The global asset management software market is projected to attain revenue at a lucrative rate by 2022, according to a report on Radiant Insights, Inc. It is projected to expand at a remarkable CAGR during the forecast period (2017 to 2022). The need for software that can successfully track and monitor tangible and intangible assets is anticipated to drive the market. Other factors that can encourage the growth are high return of investment (ROI), transparency in supply chain, and cost savings.
Asset management software contains a suite of tools to manage the assets pertaining to industries such as retail, information technology (IT), healthcare, and others. Enterprise asset management system (EAMS) and computerized maintenance management system (CMMS) are the two major types of asset management software. The software plays an integral role in managing systems more effectively and in minimizing upkeep costs. For instance, it can maintain the records of all the software licenses that a company may possess.
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Internet of Things (IoT) can make asset management simpler by allowing end users to manage their assets through a common medium, the Internet. In addition, IoT can gather analytics in the systems and provide insights that can be used to reduce any redundancies. Most IoT management tools can ensure software upgrades and licensing. For instance, the Agência de Transporte do Estado de São Paulo (ARTESP) is currently using IBM’s asset management software, IBM Maximo Asset Management, to reduce traffic casualties in Brazil. The road sensors provide authorities with real-time updates of traffic, repair work, and ensure safety of citizens.
The worldwide asset management software market is segmented by type, application, and region. By types, the market is bifurcated into on-demand/cloud-based and on-premise. On-demand/cloud-based segment is expected to grow remarkably in the years to come due to availability of various cloud computing services. Platform–as-a-Service (PaaS), Software-as-a-Service (SaaS), and Infrastructure-as-a-Service (IaaS) are the solutions that can drive down management costs, serve content to different types of users, and provide scalability options.
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Major market applications are divided into enterprise and personal use. Enterprise is estimated to perform better than its counterpart over the forecast period. High adoption of smartphones and tablets may provide an impetus to the personal use segment in near future.
Regions in the asset management software market are India, China, Japan, Southeast Asia, United States (U.S.), and the European Union (EU). The U.S. is anticipated to exhibit a robust growth rate in the forthcoming years for being the fastest adopter of the latest technologies. The EU market follows the U.S. market closely and is expected to gain immense revenue over the forecast period.
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Notable market players include Freshworks Inc.; Infor; IBM; Oracle Corporation; and BMC Software. These players are sustaining their market hold by providing security and enterprise-grade solutions to their end users. For instance, BMC Software has launched Remedyforce, a software that can allow companies to create their own encryption keys. This provides them with an option to safeguard their intellectual property, contracts, and other sensitive data. Digital and financial asset management are the new avenues that can provide scalability opportunities.
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