Fixed Asset Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Fixed Asset Management Software Market is expected to register a CAGR of approximately 12% during the forecast period (2021 - 2026). Automation coupled with increased adoption of IoT-based assets across industries such as Manufacturing, Oil & Gas, Energy, Power, Transportation & Logistics, Healthcare, and Construction, amongst others, is expected to drive the growth in adoption of Fixed Asset Management Software.

Key Highlights

• Fixed Asset Management Software automates the different stages of the asset lifecycle, and helps in improving efficiency while optimizing capital expenditure. It further helps an organization in tax planning and effectively evaluates and manages other parameters such as inventory management, labor performance, productivity, depreciation, asset repairs, asset tracking, and many more.
• Technological advancements across industries, such as Artificial Intelligence, Cloud Computing, Machine Learning, and many more, are expected to boost the adoption of Fixed Asset Management Software, as these technologies provide agility, scalability, and efficiency to businesses. Hence, solution providers are increasingly introducing technologically advanced solutions to gain maximum market traction.
• For instance, in September 2019, Adapt IT partnered with i-Chain, a South Africa based fixed asset management services, and solutions company to jointly provide a Web-based system offering easy access to a cloud-based environment, specifically designed for educational institutions to help them manage their assets.
• Moreover, in November 2019, SIG, in partnership with GE Digital, unveiled its first APM (Asset Performance Management) and FSM (Field Service Management) digital solution for the food and beverage industry. The Plant 360 Asset Management is expected to provide on-demand digital services, which will equip manufacturers with efficiency, productivity, and connectivity in their operations.
• However, the major hindrance in the adoption of Fixed Asset Management Software is faced by the Small and Medium Enterprises (SMEs), as they usually suffer from the financial crunch, due to lower capital expenditure. Hence, the solution providers should focus on helping the SMEs overcome the challenge in the adoption of the software for their assets.

Key Market Trends

Industrial Manufacturing is Expected to Exhibit Maximum Adoption

• With the advent of industry 4.0 in the manufacturing industry, various plants are adopting digital technologies to enhance, automate, and modernize the manufacturing process, while optimizing the management of fixed assets. A Fixed Asset Management Software enables the manufacturers to predict the future equipment and manufacturing costs and, thus, helps them to prepare a cost-efficient budget. It also helps them prepare reports on current and future values of their fixed assets, and improve their fixed assets turnover ratio.
• Also, technologies like Industrial IoT provides exceptional benefits, such as real-time alerts and asset tracking solutions, which help them manage their fixed assets efficiently. Fixed Assets Management Software helps manufacturing companies optimize their infrastructure costs and optimize their overhead costs and the overall capital expenditure while reducing their downtime and enhancing efficiency and productivity.

North America is Expected to Dominate the Market

• The North America region is expected to dominate the Fixed Asset Management Software Market owing to the strong presence of manufacturing and transportation and logistics industries and the rapid adoption of technological advancements in the region. Also, government initiatives and regulations in various end-user industries are expected to proliferate the region's market growth.
• For instance, the Federal Highway Association (FHWA), along with the American Association of State Highway and Transportation Officials (AASHTO), State and local departments of transportation (DOTs) have been encouraging the application of asset management software in the transportation and logistics industry.
• Moreover, the region dominates in technology adoption in almost every end-user industry, such as Manufacturing, Automotive, Transportation & Logistics, IT & Telecom, and many more. It has been one of the largest regions to implement IoT across industries. These trends provide ample opportunities for fixed asset management software solution providers in the region to expand their foothold in the region by enhancing their market presence.
• In November 2019, the industrial IoT company helping organizations effectively manage their asset lifecycle, Temeda, collaborated with Globalstar, Inc., a mobile satellite voice and data service provider, to create a sales partnership. The partnership will allow Temeda to sell Globalstar's SmartOne C and SmartOne Solar satellite asset managers to Temeda clients majorly from the Oil and Gas industry, and multi-national rental equipment firms.

Competitive Landscape

The competitive landscape of the Fixed Asset Management Software Market is moderately fragmented owing to the presence of several global players across the globe, such as Infor, IBM, SAP, FMIS, Asset Panda, AssetWorks, Tracet, and many more. The market players are forming strategic partnerships and collaborations to enhance their market presence. The companies are also innovating to integrate technologies like AI, Cloud Computing, ML, and Automation, amongst others to boost the effectiveness of their offerings.

• June 2019 - Comparesoft, an AI-Driven Software Recommender, renewed its referral partnership with FMIS, which provides asset management solutions in a broad range of industries, including the public sector, manufacturing, health, education, and non-profit sectors. This will help them further engage with businesses, to create further business opportunities.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support