DUBLIN--(BUSINESS WIRE)--The "Fixed Asset Management Software Market by Components (Software and Services), Organization Size (Large Enterprises, and Small- and Medium-Sized Enterprises), Deployment (On Premise and Cloud) Verticals, and Regions - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global fixed asset management software market size is expected to grow from USD 3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
Preventive maintenance and IoT technology to boost adoption of fixed asset management software, and growing need to reduce operational cost and proliferate profits through efficient management of assets are the major factors driving the growth of the fixed asset management software market.
The software segment expected to hold a higher market share
The fixed asset management software empowers organizations with a centralized platform to efficiently manage their assets throughout its lifecycle. The software empowers organizations with various capabilities, including asset lifecycle management, asset budgeting, depreciation management, disposal management, document management, barcoding/Radio Frequency Identification (RFID), asset tracking, audit trail, and tax management. Organizations across industries are adopting fixed asset management software, as it enables them to monitor their assets and increase operational efficiency. Maintenance, repair, and operations of assets are of the utmost importance in any asset-intensive industry.
Cloud-based deployment expected to have a significant growth in the fixed asset management software market during the forecast period
Nowadays, organizations are looking forward to having their solutions deployed on the cloud, as cloud deployment type offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. The implementation of the cloud-based fixed asset management software facilitates SMEs and large enterprises to focus on their core competencies, rather than IT processes.
With the help of the cloud-based fixed asset management software, organizations can avoid costs related to software, storage, and technical staff. The cloud-based fixed asset management software offers a centralized way to integrate the system and its components with web and mobile applications and helps organizations in asset management, maintenance, and productivity.
North America expected to have the largest market size during the forecast period
North America is the most mature market in terms of fixed asset management software adoption. North America is likely to account for a substantial share of the global fixed asset management software market during the forecast period. The market growth in this region is driven primarily by the presence of large IT companies/users and rapid technological advancements, such as digitalization in the US and Canada.
The presence of key players in fixed asset management in the region is expected to be a significant factor driving the market growth in North America.
Key players, such as IBM, Oracle, Microsoft, and Infor, along with several startups in the region, are offering enhanced asset management solutions, to cater to the needs of customers.
- Preventive Maintenance and IoT Technology to Boost the Adoption of Fixed Asset Management Software
- Growing Need to Reduce Operational Cost and Proliferate Profits Through Efficient Management of Assets
- Lack of Awareness of Fixed Asset Management Software Benefits
- Advent of Big Data and Analytics to Increase the Adoption of Fixed Asset Management Software
- Surge in the Adoption of IoT-Based Solutions to Automate Asset Management
- Tracking of Assets
- Lack of Skilled Fixed Asset Management Software Professionals
- Oil Spill Response Limited
- Ring Container Technologies
- Medical Technologies Innovators (MTI)
- FSC Lighting
- Maintenance Connection
- Ramco Systems
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