MarketsandMarkets forecasts the Fixed Asset Management Software Market 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 increase profits through efficient management of assets have facilitated the growth of fixed asset management software around the world.

The fixed asset management software providers offer assistance to their clients through an extensive set of services to deploy platform as per the client’s requirement. Services play a crucial role in helping organizations across industries take full advantage of fixed asset management software. Vendors are offering customized services tailored as per the unique needs of enterprises to manage their assets. Fixed asset management services are categorized into consulting & implementation and training & support services. The efficient delivery of services improve fixed asset management system reliability, increase operational efficiency, and help organizations reduce operating costs. Moreover, services offered by vendors streamline asset management processes by monitoring and automating services requests to ensure they are resolved within commitments.

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Large enterprises are witnessing an increasing need to deploy a comprehensive fixed asset management software to manage their large number of assets spread across geographies efficiently. The adoption of fixed asset management software in large enterprises is high as compared to SMEs. The high adoption is due to the affordability and large economies of scale of large enterprises that enable organizations to leverage the fixed asset management software. In today’s highly competitive world, large enterprises, in particular, leave no stone unturned to capture a higher market share. Hence, large enterprises spend significant amounts on becoming technologically proficient. Large enterprises spend significantly on their assets to enhance their business operations to remain competitive in the global market. This, in turn, requires them to have centralized fixed asset management software solution for managing and tracking their fixed assets efficiently. Furthermore, large enterprises spend heavily on software workshops, training, and education to empower their employees with the capability to leverage technological advancements
In terms of regions, the global fixed asset management software market has been segmented into five regions, namely, North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. APAC is expected to witness a strong growth owing to the increasing demand for software-based asset management solutions in the APAC region. The region includes major economies, such as China, Japan, Australia, and New Zealand, which are making consistent improvements in their operational management process.

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The major vendors in the fixed asset management software market are IBM (US), Infor (US), SAP (Germany), Microsoft (US), Oracle (US), Sage (UK), Acumatica (US), Aptean (UK), Maintenance Connection (US), IFS (Sweden), eMaint (US), Aveva (UK), Ramco Systems (India), ABB (Switzerland), Tracet (India), and Mainsaver (US). These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global fixed asset management software market. Of these, new product launches, partnerships, agreements, and acquisitions have been the most favored strategies adopted by major players from 2016 to 2019, which helped them offer innovative products and broaden their customer base.

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