Global Fixed Asset Management Software Market 2023-2030

Global Fixed Asset Management Software Market 2023-2030

Global Fixed Asset Management Software Market Size, Share & Trends Analysis Report by Type (Software Solutions, and Services), by Deployment Model (Cloud Based, and On-Premises), and by End-User Industry (Industrial Manufacturing, Healthcare & Life Sciences, Energy & Utilities, and Transportation & Logistics) Forecast Period (2023-2030)

The global fixed asset management software market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period. Fixed asset management is the process of tracking and maintaining an organization's physical assets and equipment. The benefits offered by fixed asset management software in tracking and monitoring fixed assets; overseeing equipment and machinery in multiple locations, lower maintenance costs, and improved operational efficiency has driven the growth of the global fixed asset management software market. The high demand for fixed asset management software to manage their assets has been driving the growth of the global market.

The advent of industry 4.0 in the manufacturing industry has driven the demand for fixed asset management software in manufacturing plants to enhance, automate, and modernize the manufacturing process to optimize the management of fixed assets. Fixed asset management software enables the manufacturers to predict the future equipment and manufacturing costs and, thus, helps them to prepare a cost-efficient budget. It also helps them prepare reports on current and future values of their fixed assets, and improve their fixed assets turnover ratio.

In addition, the integration of advanced technologies such as Industrial IoT provides exceptional benefits, such as real-time alerts and asset tracking solutions to manage user’s fixed assets efficiently. Fixed Assets Management Software helps manufacturing companies optimize their infrastructure costs and optimize their overhead costs and the overall capital expenditure while reducing their downtime and enhancing efficiency and productivity. However, the high cost of these software solutions and lack of skilled technicians in developing economies may restrain the growth of the global fixed asset management software market. However, the growing demand for advanced technologies to maintain transparency in the industrial operation is likely to offer opportunities to the market growth.

Segmental Outlook

The global fixed asset management software market is segmented based on type, deployment model, and end-user industry. Based on type, the market is segmented into solution and services. Based on deployment model, the market is segmented into on-premises and cloud based. Based on end-user industry, the market is segmented into industrial manufacturing, healthcare & life sciences, energy & utilities, transportation & logistics.

The Cloud-Based Segment is expected to hold a Prominent Share in the Global Fixed Asset Management Software Market

Organizations are increasingly focusing on deploying their solutions on the cloud owing to various benefits offered by cloud-based deployments such as scalability, enhanced collaboration, and cost-efficiency. Deployment of cloud-based fixed asset management software enables small, medium, and large enterprises to focus on their core competencies, instead of focusing on their IT processes. In addition, cloud-based fixed asset management software solutions provide a centralized way of integrating the system and its components with web and mobile applications. Organizations, with cloud-based fixed asset management solution, can efficiently enhance the performance of their asset-intensive tasks.

Regional Outlook

The global fixed asset management software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, Asia-Pacific is estimated to be the fastest-growing region owing to the rising adoption of fixed asset management software solutions by end-user industries for better management of the organization and service offerings. China along with India and Japan are significant contributors to the Asia-Pacific fixed asset management market.

The North America Region to Hold a Considerable Share in the Global Fixed Asset Management Software Market

North America is expected to hold a considerable share in the global fixed asset management software market. The early adoption of advanced technologies in the industrial sectors of the region is a key contributor to the high share of the regional market. Moreover, the presence of major market players in the region and the high penetration of cloud-based services further give a boost to the regional growth of the market. Some of the existing key players includes IBM Corp. Google Inc., Microsoft Corp., and others, which are aggressively focusing on offering upgraded cloud-based services.

Market Players Outlook

The major companies serving the global fixed asset management software market include Infor Inc., IBM Corp. SAP SE, FMIS Ltd., and Asset Panda, LLC, among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, NetSuite announced to release 2 new enhancements in its existing Fixed Asset Management Module. The 2 new releases includes-

Quarterly and semiannual rental frequency options for lease.

Split assets into multiple records in one transactions.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global fixed asset management software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.