Pune, India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The global asset finance software market size was valued at USD 3.60 Billion in 2022. The market is projected to grow from USD 3.81 Billion in 2023 to USD 6.59 Billion by 2030, exhibiting a CAGR of 8.1% during the forecast period.
Asset finance software helps in managing invoices and IT assets such as associated contracts. Businesses can increase their profitability, productivity, and efficiency using this software. It can incorporate business tools to track and manage procedures and finances so they run efficiently. This information is presented by Fortune Business Insights, in its report titled, “Asset Finance Software Market Forecast, 2023-2030.”
Key Industry Development:
Odessa, a leading provider of software services, was chosen by Haydock Finance to aid expansion of its swiftly growing business and panel of approved brokers and SME customers. Haydock has 40 years of experience and provides flexible funding solutions in the U.K. along with excellent customer service and expertise.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 8.1% |
| 2030 Value Projection | USD 6.59 Billion |
| Base Year | 2022 |
| Asset Finance Software Market Size in 2022 | USD 3.60 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 170 |
| Segments covered | Asset Type, Deployment, Enterprise Type, End-user, and Geography |
| Asset Finance Software Market Growth Drivers | Increasing Demand for New Commercial Models and Branded Equipment to Aid Market |
Key Takeaways
- The increasing demand for branded equipment and new commercial models has become one of the primary growth factors in the market.
- Deployment Analysis: Cloud Segment to Lead Owing to Swift Digital Transformation
- Asset Finance Software Market Size in North America was USD 1.35 Billion in 2022
- Asia Pacific is emerging as one of the fastest-growing regional markets and offers immense potential for market growth.
- The aforementioned factors are likely to propel the asset finance software market share during the forecast, 2023-2030
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Drivers and Restraints:
- Increasing Demand for New Commercial Models and Branded Equipment to Aid Market
- The surging demand for new commercial models and branded equipment is a key factor stimulating the asset finance software market growth.
- The need for utility vehicle financing and loans is growing and companies are preferring retail equipment, which will facilitate market proliferation as well.
- The substantial rise in vehicle prices has urged companies to shift toward financing vehicles instead of making direct purchases.
- On the other hand, high installation and subscription costs of software, shortage of skilled professionals, and high screen loading time will hinder market augmentation.
Segments:
Hard Assets Segment to Dominate Backed by Surging Demand for Heavy Equipment
Based on asset type, the market is bifurcated into hard assets and soft assets. Among these, the hard assets segment held the highest market share in the recent past due to surging demand for heavy equipment in agriculture, manufacturing, and transportation sector. The high prices of such equipment generate the need for asset finance software and management services.
Cloud Segment to Lead Due to Benefits Offered Such as Easier Scalability
As per deployment, the market is divided into cloud and on-premise. The cloud segment dominated the market due to its increasing deployment. The benefits offered by cloud deployment include reduced costs, minimal maintenance, and easier scalability. The high installation and upgrading costs of on-premise deployment incline consumer toward cloud deployment.
Surging Demand for the Software by Large Enterprises to Aid Market Expansion
Speaking of enterprise type, the market is split into large enterprises and small & medium enterprises. Large enterprises segment is likely to lead owing to growing number of large-scale enterprises and surging software demand from these companies.
Transportation Segment to Grow Due to High Demand for Second-hand Vehicles
According to end-user, the market is divided into transportation, IT & related services, construction, agriculture, medical equipment, banks, industrial/manufacturing equipment, and others. Among these, the transportation segment captured the largest market share. Increasing costs of new vehicles in the post pandemic period booted the demand for second-hand transportation facilities, thus aiding market growth.
Geographically, the market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
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Regional Insights:
Development of Infrastructure to Boost Software Adoption in North America
North America captured 30% of the asset finance software market share in 2022 owing to development of infrastructure and adoption of advanced technology. Rapid digitization in Canada and the U.S. and presence of leading companies will facilitate the market expansion in this region as well.
Asia Pacific is slated to record the highest growth rate over the forecast timeframe due to increasing adoption and deployment of advanced technologies, thereby surging the demand for subscription-based software.
Europe is likely to hold the second highest revenue share in the global market backed by the presence of industry leaders in the region. For example, Banqsoft, a supplier of financial solutions for asset finance and digital banking, specializes in providing solutions to auto finance companies.
Competitive Landscape:
Collaborations Among Leading Players Will Promote Market Progression
Industry leaders often make tactical decisions to strengthen their market positioning, increase sales, maximize revenues, and boost profit generation. One such decision is collaborating with other leading companies to improve their product portfolio and geographical reach. For example, in October 2022, CHG-MERIDIAN collaborated with OPC Asset Solutions, a Mumbai-based company. Through this collaboration, the company is planning to focus on sustainability, growth, and internationalization.
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List of Key Players Mentioned in the Report:
- Oracle Corporation (U.S.)
- Banqsoft (Poland)
- ieDigital (U.K.)
- Lendscape Limited (U.K.)
- Alfa Financial Software Limited (U.K.)
- Odessa Technologies (U.S.)
- CHG-MERIDIAN (Germany)
- Ausloans Finance Group (Australia)
- CGI Inc. (Canada)
- FIS (U.S.)
Major Table of Contents:
- Global Asset Finance Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Asset Type (USD)
- Hard Assets
- Soft Assets
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Transportation
- IT & Related Services
- Construction
- Agriculture
- Medical Equipment
- Banks
- Industrial/Manufacturing Equipment
- Others
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Asset Finance Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Asset Type (USD)
- Hard Assets
- Soft Assets
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Transportation
- IT & Related Services
- Construction
- Agriculture
- Medical Equipment
- Banks
- Industrial/Manufacturing Equipment
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- South America Asset Finance Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Asset Type (USD)
- Hard Assets
- Soft Assets
- By Deployment (USD)
- Cloud
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By End-user (USD)
- Transportation
- IT & Related Services
- Construction
- Agriculture
- Medical Equipment
- Banks
- Industrial/Manufacturing Equipment
- Others
- By Country (USD)
- Brazil
- Argentina
- Rest of South America
TOC Continued…
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FAQ’s
How much will be the global asset finance software market worth in 2030?
The market is projected to reach USD 6.59 billion by 2030.
Which region is expected to hold the highest market share?
North America is expected to hold the highest market share.
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