Increasing application of technologies such as the Internet of Things (IoT) that deliver exceptional benefits, including asset tracking solutions and real-time alerts which enable to manage fixed assets efficiently drives the demand for fixed asset management software market
Technological developments across various industry verticals, such as Machine Learning, Cloud Computing, Artificial Intelligence, and many more, are likely to fuel the acceptance of fixed asset management software since these technologies deliver efficiency, agility, and scalability to businesses. Hence, the global fixed asset management (FAM) software market size is anticipated to reach USD 7 billion by 2028. Advancements in the energy & utilities, real estate, and manufacturing sectors are likely to generate lucrative growth prospects within the fixed asset management software industry.
With the emergence of industry 4.0 within the manufacturing sector, several plants are implementing digital technologies to improve, automate, and upgrade the manufacturing practices, while improving the administration of fixed assets. A FAM Software allows the manufacturers to predict the forthcoming equipment and manufacturing expenses, which in turn, enables them to formulate a cost-efficient budget. Moreover, it also facilitates them to make reports on existing and future values of their permanent assets, and enhance their fixed assets turnover ratio.
The global fixed asset management software market contains both software and service segment. The software segment possesses a significant market share within the global fixed asset management software solution market in 2019. The software allows enterprises with various features, that include depreciation management, asset lifecycle management, disposal management, asset budgeting, document management, barcoding, Radio Frequency Identification, asset tracking, tax management, and audit trail. Enterprises across industries are implementing FAM software since it helps them to increase operational efficiency and monitor their assets. On the other hand, the services segment is anticipated to grow at a significant growth rate from 2020 to 2028.
The global fixed asset management software market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global fixed asset management software market is a wide range to North America, South America, Europe, Asia Pacific, and the Middle East & Africa. North America is considered a mature market in fixed asset management software applications, owing to an outsized presence of organizations with the availability of technical expertise and advanced IT infrastructure. The United States and Canada are the highest contributory countries to the expansion of the fixed asset management software market in North America.
The major players of the global fixed asset management software market are IBM, Infor, Oracle, SAP, Sage, Aptean, Maintenance Connection, Microsoft, Acumatica, IFS, Ramco Systems, ABB, Tracet, Aveva, eMaint, and Mainsaver. The fixed asset management software market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Fixed Asset Management Software Market
Component Overview, 2018-2028 (USD Billion)
- Customer Management
- Inventory Management
- Mobile Field Execution
- Service Contract Management
- Warranty Management
- Workforce Management
- Training & Support
- Consulting & Advisory
Organization Size Overview, 2018-2028 (USD Billion)
- Small & Medium Enterprise
- Large Enterprise
Deployment Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Construction & Real Estate
- Energy & Utilities
- Transportation & Logistics
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America