Asset Management System market is growing significantly due to increasing progressively to track the company’s products, to make entry of assets in the spreadsheet or in purchasing asset management software to handle and manage the business processes.
Asset management is a system used by an enterprise to track, maintain, and keep record of company’s assets. It includes both digital as well as physical assets such as equipment, and intellectual property. The implementation of asset management system help organization to track assets to enhance workflow and productivity, maintain record of losses and profits, reduces the chances of loss and misplacing of asset.
With the rising adoption of newer and modern technologies such as big data and cloud, the companies are using asset management systems by integrating asset management tools with big data and analytics. Moreover, the rising implementation of complex and interconnected infrastructure has encouraged organizations to adopt asset management systems that can help in managing operation technologies to gather more important data and information.
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Asset Management System Market: Drivers and Challenges
The major factor driving the adoption of Asset Management System is the requirement of streamlining the operations in the organization. The implementation of Asset Management System can help enterprise in reducing the time wasted for recording data by inefficient tracking methods and manually recording data. Moreover, the adoption of Asset Management System allow enterprises to focus on complex task of business rather than asset tracking activities and helps in increasing business profits by reducing unnecessary expenses on assets.
The key challenge for Asset Management System market is the maintenance of assets and collaboration of all the functional departments of an organization to use Asset Management System. Moreover, another challenge for the Asset Management System market growth is the high cost of solutions and expenses in maintaining and training employees. Moreover, difference in pricing complicated trade-off between accuracy are acting as a restraint for this Asset Management System market to grow.
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Asset Management System Market: Segmentation
Segmentation on the basis of Software:
Asset tracking software
Fixed asset inventory management software
Web based asset tracking software
Cloud based asset tracking management software
Enterprise asset management software
Segmentation on the basis of Applications:
IT service management
In October 2016, BaxEnergy asset stack solution provider has entered into an agreement to acquire 4M consulting to enter into the asset management market. This acquisition will help BaxEnergy to improve its offerings and introduce tailor –made asset management solutions by 4M.
In October 2015, FactSet acquired Portware an executive management system provider. This acquisition will help FactSet to improve their tools and services of asset management system with the help of Portware’s executive management system.
In Asset Management System market there are many vendors some of them are Trimble, Portware, Honeywell, Datalogic, Zebra technologies, IBM, AssetWorks, Hardcat, CityWorks and others
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Presently, North America is holding the largest market share for Asset Management System market due to high adoption of digital technologies among individual for recording asset tracking. The adoption of cloud deployment model is also impacting the market for Asset Management System in a positive manner. Companies such as IBM is also working towards the development of Asset Management System platforms with the partnerships and acquisitions in this market to enhance market opportunities.
In Europe region, the market for Asset Management System is witnessing high growth rate due to the increasing demand for mobile based asset tracking apps and monitoring asset usage in the company.
The Asia Pacific region is following the Europe region in Asset Management System market. This market is expected to have the highest growth rate in coming years due to the adoption of digital asset management solutions