The expected market size for fixed asset management Software worldwide is US$ 3.8 billion in 2021 and US$ 4.2 billion in 2022. The market is anticipated to grow at a CAGR of 10.6% from 2022 to 2032, when it will reach US$ 11.4 billion. The market is anticipated to be significantly impacted by the rapid adoption of IoT-based services across numerous industries, including manufacturing, oil & gas, energy, electricity, and construction, over the projected period.
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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For instance, in September 2019, Adapt IT disclosed a partnership with i-Chain, a South Africa-based fixed asset management services, and solutions company to provide a Web-based system offering easy access to a cloud-based environment, designed especially for educational institutions to assist them in managing their assets.
Key Takeaways from the Market Study:
- The global fixed asset management market is estimated at US$ 3.8 Billion in 2021
- The global fixed asset management market to expand at 10.6% during the forecast period
- The U.S market to secure US$ 4 Billion and expand at 10.4% from 2022-to 2032
- The market in China to procure US$ 794 Million 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
Competitive Analysis:
Key participants of the global fixed asset management software market include IBM, Infor, SAP, Microsoft, and Oracle, among others.
Recent key developments among players are:
- In March 2021, Sage, a cloud-business solutions provider acquired Task Sheriff, an artificial-based SaaS. The acquisition is focused on strengthening its AI technology and Task Sheriff founders would join Sage AI Labs. It is a global team of engineers, data scientists, and product managers, located in Melbourne, Barcelona, San Francisco, and Tel Aviv.
- In April 2019, Infor signed an agreement with First Bus. Infor agreed to strengthen asset management for First Bus. First Bus is a transport operator in North America and the U.K.
Fixed Asset Management Software Market Segmentation:
By Component:
- Fixed Asset Management Software
- Fixed Asset Management Services
By Deployment Type:
- Cloud Fixed Asset Management
- On-Premises Fixed Asset Management
By Organization Size:
- Fixed Asset Management for Large Enterprises
- Fixed Asset Management for SMEs
By Vertical:
- Fixed Asset Management for Energy and Utilities
- Fixed Asset Management for Manufacturing
- Fixed Asset Management for IT, Telecom, and Media
- Fixed Asset Management for Transportation and Logistics
- Fixed Asset Management for Healthcare and Life Sciences
- Fixed Asset Management for Other Verticals
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