ID: MRFR/ICT/2989-HCR | February 2021 | Region: Global | 100 pages
Fixed asset management is a method of maintaining the physical assets and equipment of an organization. The asset can be computers, vehicles, machines, and furniture. With the help of fixed asset management, an organization can track and monitor the fixed assets, reduce the maintenance costs, important overall efficiency, and keep track of all the lost, stolen, and retired assets. The fixed assets in an organization are the transport trucks, elevators, and they are a huge investment of the company. In many companies, more than 40% of their investment goes into buying fixed assets. The better the maintenance of the fixed assets, the more return a company can get. Without fixed assets, the company can experience unplanned downtime, lost inventory, safety issues, equipment failures.
The big companies who have made so much investment in fixed assets, If they don’t take care of the equipment, then they can face a huge loss. The equipment can affect an organization’s service and products. Fixed asset management can run the business effectively and improve the quality of the organization. The increase needs to decrease operational costs and maximize profits through good management of assets is expected to boost the fixed asset management software market growth. Also, a rise in preventive maintenance and loT devices is expected to drive the growth of the fixed asset management software market size. The fixed asset management software is automated technology, and with increasing demand for automation technology, the need for a fixed asset management software market is increasing.
This fixed asset management software market report highlights the global fixed asset management software market reach USD 6.2 billion by the end of 2023 with a CAGR rate of 12%—the adoption of loT based technology in the businesses fueling the fixed assets management size. With rising advancements of technology in every sector are adopting high technology to make their businesses better. With the adoption of cloud technology, organizations are utilizing their equipment to its full power. The growing demand for fixed assets in a company and the demand for analytics to manage fixed assets is increasing the demand of the global fixed asset management software market.
The covid-19 pandemic has brought financial problems for the business organizations due to the implication of location across all the regions. People have to stay at their homes, and the big companies are shut down amidst the covid-19 pandemic. Like other markets, the fixed asset management software market also faced problems, and the covid-19 had a mixed impact on the market as companies were highly dependent on the software and analytics to produce better results and to reduce the cost. Fixed asset management software can help people to make better decisions by managing the fixed assets. And it also improves productivity. As construction work, offices, and mane workplaces were closed, the demand for fixed asset management also decreased. But at this time, the businesses got to know the importance of software and automated solutions. And the fixed asset management software market had a mixed impact, and the key players played a huge role in keeping the fixed asset management software Industry.
There are many factors that drive the growth of the fixed asset management software business. Due to these drivers, the market has high demand across the regions. But there are some market restraints that are hampering the growth of the market.
One of the major drivers of the fixed asset management software market is the increasing demand for the fixed assets in all business organizations. As the fixed assets are a big part of the company’s investment, the companies are using fixed asset management software to manage the fixed assets properly. The fixed asset management software can help the organization by monitoring fixed assets. The fixed asset management software lowers the cost of maintenance in an organization and boosts productivity. As there are numerous benefits of the fixed asset management software, the companies are adopting these solutions, and therefore, it is driving the growth of the fixed asset management market. As fixed asset management software can track the fixed assets and maintain a record of stolen assets, the companies are giving high importance to the software, and it is driving the demand for fixed asset management software market trends.
The Increasing need to reduce the cost of business operations bringing new opportunities for the fixed asset management software Industry. The use of loT devices has increased rapidly in the past few years, and with the adoption of loT devices, the market is expecting new opportunities. The increase in big analytics solutions and the adoption of fixed asset management software are expected to create new opportunities for the fixed asset management market.
As the fixed asset management software is a very advanced technology, people are not used to it. The lack of knowledge and awareness about these solutions is a big restraint for the fixed asset management market. Businesses don’t know about the major benefits of fixed asset management solutions and what they can offer to their business. That’s why it is hampering the demand of the market.
Like any other market, the fixed asset management software market also faces different types of challenges. One of the major challenges for the market is the lack of highly skilled professionals who can use fixed asset management software. As it can be a complicated solution and without the proper operation, the software won’t work properly, and it can be a big challenge for the market. The fixed asset management software market players are trying their best to overcome these challenges to increase the demand of the market.
Cumulative Growth Analysis:
These are many factors that are helping to boost the demand for fixed asset management solutions. And now many companies are using fixed asset management solutions that are driving the growth of the market, and the market is expected to grow more in the coming years with the Increasing need for fixed asset management software. The global fixed management software market reaches $6.2 billion by the end of 2023, with a CAGR rate of 12%.
The fixed asset management software market is a part of studies in North America, Europe, Asia Pacific, and other regions in the world. North America leads the fixed asset management software market due to the high demand for high technology solutions, increase in fixed assets, and demand for security solutions. Asia Pacific is growing at a faster rate with the highest CAGR rate. The Asia Pacific is one of the fastest-growing cloud-based solutions market regions; the new technologies, and loT devices, data analytics are driving the growth of the market in this region. The countries in the Asia Pacific are adopting asset management solutions that have high demand the sectors such as government, oil & gas, healthcare, transportation, logistics, and energy. These sectors are adopting fixed asset management solutions as it is driving the growth of the fixed asset management software market in this region. With the presence of strong economic countries like China, Japan, Australia, and India, the market is expected to grow more in the coming years. As the fixed asset management solutions are cost-effective, it is driving the market growth.
The major fixed asset management software market players are:
Among Sage Intacct (U.S.), Multiview Corporation (Canada), Acumatica ERP (U.S.), AccuFund Accounting Suite (U.S.), and EAZY ERP (U.S.) NetSuite (U.S.), SAP ERP Core Finance (Germany), Cougar Mountain Software (U.S.), Bloomberg BNA (U.S.), the most contributing key market key player is Sage Intacct (U.S.),
In 2019 April, Infor entered into an agreement with the First bus, and in this agreement, Infor agreed to increase asset management for the First bus.
Frequently Asked Questions (FAQ) :
Global fixed asset management software market is projected to grow at approximately 12% CAGR during the assessment period (2017-2023).
The valuation of the global fixed asset management software market is estimated to increase to USD 6.2 BN by the end of 2023.
Rising demand for fixed assets across various verticals & process automation, and the proliferation of digital content marketing & technological innovations are major tailwinds pushing the growth of the global fixed asset management software market.
North America holds the largest share in the global fixed asset management software market, followed by Europe and the Asia Pacific region, respectively.
Cougar Mountain Software (U.S.), Sage Intacct (U.S.), Multiview Corporation (Canada), SAP ERP Core Finance (Germany), NetSuite (U.S.), Bloomberg BNA (U.S.), AccuFund Accounting Suite (U.S.), Acumatica ERP (U.S.), and EAZY ERP (U.S.), are some of the top players operating in the global fixed asset management software market.