Press release
Asset Finance Software Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends
Asset Finance Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $5.47 billion In 2028 At A CAGR Of 8.3% :
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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Asset Finance Software Market Major Segments
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
Key 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.
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Prominent Trend - Tech Advancements Propel Innovation In Asset Finance Software
Technological advancements are a key trend gaining popularity in the asset finance software market. Major companies operating in the asset finance software market are adopting new technologies to sustain their position in the market. For instance, in September 2022, Alfa Systems, a UK-based software provider, launched Version 5.7 of Alfa Systems, an asset finance software platform. The Alfa System adopts a cloud-based technology approach and introduces new features in key areas, including user experience, charging, billing, and configuration. Additionally, the platform has undergone updates to enhance existing functionalities such as wholesale, integration, and reporting solutions. Alfa Systems aims to facilitate seamless integration with other software systems and smooth data exchange across different platforms by leveraging cloud technology.
Asset Finance Software Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the global asset finance software market size in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the asset finance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Asset Finance Software Market Report Structure
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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