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Global Asset Finance Software Market to reach USD 6.21 billion by the end of 2029

Global Asset Finance Software Market Size study & Forecast, by Asset Type (Hard Assets, Soft Assets) by Deployment (Cloud, On-premise), by Enterprise Type (Large Enterprises, Small & Medium Enterprises), by End-User (Transportation, IT & Related Services, Construction, Agriculture, Others), and Regional Analysis, 2022-2029

Product Code: ICTEITS-76472757
Publish Date: 10-04-2023
Page: 200

Global Asset Finance Software Market is valued at approximately USD 3.33 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.1% over the forecast period 2022-2029. Asset finance software is technologically-advanced software that is used to manage invoices and IT assets such as associated contracts. This software helps businesses to increase their profitability, productivity, and efficiency. It can contain business tools to monitor and manage processes and budgets in order to increase function competence. The purpose of asset finance software is to assist in the management of IT assets, including related contracts, asset monitoring, and invoicing management. The rising demand for new commercial models and branded equipment, the growing need for utility vehicle financing and loans, coupled with rapid digitalization are the primary factors that are propelling the market demand across the globe.

The surge in adoption of subscription-based models is likely to bolster the software demand in the global market. The automotive industry is shifting from separately owned vehicles toward an autonomous and shared mobility model owing to rising environmental concerns, technological advancements, and changing consumption habits. The liability for leasing and flexibility ownership rises by integrating services in business fleets, paying for transportation on demand, or functionality supported by new vehicle technology. Accordingly, various new players also target flexible mobility alternatives, making use of the accessibility of cutting-edge technologies like EVs. For instance, Onto- the U.K.-based EV subscription startup offers several commitment levels and a wide range of mobility services, including everything from car leasing to servicing. In addition, in August 2020, Porsche announced the Porsche Drive subscription and Porsche Passport plans in partnership with Clutch Technologies to provide on-demand access to a-la-carte mobility services and vehicles, while Audi offers a rental car plan through their Silvercar offering. Therefore, these aforementioned factors are expected to boost market share for asset finance software during the projected period. Furthermore, the growing awareness regarding the availability of asset finance software, as well as increasing investment on the technological development is presenting various lucrative prospects for the market growth over the forecasting years. However, high installation costs of software and a shortage of skilled professionals stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Asset Finance Software Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the growing usage of smart, connected, and secure technologies for asset-centric applications, along with the strong presence of large IT companies. Whereas, the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rapid digitization, rising infrastructure development, and increasing demand for subscription-based asset finance software in the regional market.

Major market players included in this report are:
Oracle Corporation
Lendscape Limited
Alfa Financial Software Limited
Odessa Technologies
Ausloans Finance Group
CGI Inc.
Fidelity National Information Services, Inc.

Recent Developments in the Market:
 In October 2022, CHG-MERIDIAN entered into a collaborative agreement with OPC Asset Solutions with the objective of focusing on internationalization, growth, and sustainability.
 In September 2022, Alfa Financial Software Limited introduce the Version 5.7 of Alfa Systems- a software tool for asset finance. The product provides new enhancements in the user experience, configuration and charges and billing.

Global Asset Finance Software Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Asset Type, Deployment, Enterprise Type, End-User, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Asset Type:
Hard Assets
Soft Assets
By Deployment:
By Enterprise Type:
Large Enterprises
Small & Medium Enterprises
By End-User:
IT & Related Services
By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Asset Finance Software Market, by Region, 2019-2029 (USD Billion)
1.2.2. Asset Finance Software Market, by Asset Type, 2019-2029 (USD Billion)
1.2.3. Asset Finance Software Market, by Deployment, 2019-2029 (USD Billion)
1.2.4. Asset Finance Software Market, by Enterprise Type, 2019-2029 (USD Billion)
1.2.5. Asset Finance Software Market, by End-User, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Asset Finance Software Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Asset Finance Software Market Dynamics
3.1. Asset Finance Software Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Increasing demand for new commercial models and branded equipment Surge in adoption of subscription-based models
3.1.2. Market Challenges High installation costs of software Shortage of skilled professionals
3.1.3. Market Opportunities Growing awareness regarding the availability of asset finance software Increasing investment on the technological development
Chapter 4. Global Asset Finance Software Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. Industry Experts Prospective
4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Asset Finance Software Market, by Asset Type
6.1. Market Snapshot
6.2. Global Asset Finance Software Market by Asset Type, Performance – Potential Analysis
6.3. Global Asset Finance Software Market Estimates & Forecasts by Asset Type 2019-2029 (USD Billion)
6.4. Asset Finance Software Market, Sub Segment Analysis
6.4.1. Hard Assets
6.4.2. Soft Assets
Chapter 7. Global Asset Finance Software Market, by Deployment
7.1. Market Snapshot
7.2. Global Asset Finance Software Market by Deployment, Performance – Potential Analysis
7.3. Global Asset Finance Software Market Estimates & Forecasts by Deployment 2019-2029 (USD Billion)
7.4. Asset Finance Software Market, Sub Segment Analysis
7.4.1. Cloud
7.4.2. On-premise
Chapter 8. Global Asset Finance Software Market, by Enterprise Type
8.1. Market Snapshot
8.2. Global Asset Finance Software Market by Enterprise Type, Performance – Potential Analysis
8.3. Global Asset Finance Software Market Estimates & Forecasts by Enterprise Type 2019-2029 (USD Billion)
8.4. Asset Finance Software Market, Sub Segment Analysis
8.4.1. Large Enterprises
8.4.2. Small & Medium Enterprises
Chapter 9. Global Asset Finance Software Market, by End-User
9.1. Market Snapshot
9.2. Global Asset Finance Software Market by End-User, Performance – Potential Analysis
9.3. Global Asset Finance Software Market Estimates & Forecasts by End-User 2019-2029 (USD Billion)
9.4. Asset Finance Software Market, Sub Segment Analysis
9.4.1. Transportation
9.4.2. IT & Related Services
9.4.3. Construction
9.4.4. Agriculture
9.4.5. Others
Chapter 10. Global Asset Finance Software Market, Regional Analysis
10.1. Asset Finance Software Market, Regional Market Snapshot
10.2. North America Asset Finance Software Market
10.2.1. U.S. Asset Finance Software Market Asset Type breakdown estimates & forecasts, 2019-2029 Deployment breakdown estimates & forecasts, 2019-2029 Enterprise Type breakdown estimates & forecasts, 2019-2029 End-User breakdown estimates & forecasts, 2019-2029
10.2.2. Canada Asset Finance Software Market
10.3. Europe Asset Finance Software Market Snapshot
10.3.1. U.K. Asset Finance Software Market
10.3.2. Germany Asset Finance Software Market
10.3.3. France Asset Finance Software Market
10.3.4. Spain Asset Finance Software Market
10.3.5. Italy Asset Finance Software Market
10.3.6. Rest of Europe Asset Finance Software Market
10.4. Asia-Pacific Asset Finance Software Market Snapshot
10.4.1. China Asset Finance Software Market
10.4.2. India Asset Finance Software Market
10.4.3. Japan Asset Finance Software Market
10.4.4. Australia Asset Finance Software Market
10.4.5. South Korea Asset Finance Software Market
10.4.6. Rest of Asia Pacific Asset Finance Software Market
10.5. Latin America Asset Finance Software Market Snapshot
10.5.1. Brazil Asset Finance Software Market
10.5.2. Mexico Asset Finance Software Market
10.5.3. Rest of Latin America Asset Finance Software Market
10.6. Rest of The World Asset Finance Software Market

Chapter 11. Competitive Intelligence
11.1. Top Market Strategies
11.2. Company Profiles
11.2.1. Oracle Corporation Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
11.2.2. Banqsoft
11.2.3. ieDigital
11.2.4. Lendscape Limited
11.2.5. Alfa Financial Software Limited
11.2.6. Odessa Technologies
11.2.8. Ausloans Finance Group
11.2.9. CGI Inc.
11.2.10. Fidelity National Information Services, Inc.
Chapter 12. Research Process
12.1. Research Process
12.1.1. Data Mining
12.1.2. Analysis
12.1.3. Market Estimation
12.1.4. Validation
12.1.5. Publishing
12.2. Research Attributes
12.3. Research Assumption

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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
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Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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