The global fixed asset management software market is very competitive due to rapid innovations and advancements. Market Research Future (MRFR) has published and released a research report about the global fixed asset management software market that anticipates a gigantic raise for this market with 12% CAGR (Compound Annual Growth Rate) during the forecast period between 2017 and 2023.
The key factors contributing to the market growth for fixed asset management software include demand for fixed assets across various verticals, growing demand for process automation, increasing investments in research and development (R & D), increasing spending on digital marketing, technological innovation, innovation, market expansion via various strategic mergers & acquisitions, and cost-effective product portfolio. Competition among vendors on the basis of compatibility, design, features, and technology is also contributing to the market growth. The factors that are hindering the market growth include a dependency on various traditional approaches and lack of awareness about fixed asset management software.
The global fixed asset management software market has been segmented on the basis of deployment, organization size, and lastly, region. As per deployment, the market has been segmented into cloud deployment and on-premise deployment. Based on organization size, the market has been segmented into small & medium enterprises (SMEs) and large enterprises. The regional segmentation of the global fixed asset management software market segments the market into continent-based regional markets known as North America, Europe, Asia Pacific, and the rest of the world (RoW).
Due to the availability of technical expertise, increasing demand for digital data management, growing use of technologically advanced solutions, the presence of many key market players, and various technological innovations, North America is the largest regional market. The most important country-specific markets in this region are the United States of America (USA) and Canada. In North America, due to more digital transactions, this software plays an important role in tax management. In Europe, the rate of technological advancement is higher than in North America. In this region, the maximum revenue comes from France, Germany, and the United Kingdom (UK).
According to the report, the Asia Pacific region is expected to grow as a market during the forecast period. Maximum market revenue in this region comes from countries like China, Japan, and India. Factors aiding the market growth in this region include growing demand for enterprise content management in emerging economies, the increasing demand for digitalization and increasing demand for data management, an increasing number of businesses in this region. Also, a fixed asset management market has immense scope in this region majorly due to data synchronization via centralized servers.
Also, tax management segment is looking for better technologically advanced solutions in this region. Therefore, North American market accounted for the largest market share.
Asia-Pacific region is expected to grow over the forecast period. Countries such as Japan, China and India contributes largely to the overall market share. The reason is attributed to the increasing number of businesses in this region and the growing demand for enterprise content management in emerging economies, increasing demand for digitalization and increasing demand for data management. Furthermore, asset management market has an immense scope in this region majorly due to synchronization of data in centralized servers.
North-America accounted for the largest market share. Countries such as U.S. and Canada contributes largely to the overall market share. The reason is attributed to increasing number of vendor present across this region and the growing use of technologically advanced solutions, presence of technical expertise, increasing demand for digital asset management solutions, digital transformation and large number of vendors.
Fixed Asset Management Software Market is expected to grow at a CAGR of 12% by 2023 Global Fixed…
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