Fixed Asset Management Software Market Trends

Fixed Asset Management Software Market Overview

Fixed asset management is a method of maintaining the physical assets and equipment of an organization. The asset can be computers, vehicles, machines, and furniture. With the help of fixed asset management, an organization can track and monitor the fixed assets, reduce the maintenance costs, important overall efficiency, and keep track of all the lost, stolen, and retired assets. The fixed assets in an organization are the transport trucks, elevators, and they are a huge investment of the company. In many companies, more than 40% of their investment goes into buying fixed assets. The better the maintenance of the fixed assets, the more return a company can get. Without fixed assets, the company can experience unplanned downtime, lost inventory, safety issues, equipment failures.

The big companies who have made so much investment in fixed assets, If they don’t take care of the equipment, then they can face a huge loss.  The equipment can affect an organization’s service and products. Fixed asset management can run the business effectively and improve the quality of the organization. The increase needs to decrease operational costs and maximize profits through good management of assets is expected to boost the fixed asset management software market growth.  Also, a rise in preventive maintenance and loT devices is expected to drive the growth of the fixed asset management software market size. The fixed asset management software is automated technology, and with increasing demand for automation technology, the need for a fixed asset management software market is increasing.

Figure 1: Fixed Asset Management Software Market Size, 2022-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

This fixed asset management software market report highlights the global fixed asset management software market reach USD 10.45 billion by the end of 2030 with a CAGR rate of 11.60%—the adoption of loT based technology in the businesses fueling the fixed assets management size. With rising advancements of technology in every sector are adopting high technology to make their businesses better. With the adoption of cloud technology, organizations are utilizing their equipment to its full power. The growing demand for fixed assets in a company and the demand for analytics to manage fixed assets is increasing the demand of the global fixed asset management software market.

Fixed Asset Management Software Market Industry NewsOn Dec. 07, 2022, PowerPlan, Inc., a leading financial software & solutions provider, launched its newest SaaS technology solution, Tax Fixed Assets (TFA). TFA is the next-generation income tax depreciation and deferred tax solution specifically designed for the demanding reporting requirements in utility and energy companies to meet regulatory standards and in business planning. TFA provides a modernized user experience with streamlined workflows, time-saving data validations, and curated insights to gain vital information quickly.

On Oct.08, 2022, Agilio Software (the UK), a leading dental software solutions provider, launched its new dental-specific asset management tool, Iservice. Iservice is a comprehensive cloud-based application. The new asset management is designed to significantly reduce costs and minimize potential safety risks associated with the maintenance of dental assets.

The latest addition to Agilio's rapidly growing product portfolio is developed to completely revolutionize how dental groups manage their fixed assets from onboarding to fault reporting and servicing. Using the new asset management software, dental organizations of all sizes will benefit from instant access to a single-point, comprehensive overview of all their assets across multiple sites, including their age, cost, and projected end of life.

On Jun. 21, 2022, Incident Desk announced that it has simplified its fixed asset management system with a new mobile solution for small and medium enterprises (SMEs). Maintenance and facility management businesses have struggled to efficiently manage services and incidents related to physical assets like CCTV cameras, air conditioners, and vehicles for years.

Information regarding these fixed & movable assets and their service management can only be combined with a complicated ERP or asset management application. This has forced businesses to approach the problem manually, fraught with errors and delays.

On Jun. 13, 2022, PNG's Central government launched a web-based fixed asset management system for financial management and reporting in the PNG Province. Assets add value and support services to any organization. Launching the provincial fixed asset management system will help eradicate asset theft, abuse, and misuse within the organization in Port Mores. The web-based system would capture all assets revealed from the province's audit.

Covid-19 Analysis:

The covid-19 pandemic has brought financial problems for the business organizations due to the implication of location across all the regions. People have to stay at their homes, and the big companies are shut down amidst the covid-19 pandemic. Like other markets, the fixed asset management software market also faced problems, and the covid-19 had a mixed impact on the market as companies were highly dependent on the software and analytics to produce better results and to reduce the cost. Fixed asset management software can help people to make better decisions by managing the fixed assets.

And it also improves productivity. As construction work, offices, and mane workplaces were closed, the demand for fixed asset management also decreased. But at this time, the businesses got to know the importance of software and automated solutions. And the fixed asset management software market had a mixed impact, and the key players played a huge role in keeping the fixed asset management software Industry.

Market Dynamics

There are many factors that drive the growth of the fixed asset management software business. Due to these drivers, the market has high demand across the regions. But there are some market restraints that are hampering the growth of the market.

Market Drivers

One of the major drivers of the fixed asset management software market is the increasing demand for the fixed assets in all business organizations. As the fixed assets are a big part of the company’s investment, the companies are using fixed asset management software to manage the fixed assets properly. The fixed asset management software can help the organization by monitoring fixed assets. The fixed asset management software lowers the cost of maintenance in an organization and boosts productivity. As there are numerous benefits of the fixed asset management software, the companies are adopting these solutions, and therefore, it is driving the growth of the fixed asset management market. As fixed asset management software can track the fixed assets and maintain a record of stolen assets, the companies are giving high importance to the software, and it is driving the demand for fixed asset management software market trends. 

Market Opportunities

The Increasing need to reduce the cost of business operations bringing new opportunities for the fixed asset management software Industry. The use of loT devices has increased rapidly in the past few years, and with the adoption of loT devices, the market is expecting new opportunities. The increase in big analytics solutions and the adoption of fixed asset management software are expected to create new opportunities for the fixed asset management market.

Market Restraints

As the fixed asset management software is a very advanced technology, people are not used to it. The lack of knowledge and awareness about these solutions is a big restraint for the fixed asset management market. Businesses don’t know about the major benefits of fixed asset management solutions and what they can offer to their business. That’s why it is hampering the demand of the market.

Market Challenges

Like any other market, the fixed asset management software market also faces different types of challenges. One of the major challenges for the market is the lack of highly skilled professionals who can use fixed asset management software. As it can be a complicated solution and without the proper operation, the software won’t work properly, and it can be a big challenge for the market. The fixed asset management software market players are trying their best to overcome these challenges to increase the demand of the market.

Cumulative Growth Analysis

These are many factors that are helping to boost the demand for fixed asset management solutions. And now many companies are using fixed asset management solutions that are driving the growth of the market, and the market is expected to grow more in the coming years with the Increasing need for fixed asset management software. The global fixed management software market reaches $6.2 billion by the end of 2023, with a CAGR rate of 12%.

Market Segmentation