Market Trends of Fixed Asset Management Software Industry
This section covers the major market trends shaping the Fixed Asset Management Software Market according to our research experts:
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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North America is Expected to Dominate the Market
- The North America region is expected to dominate the Fixed Asset Management Software Market owing to the strong presence of manufacturing and transportation and logistics industries and the rapid adoption of technological advancements in the region. Also, government initiatives and regulations in various end-user industries are expected to proliferate the region's market growth.
- For instance, the Federal Highway Association (FHWA), along with the American Association of State Highway and Transportation Officials (AASHTO), State and local departments of transportation (DOTs) have been encouraging the application of asset management software in the transportation and logistics industry.
- Moreover, the region dominates in technology adoption in almost every end-user industry, such as Manufacturing, Automotive, Transportation & Logistics, IT & Telecom, and many more. It has been one of the largest regions to implement IoT across industries. These trends provide ample opportunities for fixed asset management software solution providers in the region to expand their foothold in the region by enhancing their market presence.
- In November 2019, the industrial IoT company helping organizations effectively manage their asset lifecycle, Temeda, collaborated with Globalstar, Inc., a mobile satellite voice and data service provider, to create a sales partnership. The partnership will allow Temeda to sell Globalstar's SmartOne C and SmartOne Solar satellite asset managers to Temeda clients majorly from the Oil and Gas industry, and multi-national rental equipment firms.
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