The global lost and found software market size was US$ 87.1 million in 2021. The global lost and found software market is forecast to grow to US$ 5461.1 million by 2030 by registering a compound annual growth rate (CAGR) of 51.9% during the forecast period from 2022 to 2030.
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By logging and arranging the information related to the lost and found objects, lost and found software streamlines the process of returning lost items to their owners. The program gives businesses a single platform to manage lost or discovered things. This software is typically used by companies with big client bases or staff populations, such as airports, hotels, and shopping malls, because it develops a digital network of lost and found things that make it easier to manage these activities.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Customers may utilize lost-and-found software with ease, and it makes convenient to look for misplaced items. Customers can utilize a variety of search options, such as keywords, categories, or even dates, to discover missing things. Thus, it allows users to track their precise position. The software offers simple accessibility and simplicity, which enhances service and the customer experience in public places like hotels, airports, etc. As a result, it is expected to drive the growth of the market during the study period.
Advanced capabilities included in lost and found software can bring ample growth opportunities for the market during the study period. It assists management in matching claims with item descriptions and photographs, facilitating the process and reducing the likelihood that the wrong person will retrieve the item. When compared to other conventional techniques for managing lost and found things, this results in a high rate of recovered property, which is a major factor fueling the expansion of the global industry.
On the flip side, low awareness among target customers may limit the growth of the lost and found software market during the study period.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the end users of lost and found software, such as hotels, hospitals, and airports, record a sharp decline in terms of revenue. Some hotels were pushed to close their doors permanently as a result of the drastic fall. As a result, it hampered the growth of the lost and found software market.
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Regional Analysis
North America is expected to record significant growth in the lost and found software market and is expected to continue to dominate during the study period. It is owing to the highest rate of adoption of technologies in the region. Apart from that, the rising investments in research and development activities and the availability of technical expertise will also contribute to the growth of the lost and found software market during the forecast period.
Competitors in the Market
? 24/7 software
? IQware
? chargerback
? Lostings Inc.
? MissingX
? ReclaimHub
? Rubicon IT GmbH
? Troov
? Crowdfind
? Have it Back
? iLost
? Other Prominent Players
Market Segmentation
The global lost and found software market segmentation focuses on Type, Application, and Region.
By Type
? Annual subscription
By Application
? Airlines
? Airports
? Hotels
? Others
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By Regional Outlook
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
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