Asset Finance Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Asset Finance Software Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Asset Finance Software Market

The asset finance software market size was valued at USD 3.81 billion in 2023, and the market is now projected to grow from USD 4.06 billion in 2024 to USD 7.72 billion by 2032, exhibiting a CAGR of 8.4% during the forecast period of 2024-2032.

The pandemic had a temporary influence on this business. The shortage of transportation and raw materials disrupted supply chains and slowed new product launches, necessitating the use of financial assets. The post-COVID-19 period saw a boom in demand for this software due to increased leasing of assets.

Demand for branded equipment and new commercial versions is a key driver of asset finance software market growth. As retail equipment purchases become more common, the need for utility vehicle finance and loans is expected to increase, ensuring the industry remains dominant. As demand for utility vehicles in industrial enterprises has climbed, so has the global average cost of cars. Rising car prices prompted firms to borrow automobiles rather than buy them directly.

The automobile industry is transitioning from independently owned vehicles to autonomous and shared mobility due to environmental concerns, technical breakthroughs, and shifting consumer habits. Bundled services in business fleets, on-demand transportation, and new car technology all contribute to increased leasing and flexibility ownership liabilities. New players prioritize flexible transportation options, taking use of emerging technology like EVs.

Comprehensive Analysis of Asset Finance Software Market

The market for asset finance software is divided into hard assets and soft assets. Hard assets hold the highest market share due to high demand for heavy equipment in manufacturing, agriculture, and transportation industries. Soft assets are expected to grow due to increasing startups in the Middle East, Africa, Asia Pacific, and South America. The cloud segment holds the maximum market share due to its cost-effectiveness and scalability. The market is segmented into large enterprises, small & medium enterprises, with large enterprises dominating due to early adoption and demand for asset management. The transportation segment has the highest revenue share due to a surge in second-hand transportation facilities. Construction is expected to record the highest CAGR.

The North America region lead the asset finance software market share by benefitting a market size of USD 1.42 billion in 2023 due to North America led the market, accounting for more than 30% of the revenue. The region has made major advancements in infrastructure development and technology adoption. Large IT firms and growing digitalization in the US and Canada are expected to boost market growth. The market is predicted to increase as connected, smart, and secure technologies are being used for asset-centric applications.

Major players such as Oracle Corporation (U.S.), Bang Soft (Poland), Companies include ieDigital (UK), Lendscape Limited (UK), Alfa Financial Software Limited (UK), Odessa Technologies (US), and CHG-MERIDIAN (Germany), Ausloans Finance Group (Australia), CGI Inc. (Canada), and FIS (US) offer innovative asset finance solutions to clients. They also intend to expand their present product offering to offer flexible and user-friendly asset finance options. In addition, corporations prioritize partnerships, cooperation, and acquisitions to enhance their product offers.

In April 2023, UT B collaborated with Alfa, an asset financing software expert, to enhance lender services, accelerate decision-making and disbursements, and support the company's aggressive expansion objectives.

Segmentation Table

Attribute Details

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 8.4% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Asset Type

Hard Assets

Soft Assets

By Deployment

Cloud

On-premise

By Enterprise Type

Large Enterprises

Small & Medium Enterprises

By End-user

Transportation

IT & Related Services

Construction

Agriculture

Medical Equipment

Banks

Industrial/Manufacturing Equipment

Others (Materials Handling, Energy)

By Region

North America (By Asset Type, By Deployment, By Enterprise Type, By End-user, and By Country)

- U.S. (End-user)

- Canada (End-user)

- Mexico (End-user)

South America (By Asset Type, By Deployment, By Enterprise Type, By End-user, and By Country)

- Brazil (End-user)

- Argentina (End-user)

- Rest of South America

Europe (By Asset Type, By Deployment, By Enterprise Type, By End-user, and By Country)

- U.K. (End-user)

- Germany (End-user)

- France (End-user)

- Italy (End-user)

- Spain (End-user)

- Russia (End-user)

- Benelux (End-user)

- Nordics (End-user)

- Rest of Europe

Middle East & Africa (By Asset Type, By Deployment, By Enterprise Type, By End-user, and By Country)

- Turkey (End-user)

- Israel (End-user)

- GCC (End-user)

- North Africa (End-user)

- South Africa (End-user)

- Rest of the Middle East & Africa

Asia Pacific (By Asset Type, By Deployment, By Enterprise Type, By End-user, and By Country)

- China (End-user)

- India (End-user)

- Japan (End-user)

- South Korea (End-user)

- ASEAN (End-user)

- Oceania (End-user)

- Rest of Asia Pacific


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