Asset management software is integral in managing the assets of a company or organization. These assets can be moving or non-moving, on-premise or field. Assets are defined differently by various industries. For instance, a logistics company defines assets by the number of vehicles it has in its possession, while an IT company can define it by the number of software licenses. This lets companies to track their inventory in real-time.
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The introduction of Internet of Things (IoT) has made it easier for organizations to manage their assets in a structured and efficient manner. Onboarding and offboarding activities as well as assignment of resources to employees can be easier to monitor with these systems. Asset management tools can also be used to update licenses, comply with policies, and gain insights to reduce any redundancies.
IoT and Cloud Solutions
BMC Software’s Remedy Asset Management is a software that is flexible in its approach in handling business needs across all industries. By relying on IoT and Cloud, the asset manager can monitor tasks as well as can reduce maintenance overhead by loading its applications on the Cloud.
Cloud solutions such as Platform as a Service (PaaS) and Software as a Service (SaaS) can be integrated easily into business models. The scalability and low software cost can allow asset managers to tackle challenges in response to customer needs.
Market Outlook
The global asset management software market is projected to generate huge revenue by 2022, according to a report on Radiant Insights, Inc. It is expected to exhibit a remarkable CAGR over the forecast period (2017 to 2022). The market is driven by high demand for technology-based solutions to maintain assets of an organization efficiently.
The on-demand/cloud-based segment is expected to grow exceptionally due to the availability of a myriad of Cloud-based solutions catering to business management. The enterprises application segment is predicted to grow robustly during the aforementioned estimated period. The U.S. market is expected to grow rapidly due to being a fast adopter of the latest technologies. Prominent market players include Infor, Oracle Corporation, BMC Software, and IBM.
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