Press release
Asset Finance Software Market Trends, Top Companies, Share, Growth And Forecast 2033
Asset Finance Software Market
The Business Research Company offers in-depth market insights through Asset Finance Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The asset finance software market size has grown strongly in recent years. It will grow from $3.63 billion in 2023 to $3.97 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increasing demand for automation, globalization of businesses, regulatory compliance requirements, rise in asset-backed financing, growing complexity of financial transactions.
The asset finance software market size is expected to see strong growth in the next few years. It will grow to $5.47 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to increased emphasis on cybersecurity, shift to cloud-based solutions, focus on sustainable finance, cross-industry collaboration, integration with ERP systems. Major trends in the forecast period include technological advancements, blockchain technology adoption, AI and machine learning integration, data analytics and business intelligence, cybersecurity measures, globalization and market expansion.
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Market Segmentation:
The asset finance software market covered in this report is segmented -
1) By Asset Type: Hard Assets, Soft Assets
2) By Deployment: Cloud, On-Premise
3) By Enterprise Type: Large Enterprises, Small And Medium Enterprises
4) By End-User: Transportation, Information Technology (IT) And Related Services, Construction, Agriculture, Medical Equipment, Banks, Industrial And Manufacturing Equipment, Other End Users
Major Driver - Business Expansion And New Finance Models Fueling Asset Finance Software Market Growth
The expansion of new business finance models is expected to propel the growth of the asset finance software market going forward. Business expansion occurs when real gross domestic product (GDP) increases for two or more consecutive quarters, going from a low point to a high point. Asset finance software helps branded equipment, and new commercial models help businesses find the right equipment for their needs by providing information about different types of equipment, including their features, prices, and availability. For instance, in May 2023, according to the Finance & Leasing Association (FLA), a UK-based industry association representing the asset finance and leasing sectors, total asset finance new business reported a 14% increase in March 2023 compared to the corresponding month in 2022. Further, in Q1 2023, new business showed a 14% rise compared to Q1 2022. In addition, the business new car and commercial vehicle finance sectors witnessed substantial growth, with new business soaring by 54% and 23%, respectively, compared to March 2022. Therefore, the rise in demand for branded equipment and new commercial models is driving the growth of the asset finance software market.
Competitive Landscape:
Major companies operating in the asset finance software market report are General Electric Company, The Boeing Company, International Business Machines Corporation, Oracle Corporation, ABB, CGI Inc., Bytzsoft Technologies Pvt. Ltd., Lufthansa Technik AG, Sopra Steria, CHG-MERIDIAN, IFS AB (Industrial and Financial Systems), ieDigital, NXGrowth, Odessa Technologies, Swiss Aviation Software, Alfa Financial Software Limited, Banqsoft, Ramco Systems, NetSol Technologies, Flatirons Solutions Inc., Pacer Systems, Lendscape Limited, Rusada Aviation Software, Ausloans Finance Group, Core Systems, Tracware Limited, Financial Software & Solutions, FIS, Aviation InterTec Services, Aerosoft Systems Inc.
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Top Trend - Strategic Partnerships Drive Modernization Of Asset Managers In The Finance Software Market
Major companies operating in the asset finance software market are undergoing into strategic partnerships to develop modernize asset managers to sustain their position in the market. A strategic partnership is a collaborative agreement or alliance between two or more entities, such as companies, organizations, or governments, with the aim of achieving mutually beneficial objectives. For instance, in October 2022, Ryedale, an England-based full-service IT platform, and Intellimation.ai Software Limited, an India-based cognitive automation product and operational consulting firm, have formed a strategic partnership to enhance middle office support for asset managers amid the global growth of ETFs. Ryedale specializes in portfolio and order management solutions, while Intellimation.ai offers cognitive fintech services with a focus on ETF issuers. The collaboration aims to provide streamlined middle office services, including PCF generation, custodian reconciliation, corporate action processing, cash ledger, regulatory reporting, trade confirmation, and SSI maintenance for a diverse range of financial products.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Asset Finance Software Market Characteristics
3. Asset Finance Software Market Trends And Strategies
4. Asset Finance Software Market - Macro Economic Scenario
5. Asset Finance Software Market Size And Growth
…..
27. Asset Finance Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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