02-Jul-2021 | Facts and Factors
According to the Facts and Factors market research study, the global asset leasing software market in 2020 produced sales revenue of USD 961.09 Million. The asset leasing software market is anticipated to produce USD 1,915.13 Million in revenue by the end of 2026, growing at a CAGR of about 12.2% from 2021 to 2026.
Asset leasing software controls all aspects of leasing lifecycle management from ordination until lease termination. It also manages portfolios of diverse assets such as equipment and automobiles, as well as credit approval and evaluation operations. In order to operate and generate a profit, most businesses require equipment. Asset leasing assists commercial businesses of all types and sizes in obtaining the assets they require to run their operations. Each company must make the best procurement decision possible, taking into account a variety of criteria such as cash flow, balance sheet effect, and credit lines available. Asset leasing is a type of financing that offers a variety of options to fit the needs of most organizations. Thus, asset leasing software must include portfolio management features for various assets such as equipment or vehicles, contract management features for asset leasing, workflow for credit evaluation and approval, tracking of leased asset's lifecycle, administration of all documents and files related to asset leasing, and ensure compliance.
As the COVID-19 pandemic spreads over the world, most people prefer to work from home rather than from a company's headquarters, local office, or worldwide division, necessitating mobility in terms of office resources and data. Several companies are looking at implementing virtual workspaces for their employees to reduce their infrastructural needs, allowing them to be more flexible and make better use of their office space. Organizations are increasingly hiring the current generation of tech-savvy young people who believe in using a variety of electronic gadgets at work. Various businesses are looking for management solutions such as project management, workplace management, and other forms of integrated facility management in order to maintain a steady flow of work and effectively manage their employees. These technologies help property managers and real estate brokers keep track of all the lease-related data they handle, as well as the maintenance work that comes with it. As a result, the rising trend of workplace mobility is driving up demand for lease management, which could lead to the asset leasing software market leading in the approaching years.
The key players in the asset leasing software market are Accruent, Asset Panda, Cassiopae, CoStar Group, Soft4Leasing, IBM Corporation, Nakisa, LeaseAccelerator, LeaseQuery, Odessa Technologies, MRI Software, Oracle, RealPage, Visual Lease, VTS, IDS Group Companies (White Clarke Group), and PayLease, among others.
Increased in the demand of leased products and their tracking is driving the market of Asset Leasing Software
The asset leasing software market is benefiting from rising demand for various lease products and a constant requirement to track asset leasing processes such as payout schedules, vetting checks, and so on. Changes in accounting methods, such as the use of GAAP and BASEL principles, as well as increased adherence to compliance checks, have further aided industry expansion. The visibility given by asset leasing software benefits both lessees and lessors. Tax deductions on leased tools and equipment are simple to compute for lessees. Lessors are always aware of where their equipment is supposed to be and in what condition it is in. Other factor that boosts the demand for asset leasing software during the forecast period include the adoption of improved technologies in asset leasing software, the growth of the construction sector, and an increase in industrialization and infrastructure development.
North America Region Dominates the Global Asset Leasing Software Market
Based on region, the market is divided into five major regions; North America, Europe, Latin America, Asia Pacific, and The Middle East and Africa.
The region of North America contributed the most to the asset leasing market share. The United States of America and Canada are two of the region's most developed economies. Because the region has experienced substantial expansion in the manufacturing sector and is home to some of the world's largest companies, leasing finance is in great demand in North America. In the United States, for example, approximately eight out of ten businesses (79%) utilize some sort of financing to acquire equipment, such as loans, leases, and credit lines (excluding credit cards). In addition, it is predicted that US corporations, NGOs, and government agencies invested USD 1.8 trillion in plant, equipment, and software in 2019. Approximately half of total investment, or $900 billion, was financed by loans, leases, and lines of credit. Asset finance businesses in the United States are a source of such funding, offering capital access. Asset finance companies also assist in the export of manufactured goods from the United States. As a result, North America will continue to lead the asset leasing market throughout the forecast period, followed by Asia Pacific, which is expected to grow at the fastest rate due to increased industrialization and infrastructure development in the region's major economies.
Browse the full report “Asset Leasing Software Market By Deployment (Cloud-Based, and Web Based), and By Organization Size (Large Enterprises, and SMEs): Global Industry Perspective, Comprehensive Analysis, and Forecasts, 2021 – 2026.” at https://www.fnfresearch.com/asset-leasing-software-market
The global asset leasing software market is segmented as follows:
By Organization Size:
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