telus technology provides a significant deployment benefit. Rental companies can get a standard technology that works on all equipment brands and is very simple to install.

The construction industry is likely to grow rapidly throughout the forecast period due to the rise in renewable power generation investments. 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 worldwide 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, will boost the demand for construction services. As a result, the need for heavy equipment is expected to rise in this industry in the coming years, thereby triggering the expansion of the equipment rental software market. The resultant flourishment of the equipment rental industry is likely to provide significant opportunities to the equipment rental software market growth in the future.

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The construction industry is expected to expand during the forecast period, owing to the government's focus on strengthening the country's tourism infrastructure. In addition, the administration wants to improve the tourism sector's long-term viability, focusing on making the country as a medical and health tourism powerhouse. Brazil reported approximately 9,000 hotel rooms under construction in January 2020, making it the leading country in South and Central America for the construction of lodging facilities. Colombia has the second-highest number of hotel rooms under development in the region, followed by Chile and Peru. There were 702 hotel building pipelines in South America in the first quarter of 2020. As a result, the region's booming construction industry is expected to propel the demand for heavy machinery on a rental basis, thereby expanding the equipment rental software market growth across South and Central America.

Argentina and Brazil are the two largest countries in South America. Equipment from the region's largest rental firms, Argentina-based Sullair and Brazil-based Solaris, can often be found on construction or industrial sites in both countries. This corporation expects to generate more than US$ 225 million in total revenue, with more than US$ 100 million coming from pure renting. Distribution accounts for roughly 30% of the company's revenue, while energy services account for about 25%.

Equipment Rental Software Market: Component Overview
Based on component, the equipment rental software market is bifurcated into software and services. The software segment led the equipment rental software market in 2020. The equipment rental software manages equipment maintenance, tracking, order, heavy equipment, back-office operations, recreational equipment, and other equipment rental businesses. Many dealers are hindered by outdated technology. With the rapidly evolving equipment rental industry, many enterprises are adopting equipment rental software as it offers advanced features such as setting up alerts, assigning tasks, and tracking rental status and fleet availability.

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In addition, the software provides complete visibility and greater control, which empowers dealerships and rental companies to make data-driven decisions. Therefore, many retailers and enterprises are adopting equipment rental software, which drives the growth of the equipment rental software market.

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