According to estimates, the worldwide fixed asset management software market will be worth USD 3.8 Billion in 2021 and USD 4.2 Billion in 2022. Fixed asset management software sales are expected to reach USD 11.4 Billion in 2032, with a 10.6% CAGR from 2022 to 2032, supported by:
The coronavirus pandemic has had a substantial impact on businesses. The key driver driving the market is the growing demand to improve organizational efficiency by using innovative technology to fulfill corporate objectives.
To assist employees in keeping their data secure during the COVID-19 pandemic, data storage suppliers have provided free data storage solutions such as basic data protection software. Few of these free data-storage software applications are intended for short-term usage, while others are meant to have a long-term influence on businesses.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2022 | USD 4.2 Billion |
| Projected Market Value in 2032 | USD 11.4 Billion |
| Growth Rate (2022 to 2032) | 10.6% CAGR |
According to the report, North America is expected to lead the market over the forecast period. The region's growth may be ascribed to the region's strong presence in the industrial and transportation sectors, as well as the region's rising embrace of technological innovations.
Among all, the United States is expected to have the largest market share throughout the projection period. During the projection period, the country is predicted to earn USD 4 billion while growing at a 10.4% CAGR. Government actions and regulations in a variety of end-user sectors are expected to significantly enhance the market.
For example, the Federal Highway Administration (FHWA), the American Association of State Highway and Transportation Officials (AASHTO), and state and local transportation departments (DOTs) have all made efforts to encourage the use of asset management software in the transportation and logistics sectors.
The country has a strong position in terms of technology adoption in every end-use industry, including automotive, manufacturing, IT & telecom, and others. This is likely to provide different chances for the United States to expand its worldwide market reach.
Fixed asset management software enables firms in the manufacturing industry to optimize maintenance operations, prolong asset longevity, and boost production. The industrial industry is in desperate need of centralized software to handle its vast array of assets.
The data acquired by asset performance software aids in predicting the exact breakdown point of a vital asset, enhancing uptime.
Fixed asset management software also aids industrial enterprises in the administration of maintenance, spare parts, and inventories. It helps manufacturers to maximize asset control, performance, and warranty return by properly managing inspections and audits. Furthermore, fixed asset management software assists industrial companies in improving their plant and machinery maintenance operations.
Increasing adoption of IoT-based services across several industries like Oil & Gas, Manufacturing, Energy, Power, and Construction is projected to play a salient role in driving the market in the assessment period.
The emergence of Industry 4.0 in the Manufacturing Sector to Fuel the Market in the Forecast Period
With the emergence of Industry 4.0 in the manufacturing sector, several plants have adopted digital technologies to improve, enhance, and smoothen the manufacturing process while optimizing the management of fixed assets.
The software allows the manufacturers to predict the manufacturing costs, thereby, aiding them to prepare a cost-efficient budget.
Besides, technologies like Industrial IoT offers various benefits such as real-time alters and asset tracking solutions, which assist in managing fixed assets efficiently.
In addition, technological development across various sectors such as cloud computing, artificial intelligence, machine learning, and others are projected to boost the adoption of fixed asset management software since these technologies offer scalability, agility, and efficiency to the business.
Therefore, solution providers are introducing technologically developed solutions to procure maximum gains.
For instance, in September 2019, Adapt IT announced a partnership with i-Chain, a South Africa-based fixed asset management services, and solutions company to offer a Web-based system providing easy access to a cloud-based environment, particularly designed for educational institutions to assist them to manage their assets.
Lack of awareness of fixed asset management software is expected to hinder the market in the forecast period. Also, the reluctance of SMEs to adopt fixed asset management software is due to financial restrictions.
SMEs generally have lower capital expenditure, which does not allow them to procure expensive software. Moreover, the growing cost associated with the maintenance of the on-premises infrastructure is another factor impeding the market during the forecast period.
The advent of big data and analytics will grow the adoption of fixed asset management software and is expected to create opportunities for expansion in the forecast period. Also, rising initiatives by players are projected to augment the opportunities in the market.
For instance, Comparesoft, an AI-Driven Software Recommender, announced the renewal of its partnership with FMIS, which offers asset management solutions in a broad range of industries, comprising health, manufacturing, public sector, education, and non-profile sectors. This is expected to offer various opportunities for expansion by helping them engage with businesses.
Based on deployment type, the global fixed asset management software market can be segmented into cloud and on-premises. According to the analysis, the on-premises segment is anticipated to secure a larger market share while exhibiting a 10.2% CAGR in the forecast period.
Based on components, the global fixed asset management software market can be segmented into services and software.
Based on organization size, the global fixed asset management software market can be segmented into SMEs and large enterprises.
Based on vertical, the global fixed asset management software market can be segmented into IT, telecom and media, energy and utilities, manufacturing, transportation & logistics, healthcare, and life sciences, and others.
According to the analysis, the manufacturing segment is anticipated to garner maximum traction during the forecast period. The segment is likely to expand at a CAGR of 10.4%.
The on-premises segment is anticipated to dominate the market with a growth rate of 10.2% during the forecast period. An on-premises deployment type is a conventional approach to implementing solutions at the premises of an organization.
Currently, the approach is being followed in organizations where security is the vital pillar of business operations since it is considered a safer option against the cloud-deployment type.
Aerospace & defense, healthcare, and the BFSI sector are projected to be significant consumers of on-premises fixed asset management software deployment since they deal with sensitive data such as finance, national security, and healthcare.
On the other hand, the manufacturing segment is anticipated to garner maximum traction in the forecast period. The manufacturing sector is projected to be a lucrative segment and has a massive demand for centralized software to manage its assets. The Fixed asset management software aids manufacturing organizations to improve their plant and machinery maintenance processes.
As per the analysis, North America is anticipated to lead the market in the forecast period. The development of the region can be attributed to the robust presence of manufacturing and transportation sectors and the increasing adoption of technological advancements in the region.
Among all, the USA is anticipated to secure the maximum market share during the forecast period. The country is expected to garner USD 4 Billion while exhibiting a 10.4% CAGR in the forecast period.
Government initiatives and regulations in several end-user sectors are projected to provide a significant boost to the market.
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 taken various efforts to motivate the usage of asset management software in the transportation and logistics sector.
In addition, the country also possesses a dominant position with respect to technology adoption in every end-use sector such as automotive, manufacturing, IT & telecom, and others. This is expected to offer various opportunities to the USA to augment its reach in the global market competition.
Europe is projected to be another lucrative market in the assessment period. The United Kingdom is expected to garner USD 478 Million, witnessing a 9.6% CAGR in the forecast period. Increasing demand to lessen operational costs and the penetration of IoT technology are some of the vital factors augmenting the industry in the forecast period.
As per the analysis, Asia Pacific is the fastest-growing market during the forecast period. Among all, China, Japan, and South Korea are projected to be the most lucrative market in the region. China is anticipated to garner USD 794.4 Million, recording a CAGR of 9.9% during the forecast period.
The contribution of China can be attributed to the high number of SMEs which are expected to boost the demand for cloud-based fixed asset management software since they are cost-effective. Also, organizations in the country are leveraging fixed asset management software to manage their assets efficiently.
Japan and South Korea are estimated at USD 940 Million and 397 Million respectively. The growth rate of Japan and South Korea is estimated at 8.9% and 8.1% sequentially.
| Countries | Estimated CAGR |
|---|---|
| USA | 10.4% |
| United Kingdom | 9.6% |
| China | 9.9% |
| Japan | 8.9% |
| South Korea | 8.1% |
Key players in the global fixed asset management software market include IBM, Infor, SAP, Microsoft, and Oracle, among others.
Recent key developments among players are:
Table 1: Global Market Value (US$ Million), By Component, 2015 to 2021
Table 2: Global Market Value (US$ Million), By Component, 2022 to 2032
Table 3: Global Market Value (US$ Million), By Vertical, 2015 to 2021
Table 4: Global Market Value (US$ Million), By Vertical, 2022 to 2032
Table 5: Global Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 6: Global Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 7: Global Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 8: Global Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 9: Global Market, By Region, 2015 to 2021
Table 10: Global Market, By Region, 2022 to 2032
Table 11: North America Market Value (US$ Million), By Component, 2015 to 2021
Table 12: North America Market Value (US$ Million), By Component, 2022 to 2032
Table 13: North America Market Value (US$ Million), By Vertical, 2015 to 2021
Table 14: North America Market Value (US$ Million), By Vertical, 2022 to 2032
Table 15: North America Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 16: North America Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 17: North America Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 18: North America Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 19: North America Market, By Country, 2015 to 2021
Table 20: North America Market, By Country, 2022 to 2032
Table 21: Latin America Market Value (US$ Million), By Component, 2015 to 2021
Table 22: Latin America Market Value (US$ Million), By Component, 2022 to 2032
Table 23: Latin America Market Value (US$ Million), By Vertical, 2015 to 2021
Table 24: Latin America Market Value (US$ Million), By Vertical, 2022 to 2032
Table 25: Latin America Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 26: Latin America Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 27: Latin America Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 28: Latin America Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 29: Latin America Market, By Country, 2015 to 2021
Table 30: Latin America Market, By Country, 2022 to 2032
Table 31: Europe Market Value (US$ Million), By Component, 2015 to 2021
Table 32: Europe Market Value (US$ Million), By Component, 2022 to 2032
Table 33: Europe Market Value (US$ Million), By Vertical, 2015 to 2021
Table 34: Europe Market Value (US$ Million), By Vertical, 2022 to 2032
Table 35: Europe Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 36: Europe Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 37: Europe Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 38: Europe Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 39: Europe Market, By Country, 2015 to 2021
Table 40: Europe Market, By Country, 2022 to 2032
Table 41: Asia Pacific Market Value (US$ Million), By Component, 2015 to 2021
Table 42: Asia Pacific Market Value (US$ Million), By Component, 2022 to 2032
Table 43: Asia Pacific Market Value (US$ Million), By Vertical, 2015 to 2021
Table 44: Asia Pacific Market Value (US$ Million), By Vertical, 2022 to 2032
Table 45: Asia Pacific Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 46: Asia Pacific Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 47: Asia Pacific Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 48: Asia Pacific Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 49: Asia Pacific Market, By Country, 2015 to 2021
Table 50: Asia Pacific Market, By Country, 2022 to 2032
Table 51: MEA Market Value (US$ Million), By Component, 2015 to 2021
Table 52: MEA Market Value (US$ Million), By Component, 2022 to 2032
Table 53: MEA Market Value (US$ Million), By Vertical, 2015 to 2021
Table 54: MEA Market Value (US$ Million), By Vertical, 2022 to 2032
Table 55: MEA Market Value (US$ Million), By Deployment Type, 2015 to 2021
Table 56: MEA Market Value (US$ Million), By Deployment Type, 2022 to 2032
Table 57: MEA Market Value (US$ Million), By Organization Size, 2015 to 2021
Table 58: MEA Market Value (US$ Million), By Organization Size, 2022 to 2032
Table 59: MEA Market, By Country, 2015 to 2021
Table 60: MEA Market, By Country, 2022 to 2032
Figure 1: Global Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 2: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032), US$ Million
Figure 3: Global Market Share, By Component, 2022 & 2032
Figure 4: Global Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 5: Global Market Attractiveness Index, By Component – 2022 to 2032
Figure 6: Global Market Share, By Vertical, 2022 & 2032
Figure 7: Global Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 8: Global Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 9: Global Market Share, By Organization Size, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 11: Global Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 12: Global Market Share, By Deployment Type, 2022 & 2032
Figure 13: Global Market Y-o-Y Growth Projections, By Deployment Type – 2022 to 2032
Figure 14: Global Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 15: Global Market Share, By Region, 2022 & 2032
Figure 16: Global Market Y-o-Y Growth Projections, By Region – 2022 to 2032
Figure 17: Global Market Attractiveness Index, By Region – 2022 to 2032
Figure 18: North America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 19: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 20: North America Market Share, By Component, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Component – 2022 to 2032
Figure 23: North America Market Share, By Vertical, 2022 & 2032
Figure 24: North America Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 25: North America Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 26: North America Market Share, By Organization Size, 2022 & 2032
Figure 27: North America Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 28: North America Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 29: North America Market Share, By Deployment Type, 2022 & 2032
Figure 30: North America Market Y-o-Y Growth Projections, By Deployment Type –2022 to 2032
Figure 31: North America Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 32: North America Market Share, By Country, 2022 & 2032
Figure 33: North America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 34: North America Market Attractiveness Index, By Country – 2022 to 2032
Figure 35: Latin America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 36: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 37: Latin America Market Share, By Component, 2022 & 2032
Figure 38: Latin America Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 39: Latin America Market Attractiveness Index, By Component – 2022 to 2032
Figure 40: Latin America Market Share, By Vertical, 2022 & 2032
Figure 41: Latin America Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 42: Latin America Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 43: Latin America Market Share, By Organization Size, 2022 & 2032
Figure 44: Latin America Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 45: Latin America Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 46: Latin America Market Share, By Deployment Type, 2022 & 2032
Figure 47: Latin America Market Y-o-Y Growth Projections, By Deployment Type – 2022 to 2032
Figure 48: Latin America Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 49: Latin America Market Share, By Country, 2022 & 2032
Figure 50: Latin America Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 51: Latin America Market Attractiveness Index, By Country – 2022 to 2032
Figure 52: Europe Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 53: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 54: Europe Market Share, By Component, 2022 & 2032
Figure 55: Europe Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 56: Europe Market Attractiveness Index, By Component – 2022 to 2032
Figure 57: Europe Market Share, By Vertical, 2022 & 2032
Figure 58: Europe Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 59: Europe Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 60: Europe Market Share, By Organization Size, 2022 & 2032
Figure 61: Europe Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 62: Europe Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 63: Europe Market Share, By Deployment Type, 2022 & 2032
Figure 64: Europe Market Y-o-Y Growth Projections, By Deployment Type – 2022 to 2032
Figure 65: Europe Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 66: Europe Market Share, By Country, 2022 & 2032
Figure 67: Europe Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 68: Europe Market Attractiveness Index, By Country – 2022 to 2032
Figure 69: MEA Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 70: MEA Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 71: MEA Market Share, By Component, 2022 & 2032
Figure 72: MEA Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 73: MEA Market Attractiveness Index, By Component – 2022 to 2032
Figure 74: MEA Market Share, By Vertical, 2022 & 2032
Figure 75: MEA Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 76: MEA Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 77: MEA Market Share, By Organization Size, 2022 & 2032
Figure 78: MEA Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 79: MEA Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 80: MEA Market Share, By Deployment Type, 2022 & 2032
Figure 81: MEA Market Y-o-Y Growth Projections, By Deployment Type – 2022 to 2032
Figure 82: MEA Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 83: MEA Market Share, By Country, 2022 & 2032
Figure 84: MEA Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 85: MEA Market Attractiveness Index, By Country – 2022 to 2032
Figure 86: Asia Pacific Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 87: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 88: Asia Pacific Market Share, By Component, 2022 & 2032
Figure 89: Asia Pacific Market Y-o-Y Growth Projections, By Component – 2022 to 2032
Figure 90: Asia Pacific Market Attractiveness Index, By Component – 2022 to 2032
Figure 91: Asia Pacific Market Share, By Vertical, 2022 & 2032
Figure 92: Asia Pacific Market Y-o-Y Growth Projections, By Vertical – 2022 to 2032
Figure 93: Asia Pacific Market Attractiveness Index, By Vertical – 2022 to 2032
Figure 94: Asia Pacific Market Share, By Organization Size, 2022 & 2032
Figure 95: Asia Pacific Market Y-o-Y Growth Projections, By Organization Size – 2022 to 2032
Figure 96: Asia Pacific Market Attractiveness Index, By Organization Size – 2022 to 2032
Figure 97: Asia Pacific Market Share, By Deployment Type, 2022 & 2032
Figure 98: Asia Pacific Market Y-o-Y Growth Projections, By Deployment Type – 2022 to 2032
Figure 99: Asia Pacific Market Attractiveness Index, By Deployment Type – 2022 to 2032
Figure 100: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 101: Asia Pacific Market Y-o-Y Growth Projections, By Country – 2022 to 2032
Figure 102: Asia Pacific Market Attractiveness Index, By Country – 2022 to 2032
The global fixed asset management software market is estimated at USD 3.8 Billion.
The global fixed asset management software market is projected to secure USD 11.4 Million while recording a CAGR of 10.6% during the forecast period.
The emergence of big data and analytics will offer significant opportunities for market expansion in the forecast period.
The emergence of Industry 4.0 in the manufacturing sector to propel the market significantly in the forecast period.
The USA market is projected at USD 4 billion, exhibiting a CAGR of 10.4% during the forecast period.
China is projected at 794 Million, recording a 9.9% growth rate during the forecast period.
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Fixed Asset Management Software Market
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