Fixed Asset Management Software Market Witness the Growth of $5.2 billion by 2024

(IT-NEWSWIRE.COM, June 10, 2022 ) The 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 will likely boost the adoption of fixed asset management software. Additionally, the growing need to reduce operational cost and proliferate profits through efficient management of assets are is another major factor driving the growth of the fixed asset management software market.

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The major vendors in the fixed asset management software market 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). These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global fixed asset management software market. Of these, new product launches, partnerships, agreements, and acquisitions have been the most favored strategies adopted by major players from 2016 to 2019, which helped them offer innovative products and broaden their customer base.

IBM (US) is one of the prominent vendors which provides IT solutions. In the fixed asset management software market, the company offers a variety of products. Fixed asset management software is used to overcome enterprise issues that include unplanned downtime, equipment failure, misplaced or lost inventory, safety or environmental breaches, and failure to meet compliance or regulatory standards. IBM Maximo is a multi-tenant cloud solution which helps to check asset health in real-time. With IBM Maximo, organizations can streamline global operations, such as procurement and contract management. Maximo is beneficial for a variety of industries, such as utilities, oil & gas, nuclear power, transportation, aviation, and life sciences. The company leverages inorganic growth to expand its business. For instance, in April 2019, IBM entered into an agreement with Sund & Bælt. IBM agreed to provide IBM Maximo to Sund & Bælt for civil infrastructure to help extend the lifespan of infrastructure and reduce the overall maintenance costs. Moreover, in June 2018, IBM entered into an agreement with Sodexo. IBM agreed to provide IBM Maximo to Sodexo for monitoring and measuring the performance of the facilities infrastructure and environment. Additionally, in June 2018, IBM collaborated with EAM Software to enhance IBM Maximo’s asset management capabilities. IBM also uses acquisitions strategy to improve its geographic reach and product offerings. For instance, in June 2018, the company acquired Oniqua, which is an Australia-based inventory optimization solution and service provider.

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SAP (Germany) is one of the most prominent vendors of EAM solutions. The company offers SAP Business One product in the fixed asset management software market. SAP Business One improves profitability and reduces errors with streamlined business operations. SAP Business One exhibits various capabilities, such as financial management, sales & customer management, purchasing & inventory control, business intelligence, analytics, and reporting. SAP mostly leverages inorganic strategies, such as partnerships, agreements, and acquisitions to grow its business. For instance, in January 2019, SAP acquired Qualtrics, which provides customer experience management solutions. Experience management software makes it possible to combine information experience data and operational data to ensure that every business decision is based on both facts and the intangibles. In April 2017, SAP entered into an agreement with DanLex. SAP had agreed to provide SAP Business One solution to DanLex, which is a chain of bakeries in China. The company also uses partnership strategies to expand its business geographically. For example, SAP partnered with Stierli-Bieger AG, which is a Switzerland-based machine manufacturer and with Edesia, which produces ready-to-eat foods. SAP uses a product enhancement strategy to grow its business in the fixed asset management software market. For example, the company had introduced a new version of SAP Business One with improved capabilities.

Related Reports:

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

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Fixed Asset Management Software Market Witness the Growth of $5.2 billion by 2024