Asset finance refers to the use of a company’s balance sheet assets, including short-term investments, inventory, and accounts receivable, to borrow money or get a loan. Asset finance software is an application software that keeps track of all transactions and other financial operations and helps to simplify asset management. It also simplifies loan processes and finance operations for its customers by offering integrated, simplified, and automated solutions.
One of the key drivers of the asset finance software market is rise in demand for streamlined financial operations among businesses to efficiently manage their assets, optimize resource allocation, and improve overall financial planning and reporting. Furthermore, asset management processes are being automated to help track and manage assets throughout their lifecycle, which provides real-time visibility and data insights. Thus, this factor drives adoption of asset finance software and propels the market growth. In addition, the need for improved risk assessment and compliance measures propels the growth of the asset finance software market by prompting businesses to seek advanced solutions that can effectively manage and mitigate risks associated with lending and asset management. However, data privacy and security concerns hamper the growth of the asset finance software market by affecting customer trust and confidence. Moreover, asset finance software allows customers to purchase assets and aids in managing them and the installation costs of these software are high and require professionals to complete the tasks that hamper the asset finance software market growth. However, the integration of technologies in the asset finance software is expected to provide lucrative growth opportunities to the asset finance software market in the upcoming years.
The asset finance software market is segmented into asset type, deployment mode, enterprise size, end user, and region. By asset type, the market is differentiated into hard assets and soft assets. Depending on deployment mode, it is fragmented into on-premise and cloud. By enterprise size, the market is divided into large enterprises and small and medium-sized enterprises. By end user, the market is divided into banks, transportation, IT and related services, construction, healthcare, agriculture, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the asset finance software market include Odessa, FIS, NETSOL Technologies, Alfa Financial Software Limited, Banqsoft, CGI Inc., Lendscape Limited, ieDigital, Oracle, and CHG-MERIDIAN. These players have adopted various strategies to increase their market penetration and strengthen their position in the asset finance software industry.
One of the key drivers of the asset finance software market is rise in demand for streamlined financial operations among businesses to efficiently manage their assets, optimize resource allocation, and improve overall financial planning and reporting. Furthermore, asset management processes are being automated to help track and manage assets throughout their lifecycle, which provides real-time visibility and data insights. Thus, this factor drives adoption of asset finance software and propels the market growth. In addition, the need for improved risk assessment and compliance measures propels the growth of the asset finance software market by prompting businesses to seek advanced solutions that can effectively manage and mitigate risks associated with lending and asset management. However, data privacy and security concerns hamper the growth of the asset finance software market by affecting customer trust and confidence. Moreover, asset finance software allows customers to purchase assets and aids in managing them and the installation costs of these software are high and require professionals to complete the tasks that hamper the asset finance software market growth. However, the integration of technologies in the asset finance software is expected to provide lucrative growth opportunities to the asset finance software market in the upcoming years.
The asset finance software market is segmented into asset type, deployment mode, enterprise size, end user, and region. By asset type, the market is differentiated into hard assets and soft assets. Depending on deployment mode, it is fragmented into on-premise and cloud. By enterprise size, the market is divided into large enterprises and small and medium-sized enterprises. By end user, the market is divided into banks, transportation, IT and related services, construction, healthcare, agriculture, and others. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the asset finance software market include Odessa, FIS, NETSOL Technologies, Alfa Financial Software Limited, Banqsoft, CGI Inc., Lendscape Limited, ieDigital, Oracle, and CHG-MERIDIAN. These players have adopted various strategies to increase their market penetration and strengthen their position in the asset finance software industry.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the asset finance software market along with current trends and future estimations to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the Asset finance software market size are provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the asset finance software market from 2022 to 2032 is provided to determine the market potential.
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Key Market Segments
By Asset Type
- Hard Assets
- Soft Assets
By Deployment Mode
- On-premise
- Cloud
By Enterprise Size
- Large Enterprises
- Small and Medium-sized Enterprises
By End User
- Banks
- Transportation
- IT and Related Services
- Construction
- Healthcare
- Agriculture
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Oracle Corporation
- CGI Inc.
- NetSol Technologies
- Lendscape Limited
- Odessa
- Banqsoft
- FIS
- CHG-MERIDIAN
- ieDigital
- Alfa Financial Software Limited
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ASSET FINANCE SOFTWARE MARKET, BY ASSET TYPE
CHAPTER 5: ASSET FINANCE SOFTWARE MARKET, BY DEPLOYMENT MODE
CHAPTER 6: ASSET FINANCE SOFTWARE MARKET, BY ENTERPRISE SIZE
CHAPTER 7: ASSET FINANCE SOFTWARE MARKET, BY END USER
CHAPTER 8: ASSET FINANCE SOFTWARE MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the asset finance software market was valued at $3.8 billion in 2022, and is estimated to reach $11.1 billion by 2032, growing at a CAGR of 11.5% from 2023 to 2032.The asset finance software market is likely to experience a significant growth rate of 11.5% from 2022-2032, owing to the increase in demand for streamlined financial operations, automation of asset management processes, and increase in adoption of technology in financial processes
Asset finance refers to the use of a company’s balance sheet assets, including short-term investments, inventory, and accounts receivable, to borrow money or get a loan. Asset finance software is an application software that keeps track of all transactions and other financial operations and helps to simplify asset management. It also simplifies loan processes and finance operations for its customers by offering integrated, simplified, and automated solutions.
Furthermore, the subscription economy demands financial flexibility. Oracle financial services lending and leasing cloud service helps consumers offer multiple asset finance solutions to fuel new opportunities and increase profitability. Moreover, in October 2021, three major finance software companies, IDS, William Stucky and Associates, and White Clarke Group, have been renamed as Solifi to provide a range of industry solutions on a single technology platform. Solifi delivers applications for equipment, working capital, wholesale, and automotive finance firms, including Software-as-a-Service (SaaS) solutions for the secured finance market and cloud-based services. Therefore, these factors drive the growth of the market.
The market also offers growth opportunities to the key players in the market. Key players are adopting strategies to strengthen their market positions in the asset finance software industry, including new technology adoption, product developments, mergers and acquisitions, joint ventures, alliances, and partnerships. For instance, in August 2023, QV Systems, the software-as-a-service asset finance software provider, extended its partnership with Time Finance to unify credit origination. Through this partnership, QV Systems provides front and middle-office software to run operations for Time Finance. The partnership supports Time Finance’s cloud adoption to lead remote operations, fueled by QV Systems’ Accelerate platform.
The asset finance software market is segmented into asset type, deployment mode, enterprise size, end user, and region. By asset type, the market is differentiated into hard assets and soft assets. Depending on deployment mode, it is fragmented into on-premise and cloud. By enterprise size, the market is divided into large enterprises and small and medium-sized enterprises. By end user, the market is divided into banks, transportation, IT and related services, construction, healthcare, agriculture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Region wise, it is analyzed across North America (the U. S., and Canada), Europe (UK, Germany, France, Italy, Spain, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Odessa, FIS, NETSOL Technologies, Alfa Financial Software Limited, Banqsoft, CGI Inc., Lendscape Limited, ieDigital, Oracle, and CHG-MERIDIAN. The players in the market have been actively engaged in the adoption of various strategies such as business expansion, product launch, collaboration, and partnership to remain competitive and gain an advantage over the competitors in the market. For instance, in December 2021, Alfa, a global provider of asset finance software and services, announced a project with PEAC Finance. The project delivered an Alfa Systems upgrade alongside the implementation of new business for the Barclays Asset Finance operation, acquired by PEAC. The upgrade to Alfa Systems version 5.6 gave PEAC access to new features, including support for risk-free interest rate products and usage-based billing, alongside a comprehensive redesign of the UI to improve user experience and increase operational efficiency.
Key Market Insights
By asset type, the hard assets segment was the highest revenue contributor to the market and is estimated to reach $6.66 billion by 2032, with a CAGR of 10.4%. However, the soft assets segment is estimated to be the fastest-growing segment with a CAGR of 13.2% during the forecast period.By deployment mode, the on-premise segment was the highest revenue contributor to the market, and is estimated to reach $6.26 billion by 2032, with a CAGR of 10.3%. However, the cloud segment is estimated to be the fastest-growing segment with a CAGR of 13.3% during the forecast period.
By enterprise size, the large enterprises segment was the highest revenue contributor to the market, and is estimated to reach $6.41 billion by 2032, with a CAGR of 10.0%. However, the small and medium-sized enterprises segment is estimated to be the fastest-growing segment with a CAGR of 13.8% during the forecast period.
By end user, the transportation segment was the highest revenue contributor to the market, and is estimated to reach $2.19 billion by 2032, with a CAGR of 7.4%. However, the others segment is estimated to be the fastest-growing segment with a CAGR of 14.7% during the forecast period.
Based on region, North America was the highest revenue contributor, accounting for $1.44 billion in 2022, and is estimated to reach $3.43 billion by 2032, with a CAGR of 9.3%. However, Asia-Pacific is estimated to be the fastest-growing region with a CAGR of 14.6% during the forecast period.'
Companies Mentioned
- Oracle Corporation
- CGI Inc.
- NetSol Technologies
- Lendscape Limited
- Odessa
- Banqsoft
- FIS
- CHG-MERIDIAN
- ieDigital
- Alfa Financial Software Limited
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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