CHICAGO, May 31, 2019 /PRNewswire/ -- According to a new market research report "Fixed Asset Management Software Market by Components (Software and Services), Organization Size (Large Enterprises, and Small- and Medium-Sized Enterprises), Deployment (On Premise and Cloud) Verticals, and Regions - Global Forecast to 2024", published by MarketsandMarkets™, the global Fixed Asset Management Software Market size is expected to grow from USD 3 billion in 2019 to USD 5.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period.
Preventive maintenance and IoT technology to boost adoption of fixed asset management software, and growing need to reduce operational cost and proliferate profits through efficient management of assets are the major factors driving the growth of the Fixed Asset Management Software Market.
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The services segment of fixed asset management software to grow at the highest growth rate during the forecast period
The fixed asset management software providers offer assistance to their clients through an extensive set of services to deploy platform as per the client's requirement. Services play a crucial role in helping organizations across industries take complete advantage of the fixed asset management software. Vendors are offering customized services tailored as per the unique needs of enterprises to manage their assets. Consulting service providers guide companies in deploying the fixed asset management solutions that help address their specific business process requirements in the most feasible and optimized manner. Highly qualified industry or domain experts provide consulting services. The consulting and advisory services are important for companies as they help members of organizations understand complexities involved in configuring the fixed asset management software. Furthermore, it assists organizations in analyzing problems in their business models, redefines their budgets, and reduces complexities in their business processes. Training services are aimed at offering comprehensive training regarding the fixed asset management software to representatives of an organization. These training services help organizations build necessary expertise in their team pertaining to the use of the fixed asset management software.
The small- and medium-sized enterprises segment to grow at the highest rate during the forecast period
Organizations are emphasizing on having a cost-effective fixed asset management software to equip their teams with a comprehensive solution to manage assets efficiently. It also offers organizations operating across industries with actionable information on asset maintenance and upgrading. Furthermore, the fixed asset management software empowers organizations to monitor the condition of their assets and prompt for their timely maintenance, thereby helping them enhance the productivity of the assets. This, in turn, has led to increasing adoption of the fixed asset management software among large enterprises and SMEs working across industries.
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Healthcare and life sciences to grow at a significant CAGR during the forecast period
The healthcare and life sciences industry comprises enterprises operating in various areas, such as medical devices, pharmaceuticals & biotech, diagnostics & life sciences, health IT & health insurance, dental, and animal health. The healthcare and life sciences industry is a highly regulated industry. The fixed asset management software enables organizations in healthcare and life sciences with various advantages, including asset transfers, asset revaluation, and asset disposal. Furthermore, the fixed asset management software helps enterprises track and analyze capabilities of all expensive equipment and assets, including laboratory equipment, aircons, and ultrasound machines. The software helps organizations in reducing the time and costs for maintenance of hospital equipment and machineries. Hence, the fixed asset management software empowers the organization to attain operational excellence for assets and drive revenue for the organization.
The major vendors in the Fixed Asset Management Software Market are are IBM (US), Infor (US), SAP (Germany), Microsoft (US), Oracle (US), Sage (UK), Acumatica (US), Aptean (UK), Maintenance Connection (US), IFS (Sweden), eMaint (US), Aveva (UK), Ramco Systems (India), ABB (Switzerland), Tracet (India), and Mainsaver (US).
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