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Global Equipment Leasing Software Market Overview 2033 : Forecasted Market Size And Growth Rate
Equipment Leasing Software Global Market Report 2024
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According to The Business Research Company's, The equipment leasing software market size has grown rapidly in recent years. It will grow from $0.77 billion in 2023 to $0.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to cloud computing, integration capabilities, accounting standards, compliance requirements, competitive pressure, customer expectations, and globalization.
The equipment leasing software market size is expected to see rapid growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to demand for operational efficiency, global economic conditions, shift to subscription-based models, emergence of mobility solutions, focus on customer experience, and environmental and sustainability initiatives. Major trends in the forecast period include automation and AI integration, data analytics and insights, blockchain integration, partnerships and ecosystem expansion, and flexibility and customization.
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Market Drivers and Trends:
The increasing adoption of cloud-based solutions is expected to propel the growth of the equipment leasing software market. Cloud-based solutions refer to services and applications hosted on remote servers, accessible via the Internet, offering scalability and flexibility. The increasing adoption of cloud-based solutions is due to their scalability, cost-effectiveness, and ease of access from any location. Equipment leasing software leverages cloud-based solutions for enhanced accessibility, real-time data synchronization, and seamless collaboration across multiple locations and devices. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, with a notable increase of 4.2 percentage points from 2021. The most sought-after services included email hosting (82.7%), file storage (68.0%), office software (66.3%), security applications (61.0%), finance or accounting software (51.6%), and enterprise database hosting (43.0%). Therefore, the increasing adoption of cloud-based solutions is driving the growth of the equipment leasing software market.
Major companies operating in the equipment leasing software market are focusing on innovative lease portfolio management solutions to streamline operations and enhance financial performance. Lease portfolio management solutions in equipment leasing software refer to software systems that facilitate the tracking, optimizing, and analyzing a company's leased equipment assets. For instance, in May 2022, SOFT4Leasing, a Lithuania-based automotive leasing software company, launched SOFT4Leasing version SL62, tailored for efficient lease portfolio management and streamlined leasing operations. This update brings numerous enhancements, fresh features, and bug fixes, enriching the software's functionality and user experience. Notably, the customer portal now stands as a standalone application, empowering customers to conveniently access contract details, invoices, credit notes, statements, and payment plans while facilitating direct communication. It offers comprehensive equipment leasing solutions, serving asset finance and leasing entities, including equipment manufacturers, distributors, and automotive dealers. With automation capabilities, data integrity assurance, and compliance adherence, the software optimizes leasing processes, mitigates errors, and enhances operational efficacy.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, SAP SE, Constellation Software Inc., CoStar Group, Visual Lease LLC, Odessa Technologies Inc., Alfa Systems Private Limited, Cloud Lending Solutions, NETSOL Technologies Inc., LeaseQuery (FinQuery), Nakisa Inc., LeaseAccelerator, LTi Technology Solutions, ECS Financial Services India Pvt. Ltd., Ivory Consulting Corporation, Cassiopia Software Pvt. Ltd., Dominion Leasing Software LLC, Soft4Leasing, Tamarack Consulting LLC, ILease Management LLC, Leasify, AMTdirect, LOIS Software
Equipment Leasing Software Market 2024 Key Insights:
• The equipment leasing software market size is expected to see rapid growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Cloud-Based Solutions Driving Growth In Equipment Leasing Software Market
• Advanced Solution Enhance Lease Portfolio Management
• North America was the largest region in the equipment leasing software market in 2023
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