The global towing software market was estimated at USD 447.8 Million in 2021 and is expected to secure USD 471.4 Million by 2022, exhibiting a Y-o-Y growth rate of 5.3%. The market is projected to procure USD 766.8 Million by 2032, expanding at a CAGR of 5% during the forecast period from 2022 to 2032.
The global towing software market is expected to represent sturdy growth in the forecast period owing to the increasing demand for advanced towing solutions across the globe.
| Attributes | Details |
|---|---|
| Global Towing Software Market CAGR (2022 to 2032) | 5% |
| Global Towing Software Market (2022) | USD 471.4 Million |
| Global Towing Software Market (2032) | USD 766.8 Million |
| Global Towing Software Market Attraction | Elevated demand for advanced towing solutions has compelled key players to add new features to the existing software, thereby expanding the market size for towing software. |
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The global towing software market is experiencing moderate growth owing to the swelling demand for advanced towing solutions. Moreover, the upward trend of vehicle automation and the increasing number of vehicles in use are also contributing to the growth of this market.
The presence of a well-established automotive sector and the growing investment in transportation infrastructure are also encouraging the growth of this market. Besides, the growing implementation of tow truck software by large enterprises and SMEs globally is another key aspect driving the growth of this market.
Tech giants are compelled to digitally transform their business models and are capitalizing heavily on digital platforms to get value-producing opportunities and stay ahead of other players along with improving the consistency and quality of their services. From artificial intelligence, augmented reality, and virtual reality to the internet of things, the mounting number of internet-connected gadgets across the globe is contributing to the development of the global Towing Software market.
In the past two to three decades, the towing software market has witnessed a drastic revolution followed by several technological advances and innovations. With the arrival of new towing software in the market, the established players are facing cutting-edge competition from the newcomers.
To survive, prominent software brands like a beacon, trackers, and VTS systems are launching advanced features and are collaborating to expand their market grounds. Throughout the year, Telematics or integrated GPS has become the fastest-growing brand by offering intelligent dispatch and interactive drivers, along with real-time performance data.
The adoption of cloud-based towing management software like towbook for towing companies is facilitating dispatching, impounds, invoicing, and more. This software can now be accessed from anywhere through mobile phones and iPhones. Similar to tow book, other applications like Housecall Pro, mHelpDesk, jobber, and others are offering lucrative growth prospects for towing software across the globe.
Despite multiple applications in Large and SMEs, there comes along few market limitations which restrict the market expansion of Towing Software. Some of them include the dearth of skilled professionals and the absence of awareness about the towing software in the market.
Besides, the rising cases of cyber threats are one of the prominent restraining factors which increase privacy concerns among individuals. The high cost of towing software is also a significant factor that put forward challenges in the growth of the market.
Demand for Cloud-based Towing Software to Remain Prominent
According to Future Market Insights, the cloud-based towing software segment is estimated to be most sought after, expanding at a CAGR of 4.9% throughout the forecast period. Cloud-based software is an internet-based program. It’s an impressive substitute for the conventional way of installing and running applications on our servers or desktop computers.
Running programs in this manner proposes numerous discrete benefits, including the lower cost which eradicates the necessity of expensive hardware as the user already has everything they require- an internet-enabled system. This cloud-based software can be accessed from any location and from any device which facilitates automatic updating.
In a nutshell, cloud-based towing software is an IT resource that is offered over the Internet. These services can come in the form of public clouds, private clouds, and hybrid clouds, which integration of public and private clouds. Prominent cloud service providers are Google Cloud Platform, Amazon Web Services, Microsoft Azure, IBM Cloud, Oracle, and others.
VTS Cloud technology provides mobility, flexibility, simplicity, and security, at an affordable price. Web-based towing software redefined. To improve the market performance, the company has added some new features to VTS Classic such as Cloud Lite and Cloud Classic. While the Cloud Lite is suitable for small & medium enterprises, the Cloud Classic is regardless of size.
Towing Software to be Deployed Most across SMEs
By application, SMEs are prominent users of tow truck software. The software assists these businesses to supervise their fleet, dispatching drivers, and tracking vehicles in real time. Additionally, the software also offers information on fuel proficiency and vehicle diagnostics. This permits industrialists to make well-versed decisions about their operations. Besides, the usage of tow truck software can aid businesses to reduce fuel costs and maintenance expenses. Therefore, there is a mounting demand for tow truck software among SMEs globally.
According to the Future Market Insights report, the SME segment is likely to grow at a 6.4% CAGR. This growth is backed by rising government initiatives, including digital campaigns such as social media marketing, video marketing, and search engine marketing. For example, in May 2020, Singapore's Info-Communications Media Development Authority (IMDA) launched a public consultation process to form a policy framework to enable the deployment of 5G networks. These efforts are elevating the application of towing software in small & medium enterprises across the globe.
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The USA held the largest share in 2021 and witnessed moderate growth during the historic outlook. A recently published report by Future Market Insights reveals that the USA towing software market is projected to surpass USD 272.1 Million by 2032, documenting a CAGR of 4.7%. The market growth is attributed to the soaring demand for cloud-based tow truck software and the upward trend in vehicle automation. Additionally, the country has a well-established automotive sector, which is further expanding the towing software market.
Factors such as an improvement in operational efficiency owing to remote data accessibility and enhanced communication with the usage of connected navigation technology are likely to augment the growth of the USA towing software market. Moreover, there has been amplified demand for roadside assistance, expected to offer affluent growth prospects to the USA towing software market.
In May 2022, Traxero North America announced combining the towing software providers under one company. This shift in the industry of integrated solutions will empower towing and roadside assistance businesses to save time and money.
The Chinese tow truck software market witnessed the fastest growth in recent years. The prominent drivers for this growth are the increasing number of vehicles in usage and the snowballing demand for sophisticated towing solutions. Additionally, the governing bodies are investing heftily in transportation infrastructure, which is postulating support to the towing software market.
As per the Future Market Insights report, China captures the majority share in the Asia Pacific towing software market, contributing nearly 33% to the market revenue. The Chinese market for towing software is forecasted to expand at a CAGR of 4.3% to exceed USD 55 Million by the end of 2032.
In July 2021, CGG Countries GeoSoftware and Amazon Web Services (AWS) extended their partnership in the global E&P industry to China (NWCD working for AWS China Ningxia region, Sinnet working for AWS China Beijing Region). GeoSoftware 11.0, CGG’s recently presented portfolio of reservoir characterization and petrophysical interpretation software solutions, is presently available in AWS China (Ningxia) region for the Chinese E&P industry.
| Countries | Estimated CAGR |
|---|---|
| USA | 4.7% |
| United Kingdom | 4% |
| China | 4.3% |
| Japan | 3.4% |
| India | 4.1% |
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:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5% from 2022 to 2032 |
| Market Value in 2022 | USD 471.4 Million |
| Market Value in 2032 | USD 766.8 Million |
| Base Year for Estimation | 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Application, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Nordics, BENELUX, China, Japan, South Korea, GCC Countries, South Africa |
| Key Companies Profiled | TOPS; Clearplan; Dispatch Anywhere; ProTow; Tow Administrator; TowBook; DATOW; Roadside; TownManager; TowSoft; FleetPride Inc.; Force Technology |
| Customization | Available Upon Request |
The global towing software market is estimated to reach USD 776.8 Million by 2032.
The global towing software market was estimated at USD 447.8 Million in 2021.
The USA is projected to lead the market, procuring USD 272.1 Million while expanding at a CAGR of 4.7% until 2032.
According to Future Market Insights, China is anticipated to grow at a 4.3% CAGR with respect to towing software deployment.
The cloud-based segment is predicted to lead the market, with a CAGR of 4.9%.
By application, towing software for SMEs will remain dominant, growing at a 6.4% CAGR.
TOPS, Clearplan, Dispatch Anywhere, ProTow, and Tow Administrator, among others, are some of the key participants in the market.
| Estimated Size, 2024 | USD 13,243.1 million |
|---|---|
| Projected Size, 2034 | USD 26,295.7 million |
| Value-based CAGR (2024 to 2034) | 7.1% |
| Estimated Market Value (2024E) | USD 17,679.6 million |
|---|---|
| Projected Market Size (2034F) | USD 33,500.2 million |
| Value-based CAGR (2024 to 2034) | 6.7% |
| Base Year Market Value (2023) | USD 1126.7 million |
|---|---|
| Projected Year Market Value (2033) | USD 2432.5 million |
| CAGR (2023 to 2033) | 8% |
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