The fixed asset management software market is anticipated to have a global market value of US$ 3.8 billion in 2021 and US$ 4.2 billion in 2022. From 2022 to 2032, the market is projected to expand at a CAGR of 10.6%, reaching US$ 11.4 billion.
Over the projected period, it is estimated that the market will be highly impacted by the quick adoption of IoT-based services across a variety of industries, including manufacturing, oil & gas, energy, power, and construction.
With the emergence of Industry 4.0 in the manufacturing sector, various plants have adopted digital technologies to enhance the manufacturing processes, thereby, propelling the industry in the forecast period. Besides, technological development across several sectors like cloud computing, AI, and others is expected to benefit the fixed asset management software market in the forecast period.
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The report predicts that North America will take the forefront in driving market growth throughout the forecast period. This can be attributed to the region’s significant presence in both the industrial and transportation sectors, along with its increasing adoption of cutting-edge technological advancements.
The United States is poised to dominate the market, holding the largest market share consistently throughout the projection period. Over this period, the country is projected to generate a substantial revenue of US$ 4 billion, with a remarkable growth rate of 10.4% compounded annually (CAGR). Anticipated government initiatives and regulatory measures across various end-user sectors are anticipated to exert a significant positive influence on market expansion.
Key Takeaways from the Fixed Asset Management Software Market Report:
- The global fixed asset management market is estimated at USD 3.8 Bn in 2021
- The global fixed asset management market to expand at 10.6% during the forecast period
- The U.S. market to secure USD 4 Bn and expand at 10.4% from 2022 to 2032
- The market in China procured USD 794 Mn while recording a 9.9% CAGR
- The on-premises segment to expand at 10.2% CAGR
- The Manufacturing segment to record a 10.4% growth rate
Recent key developments among players are:
Key players in the global fixed asset management software market include IBM, Infor, SAP, Microsoft, and Oracle, among others.
- In April 2019, Infor inked an agreement with First Bus. Infor complied to increase asset management for First Bus. First Bus is a transport operator in North America and the United Kingdom
- In March 2021, Sage, a cloud-business solutions provider acquired Task Sheriff. Task Sheriff is an artificial-based SaaS. The acquisition is aimed at developing its AI technology and Task Sheriff founders would join Sage AI Labs, which is a global team of engineers, data scientists, and product managers, located in Melbourne, Barcelona, San Francisco, and Tel Aviv.
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Fixed Asset Management Software Market Segmentation:
By Component:
- Software
- Services
By Deployment Type:
- Cloud
- On-Premises
By Organization Size:
- Large Enterprises
- SMEs
By Vertical:
- Energy and Utilities
- Manufacturing
- IT, Telecom, and Media
- Transportation and Logistics
- Healthcare and Life Sciences
- Other Verticals
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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