Fixed Asset Management Software Market Report 2024 - Asset Management Software Market Trends, Demand, And Share

"The Business Research Company recently released a comprehensive report on the Global Fixed Asset Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The fixed asset management software market size has grown rapidly in recent years. It will grow from $3.8 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to manual processes replacement, data centralization, lifecycle management requirements, efficiency and productivity improvement, growth in it industry.

The fixed asset management software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to ai-driven decision-making, industry-specific solutions development, remote monitoring sophistication, cost efficiency priority, integration with business systems, mobile accessibility enhancement, rise in remote work. Major trends in the forecast period include digitization of asset management, advancements in technology, compliance requirements, data security concerns.

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Market Drivers and Trends:
The increasing number of IoT-linked devices is expected to boost the growth of the fixed asset management software market going forward. IoT-linked devices refer to nonstandard computing devices that connect wirelessly to a network and have the ability to transmit data. The growing number of IoT-linked devices empowers fixed asset management software by providing real-time data, enabling predictive maintenance, optimizing utilization, and enhancing overall efficiency and effectiveness in asset management processes. For instance, in November 2022, according to a report published by Ericsson, a Sweden-based telecommunication company, broadband IoT (4G/5G), which connects the majority of cellular IoT devices, reached 1.3 billion connections in 2022. Nearly 60% of cellular IoT connections are anticipated to be broadband IoT connections by the end of 2028, with 4G connecting the bulk. In terms of cellular IoT connections, North East Asia is currently in the lead; in 2023, it is predicted to surpass 2 billion connections. Therefore, the increasing number of IoT-linked devices is driving the growth of the fixed asset management software market.

Technological advancements are the key trend gaining popularity in the fixed asset management software market. The advanced fixed asset management software includes IT asset lifecycle programmes that generate accurate and actionable data to assist IT asset managers in making sound decisions. Major companies operating in the fixed asset management software market are focused of innovating new technologies to sustain their position in the market. For instance, in March 2022, Aptean, a US-based provider of fixed ssset management software, launched the Aptean EAM, a new cloud-based enterprise asset management solution including CMMS for manufacturers. Aptean EAM's extensive features, which include advanced analytics, simplify intelligent preventative maintenance. In order to manage work orders, automate approvals, maintain spare parts inventories, schedule preventative maintenance, assign appropriately skilled workers, and conduct mobile compliance inspections, Aptean EAM elevates asset maintenance and management tasks through a single platform. It is intended to satisfy the maintenance management requirements of companies whose operations are powered by equipment.

Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
International Business Machines Corporation, Infor Inc., Tracet Enterprise, Microsoft Corporation, Oracle America Inc., Sage Software Inc., Aptean India Pvt Ltd., Aveva Group plc, SAP SE, Ramco Systems Limited, Xero Limited, FMIS Ltd., AssetWorks LLC, RCS Tech LLP, InfoFort LLC., Asset Panda LLC., Expresstech Holdings Inc., ManageEngine AssetExplorer, UpKeep Technologies Inc., InvGate Assets, AssetCloud by Wasp Barcode Technologies, Cheqroom NV, Ivanti Inc., Nektar Data Systems Inc., Asset4000, Bloomberg Tax Fixed Assets, FlexiInternational Software Inc., Deltek Inc., Reftab LLC, EZOfficeInventory

Fixed Asset Management Software Market 2024 Key Insights:
• The fixed asset management software market size is expected to see rapid growth in the next few years. It will grow to $6.65 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• The Surge In Demand For Fixed Asset Management Software Amidst Increasing Investments In Fixed Assets Across Industries
• Technological Advancements Driving Growth In The Fixed Asset Management Software Market
• Asia-Pacific was the largest region in the fixed asset management software market share in 2023 and is expected to be the fastest-growing region in the forecast period

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This release was published on openPR.