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Global Lost and Found Software market: Market Segments: By Type (Annual Subscription); By Application (Airlines, Airports, Hotels and Others); and Region - Analysis of Market Size, Share & Trends for 2014 - 2024 and Forecasts to 2024
Lost and found software simplifies the process of returning lost items to the owners by recording and organizing the data associated with the lost and found items. The software provides a centralized platform to the businesses for managing the lost or found items. Businesses with large customer base or employees, such as airports, hotels, shopping malls generally use this software since it establishes a digital network of the lost and found items which help to manage these activities efficiently. The software consists of various inbuilt tools that enhance the customer as well as the employee experience, such as, customer-facing database with search and image recognition capabilities that amplifies the rate of return of the lost items. It also increases the efficiency of professionals working under the lost and found department as it eliminates manual methods of recording the data using spreadsheets, also, by offering various organizational aspects such as item categorization and labeling which is less time consuming and efficient.
Global Lost And Found Software market to surpass USD 262.80 million by 2024 from USD 58.80 million in 2019 at a CAGR of 59.90% throughout the forecast period, i.e., 2020-24. The lost and found software market is growing due to the accelerating demand for a robust solution to manage lost and found articles at different public places including hotels, airports, airlines, universities, railways, and others. The market is anticipated to grow due to the adoption of digital technologies such as cloud, IoT, artificial intelligence, analytics, big data which are used to manage lost and found items at various public places.
Source: Fatpos Global Analysis
Global Lost And Found Software market is segmented by Type into Annual Subscription. The annual Subscription segment held the largest market share in the year 2019 as it provides approachable offers to the customers to try and test the service of the software. Annual subscription plans work best for businesses who are confident to use the software for a longer duration of time (for a year or longer). The annual subscription plan is more secured for business upfront since it assures that the customer will be around for at least 12 months. This provides more time to engage with the customer and confirm if the implementation of the service was successful.
Global Lost And Found Software market is distributed by Application into Airlines, Airports, Hotels, and Others. Hotel Segment held the largest market share of XX.X% in the year 2019. With the rise in tourist arrivals, the lost and found cases have also observed an upsurge over the past few years. The hotel’s lost and found process can be streamlined and automated using lost and lost and found software. Approximately, 46 million items are lost in US hotels each year which is can be a time-consuming task for the employees to record the data and taking reports. The software enables the guests to report the misplaced items on the hotel website which is further matched with lost item reports.
Lost and found software can be easily used by the customers and provides the convenience to search the lost items. Customers can use various search options to find their lost items using keywords, category, or even dates that enables them to know the exact location of their lost items. The software provides easy accessibility and convenience that improves the service as well as customer experience at airlines, hotels, and other public places which is a key factor driving the growth of the global market.
Lost and found software is inbuilt with advanced tools that help the management to match the claims with the descriptions and pictures of the items, this simplifies the overall process and minimizes the probability of the wrong person picking up the lost item. Besides, the software also eliminates the traditional method of recording data in spreadsheets that enhances the efficiency of the professionals and reduces workload. This leads to a high rate of returned property in comparison to other traditional methods used for the management of lost and found items which is a key factor driving the growth of the global market
The dearth of expertise to operate the lost and found software and lack of proper infrastructure to support the system among end-users is expected to hamper the growth of the global market. Besides, low awareness among end-use industries regarding the lost and found software is also impacting the global market.
Global Lost And Found Software market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East Africa. Global Lost And Found Software market in North America held the largest market share of XX.X% in the year 2019. North America will continue to dominate the Global Lost and Found Software market owing to the highest rate of adoption of technologies, investments in research and development activities, and availability of technical expertise in the region.
Lost and Found Software market Segments:
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Global Lost and Found Software Market Dynamics
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