Global Fixed Asset Management Software market size 2024, Forecast To 2033
4 Mar, 2024
The fixed asset management software market size has grown rapidly in recent years. It will grow from $3.8 billion in 2023 to$4.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to manual processes replacement, data centralization, lifecycle management requirements, efficiency and productivity improvement, growth in the IT industry. The fixed asset management software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to AI-driven decision-making, industry-specific solutions development, remote monitoring sophistication, cost efficiency priority, integration with business systems, mobile accessibility enhancement, rise in remote work. Major trends in the forecast period include digitization of asset management, advancements in technology, compliance requirements, data security concerns.
Global Fixed Asset Management Software Market Key Driver
The fixed asset management software market is poised for growth driven by the escalating demand for fixed assets across various verticals worldwide. Fixed assets play a crucial role in corporate operations, offering long-term financial advantages by facilitating the production of goods and services and generating revenue. To effectively monitor equipment and vehicles, assess their condition, and optimize their operational efficiency, businesses rely on fixed asset management software. According to a report by the Government of China, national fixed asset investment reached 27,143 billion yuan from January to June, marking a 6.1% year-on-year increase, with private fixed asset investment rising by 3.5% year-on-year to 15,307.4 billion yuan. Therefore, the increasing investment in fixed assets across multiple sectors is set to propel the demand for fixed asset management software, reflecting anticipated market sizes for 2023, 2024, and 2028.
Get A Free Sample Of The Global Fixed Asset Management Software Market ReportGlobal Fixed Asset Management Software Market Segments
The global fixed asset management software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: On-Premises, Cloud
3) By Organization Size: Large enterprises, Small- & medium-sized enterprises
4) By End Users: Energy and utilities, Manufacturing, IT, Telecom and media, Transportation and logistics, Healthcare and life science, Others end users (BFSI, retail, and government)
By Geography: The regions covered in the fixed asset management software market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacific was the largest region in the fixed asset management software market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the fixed asset management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Fixed Asset Management Software Industry Players
International Business Machines Corporation, Infor Inc., Tracet Enterprise, Microsoft Corporation, Oracle America Inc., Sage Software Inc., Aptean India Pvt Ltd., Aveva Group PLC, SAP SE, Ramco Systems Limited, Xero Limited, FMIS Ltd., AssetWorks LLC, RCS Tech LLP, InfoFort LLC., Asset Panda LLC., Expresstech Holdings Inc., ManageEngine AssetExplorer, UpKeep Technologies Inc., InvGate Assets, AssetCloud by Wasp Barcode Technologies, Cheqroom NV, Ivanti Inc., Nektar Data Systems Inc., Asset4000, Bloomberg Tax Fixed Assets, FlexiInternational Software Inc., Deltek Inc., Reftab LLC, EZOfficeInventory
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Fixed Asset Management Software Market Overview
Fixed asset management software refers to software developed to track the MRO (Maintenance, repair, and operations) lifecycle and maintain depreciation values on assets such as land, buildings, automobiles, furniture, office equipment, computers, and other non-cash things. Fixed asset management software's primary goal is to reduce lost inventory, equipment failures, and downtime and enhance the asset's lifetime value.
Fixed Asset Management Software Global Market Report 2023 provides data on the global fixed asset management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The fixed asset management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.