Fixed Asset Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Fixed Asset Management Software Market is expected to register a CAGR of approximately 12% during the forecast period (2021 - 2026). Automation coupled with increased adoption of IoT-based assets across industries such as Manufacturing, Oil & Gas, Energy, Power, Transportation & Logistics, Healthcare, and Construction, amongst others, is expected to drive the growth in adoption of Fixed Asset Management Software.

• Fixed Asset Management Software automates the different stages of the asset lifecycle, and helps in improving efficiency while optimizing capital expenditure. It further helps an organization in tax planning and effectively evaluates and manages other parameters such as inventory management, labor performance, productivity, depreciation, asset repairs, asset tracking, and many more.
• Technological advancements across industries, such as Artificial Intelligence, Cloud Computing, Machine Learning, and many more, are expected to boost the adoption of Fixed Asset Management Software, as these technologies provide agility, scalability, and efficiency to businesses. Hence, solution providers are increasingly introducing technologically advanced solutions to gain maximum market traction.
• For instance, in September 2019, Adapt IT partnered with i-Chain, a South Africa based fixed asset management services, and solutions company to jointly provide a Web-based system offering easy access to a cloud-based environment, specifically designed for educational institutions to help them manage their assets.
• Moreover, in November 2019, SIG, in partnership with GE Digital, unveiled its first APM (Asset Performance Management) and FSM (Field Service Management) digital solution for the food and beverage industry. The Plant 360 Asset Management is expected to provide on-demand digital services, which will equip manufacturers with efficiency, productivity, and connectivity in their operations.
• However, the major hindrance in the adoption of Fixed Asset Management Software is faced by the Small and Medium Enterprises (SMEs), as they usually suffer from the financial crunch, due to lower capital expenditure. Hence, the solution providers should focus on helping the SMEs overcome the challenge in the adoption of the software for their assets.

Scope of the Report

Fixed Asset Management software enables the businesses across various end-user industries such as Manufacturing, Healthcare, Energy and Utilities, Construction, IT & Telecom, amongst many others to track and effectively manage the Maintenance, Repair, and Operations (MRO) lifecycle of their fixed assets. It helps the managers to effectively prepare financial reports of these assets while taking into account several parameters, such as net book value of assets, depreciation, inventory management, asset tracking, auditing, etc.

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Key Market Trends

Industrial Manufacturing is Expected to Exhibit Maximum Adoption

• With the advent of industry 4.0 in the manufacturing industry, various plants are adopting digital technologies to enhance, automate, and modernize the manufacturing process, while optimizing the management of fixed assets. A 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.
• Also, technologies like Industrial IoT provides exceptional benefits, such as real-time alerts and asset tracking solutions, which help them manage their 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.

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