Global Asset Finance and Leasing Software Market Size Was Valued at USD 1.20 Billion In 2022 And Is Projected to Reach USD 2.92 Billion By 2030, Growing at A CAGR of 11.8% From 2023 To 2030.
Market Overview:
Asset leasing software, also known as equipment leasing software, manages all activities within lease lifecycle management, from auditioning to end-off leasing activities. Companies use this type of software to track leases, documents, contracts, prices, billing, and collections. This type of software is also useful for compliance and tax management. Asset leasing software is primarily used by asset managers and financial professionals, but its reporting capabilities are essential for executives making decisions about the company's portfolio of assets. Asset leasing software is available as a standalone solution or in multiple product packages. This type of software needs to be integrated with CMMS and enterprise asset management software, as well as accounting software and ERP systems.
Top Key Players in the Asset Finance and Leasing Software Market:
Accruent, Asset Panda, Cassiopae, CoStar Group, Soft4Leasing, IBM Corporation, Nakisa, LeaseAccelerator, LeaseQuery, Odessa Technologies, MRI Software, Oracle, RealPage, Visual Lease, VTS, and Other Major Players.
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Market Dynamics and Factors for Asset Finance and Leasing Software Market:
Drivers:
Leasing Companies and Financial Intermediaries Offer Diverse Financial Packages
Large and small asset leasing companies and financial and intermediary leasing organizations offer financial packages of various asset types, including asset types for vehicles, technology, agricultural machinery, construction and industrial equipment, and other vertical markets. Asset leasing software can handle all tasks that fall into the Lease Lifecycle Management category. It also manages a portfolio of various assets such as equipment and automobiles and provides a credit valuation and approval workflow. According to the International Construction Market Research, the global construction sector grew by almost 3.5%.
Opportunities:
Integration of Artificial Intelligence/Data Analytics in Asset Finance and Leasing Software
Integration of Artificial Intelligence/Data Analytics in Asset Finance and Leasing Software presents a bright opportunity in terms of maintenance and designing the lease cycle. Solution providers incorporate AI into their products to enable users to make smarter decisions based on lease data, not just reporting data but using that information to derive insights and make predictions. Hyper-personalization is a big opportunity that enables Custom configuration in the database like the recommendation engine, and customer-specific dashboards need to meet a variety of needs. This allows companies to receive the information they need when they log in to the system, depending on their data preferences and needs. The dashboard is most effective when it is tailored to the individual needs of your enterprise. This allows companies to prioritize easily customizable lease accounting technologies.
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Segmentation Analysis of the Asset Finance and Leasing Software Market:
By Deployment, the On-Cloud segment is dominating the Asset Finance and Leasing Software Market. The promising growth prospects for the cloud segment are driven by a shift in consumer preferences from traditional on-premises leasing management to web-based leasing services.
By Enterprise, Large enterprises are dominating in the Asset Finance and Leasing Software Market. Large Enterprises are general users of Asset Finance and Leasing Software due to higher liquidity funds which can be utilized for lending purposes with either a hire purchase method or Equipment leasing.
By Deployment
- Cloud-based
- On-premises
By Enterprise
- SMEs
- Large Enterprise
By Application
- Commercial
- Residential
- Industrial
Regional Analysis of the Asset Finance and Leasing Software Market:
North America is dominating the Asset Finance and Leasing Software Market. The United States and Canada are two of the most developed economies in the region. The region is rapidly expanding in manufacturing and is home to the world's largest companies, so demand for leasing finance is high in North America. For example, in the United States, about 8 out of 10 companies (79%) spend some kind of money to buy equipment such as loans, leasing, and credit lines (excluding credit cards). In addition, US companies, NGOs, and government agencies are projected to invest $ 1.8 trillion in plants, equipment, and software in the last two years. About half of the total investment, or $ 900 billion, was funded through loans, leases, and credit lines. US asset finance companies are the source of this funding and provide access to capital.
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In October 2021, Alfa Announced the New Thought Leadership Series on Agile Implementations which enables asset finance companies can operate in the agile method to deploy software implementations quickly and frequently. This includes key concepts such as step-by-step implementation and integration, accelerated implementation, and onboarding of new portfolios.
In July 2021, LTi Technology Solutions (LTi) is a founding member of the industry that provides leasing and loan cloud platforms to equipment and asset-based financial companies, making some exciting breakthroughs in one of the most innovative partnerships.
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