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:
Alfa Financial Software Limited
Ausloans Finance Group
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:
By Enterprise Type:
Small & Medium Enterprises
IT & Related Services
Rest of the World