Fixed Asset Management Software Market By Component (Software And Services), Organization Size (Large Enterprises, Small- And Medium-Sized Enterprises), Application (Inventory Management And IT Asset Management), Vertical (Energy And Utilities Manufacturing, IT And Telecom, Entertainment And Media),

Fixed Asset Management Software Market Valuation – 2024-2031

The growing demand to lower operating costs and multiply profits through effective asset management is anticipated to have an impact on the growth of the Fixed Asset Management Software Market. Additionally, it is projected that the market for fixed asset management software will grow rapidly due to the rise in preventative maintenance and IoT technology. The market size worth USD 8.43 Billion valued in 2023 to reach valuation of around USD 19.54 Billion by 2031.

Also, rising need for process automation as well as the prevalence of big data and analytics would probably have a favorable effect on the market. The rising demand for cost-effective and efficient solution is enabling the Fixed Asset Management Software Market grow at a CAGR of 10.1% from 2024 to 2031.

Fixed Asset Management Software MarketDefinition/ Overview

Fixed assets management software is the process of tracking fixed assets for the purposes of financial accounting, preventive maintenance and theft deterrent. With the help of fixed asset management software, a single comprehensive repository can be centralized and combined allowing for effective administration, reporting, and decision-making regarding the fixed asset infrastructure of the company.

The primary obstacles to the expansion of fixed asset management software are anticipated to be the lack of knowledge about the advantages of the program and the inability to track assets. Similarly, the rapid uptake of IoT-based asset management automation solutions and the growing use of big data and analytics to support fixed asset management software adoption are anticipated to generate a number of new opportunities and fuel the growth of the Fixed Asset Management Software Market during the above-mentioned forecast period.

Moreover, companies are looking to reduce the expenses and maximize their resources. By automating processes and increasing efficiency, the software facilitates the tracking and management of objects such as automobiles, buildings, and machinery. There is competition in the market, with both big and small companies providing solutions. Innovation is essential, as businesses combine IoT, cloud computing, and AI to improve the capabilities of their software.

What Kind of Demands are Growing in the Business Organization for the Fixed Asset Management Software Market?

The growing need for fixed asset management software across all business organizations is one of the key factors propelling the market. Since fixed assets make up a significant amount of an organization’s investment, fixed asset management software is used by businesses to effectively manage their fixed assets.

The companies can benefit from the fixed asset management software’s monitoring of fixed assets. Productivity is increased and maintenance costs are reduced in an organization by using fixed asset management software. Industries are expanding there because business and implementing the solutions due to the fixed asset management software’s numerous benefits.

Fixed asset management software helps to track fixed assets and keep track of damaged goods because companies are placing a high value on it. Business organization are placing growing demands for the fixed asset due to increasing efficiency and cost reduction to improve the mobility and flexibility in the damaging of software, for security and data protection.

How the Factors are Hampering to the Fixed Asset Management Software Market?

The global fixed asset software market contains a few factors that are hampering the growth of the high implementation costs of these solutions. The low awareness of the advantages of asset management among SMEs, and the shortage of qualified workers to handle the software.

Data security and privacy are another major obstacle impeding the market expansion for fixed asset management software.

Additionally, the market’s expansion is being hindered by the availability of open-source asset management software, since businesses could end up paying for premium solutions in favor of free alternatives.

Technology like fixed asset management software is highly advanced people are not used to it. The market is severely constrained by the general lack of understanding and awareness of these solutions. Companies are unaware of the many advantages that fixed asset management systems may provide and how they can assist their operations. This is why it is impeding market demand.

Category-Wise Acumens

Which Segments are Based by Component on the Fixed Asset Management Software Market?

The component based on the Fixed Asset Management Software Market are software and services. Prime product offered is software, which includes a real tool for managing fixed assets. Features including asset tracking, depreciation calculations, maintenance schedules, and report generation are all included in this software. The software programs are made to assist businesses in effectively monitoring, controlling, and upkeep of their fixed assets over the course of their existence.

Services is other component which cover everything that goes beyond the fundamental software. This covers training, customization, implementation, and continuing assistance. This also includes maintenance services, data migration, and interaction with other business systems. Software essentially provide the tools, while services make sure the business uses those tools efficiently, correctly configures them, and customizes them to meet its needs.

Services, which help organizations efficiently deploy and utilize software, are frequently offered by software vendors or other third-party service providers.

How the Technology and Data Security are Growing in the Fixed Asset Management Software Market?

In the fixed asset software market the technology and data security are growing day by day. Like energy & utilities vertical are currently dominant in the Fixed Asset Management Software Market the companies can handle enormous networks of distribution systems, pipelines, and power plants. They can track the operation of these vital assets, optimize maintenance, and guarantee regulatory compliance with the help of the software.

The industry is dominated by conventional asset-intensive industries however certain industries are seeing the highest growth in the use of fixed asset management software. The fastest growing verticals like healthcare & life sciences are major drivers of growth in the Fixed Asset Management Software Market in the fixed asset software market.

In the healthcare specialized machinery and equipment are being used by hospitals and research facilities more and more. They can track and maintain this essential equipment with the use of fixed asset management software, which guarantees both patient safety and optimal operation. Healthcare organizations are becoming increasingly concerned with regulatory compliance, and the software can assist by fulfilling these needs.

Gain Access into Fixed Asset Management Software Market Report Methodology

Country/Region-wise Acumens

How does North America Lead the Global Market of the Fixed Asset Management Software Market?

The strong manufacturing, transportation, and logistics sectors, as well as the quick uptake of new technologies, the North American region is anticipated to lead the global market for fixed asset management software. Government policies and initiatives in a number of end-user industries are also anticipated to fuel market expansion in the area.

The region’s development can be attributed to the manufacturing and transportation sectors’ strong presence as well as the growing adoption of technology breakthroughs in the area. It is anticipated that government policies and initiatives in a number of end-user industries will significantly expand the market. To encourage the use of asset management software in the transportation and logistics industry. For instance, the Federal Highway Association (FHWA), the American Association of State Highway and Transportation Officials (AASHTO), and state and local departments of transportation (DOTs) have undertaken a number of efforts.

Furthermore, the nation holds a leading position in terms of technology adoption across all end-use sectors, including manufacturing, IT & telecom, automotive, and others. This is anticipated to present the USA with a number of opportunities to increase its market share in the competitive worldwide market.

How Asia-pacific to Grow the Highest CAGR During the Forecast Period?

The world’s economy with the quickest rates of growth is Asia-Pacific, which presents opportunities for fixed asset management suppliers. The increasing adoption of cloud-based solutions, big data analytics, mobility, and emerging technologies like the Internet of Things are driving the fixed asset management market in Asia-Pacific.

Numerous nations in the Asia-Pacific area will probably embrace fixed asset management solutions, which are in high demand, particularly in the government, oil and gas, transportation, logistics, healthcare, energy, and utilities sectors. Given the existence of expanding economies like those in China, Japan, Australia, and India, it is expected that the use of fixed asset management software will increase significantly in Asia-Pacific. Due to their low costs, the large number of SMES in APAC is predicted to increase demand for cloud-based fixed asset management software.

Moreover, businesses in the Asia-Pacific area are using fixed asset management software to effectively maintain and manage their assets in order to boost return on investment.

Competitive Landscape

The articles cover major changes in the Fixed Asset Management Software Market, including organic and inorganic growth strategies. These players are on the run for pursuing organic growth initiatives, including product launches, approvals, patents, and events. Market players in the Fixed Asset Management Software Market are expected to benefit from lucrative growth prospects in the future as demand for fire goods rises globally.

Some of the prominent players operating in the Fixed Asset Management Software Market include

Infor, EZ Web Enterprises, IBM, Infor, SAP, Wasp, FMIS Ltd., Asset Panda LLC, Oracle, Microsoft, Hardcat, Accrualify, AMC Technologies, Hanscom, Xero, Acumatica, and Aptean.

Latest Developments

• In April 2023, T. Rowe Price acquired Retiree Inc, a supplier of retirement income planning technology solutions. The acquisition enabled T. Rowe Price to improve retirement planning services and offer individualized advice to clients. T. Rowe Price uses Retiree Inc.’s technologies to provide personalized income options for retirees. T. Rowe Price aimed to increase its position in the wealth management business by expanding its retirement offerings with this acquisition.
• In December 2022, PowerPlan, a software business offering enterprise asset management solutions, veiled a new tax fixed asset (TFA) program to assist companies in the US and Canada in complying with tax rules and regulations. The TFA program simplifies tax asset management and helps organizations calculate depreciation charges fast and accurately for tax purposes. The software aims to optimize firm’s tax strategies and reduce the risk of compliance.
• In March 2021, Sage a supplier of cloud-based corporate solutions, bought Task Sheriff. Task Sheriff is an artificial intelligence SaaS. The purchase aims to advance its AI technology, and the Task Sheriff founders will join Sage AI Labs, a worldwide team of engineers, data scientists, and product managers based in Melbourne, Barcelona, San Francisco, and Tel Aviv.
• In April 2019, Infor signed an arrangement with First Bus. Infor committed to improve asset management for First Bus, a transport operator in the UK and North America.

Report Scope

Fixed Asset Management Software Market, By Category

 Component

• Software
• Services

Organization Size

• Large Enterprises
• Small- & Medium-sized Enterprises

Application

• Inventory Management
• IT Asset Management
• Financial Management
• Facility Management

Vertical

• Energy and Utilities
• Manufacturing
• IT & Telecommunication
• Media
• Transportation and Logistics
• Healthcare and Life Science
• Banking, Finance Services, & Insurance (BFSI)

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.