The global fixed asset management software market is expected to reach USD 3.8 billion in 2021 and USD 4.2 billion in 2022, according to estimates. In the assessment period from 2022 to 2032, the industry is predicted to reach USD 11.4 billion, with a CAGR of 10.6 percent. In the projected future, rapid use of IoT-based services across various sectors such as manufacturing, oil & gas, energy, power, and construction is expected to drive the market.
With the advent of industry 4.0 in the manufacturing sector, numerous facilities have implemented digital technologies to improve manufacturing processes, propelling the industry forward in the forecast period. Furthermore, technological advancements in a variety of areas, such as cloud computing, artificial intelligence, and others, are likely to help the fixed asset management software market over the forecast period.
In September 2019, for example, Adapt IT announced a partnership with i-Chain, a South African-based fixed asset management services, and solutions company, to provide a Web-based system with easy access to a cloud-based environment, designed specifically for educational institutions to help them manage their assets.
The Market Study’s Most Important Findings
- In 2021, the worldwide fixed asset management industry is expected to be worth USD 3.8 billion.
- During the projected period, the worldwide fixed asset management market is expected to grow at a rate of 10.6%.
- From 2022 to 2032, the US market is expected to generate USD 4 billion and grow at a rate of 10.4%.
- China’s market is expected to generate USD 794 million, with a CAGR of 9.9%.
- The on-premises category is expected to grow at a rate of 10.2 percent per year.
- Manufacturing is expected to rise at a rate of 10.4 percent.
Analysis of Competitors
IBM, Infor, SAP, Microsoft, and Oracle, among others, are major players in the global fixed asset management software industry.