Market Size of Fixed Asset Management Software Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 12.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Fixed Asset Management Software Market Analysis
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.
