Market Size –
The equipment leasing software market size has grown rapidly in recent years. It will grow from $0.77 billion in 2023 to $0.86 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to cloud computing, integration capabilities, accounting standards, compliance requirements, competitive pressure, customer expectations, and globalization.
The equipment leasing software market size is expected to see rapid growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to demand for operational efficiency, global economic conditions, shift to subscription-based models, emergence of mobility solutions, focus on customer experience, and environmental and sustainability initiatives. Major trends in the forecast period include automation and AI integration, data analytics and insights, blockchain integration, partnerships and ecosystem expansion, and flexibility and customization.
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Scope Of Equipment Leasing Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Equipment Leasing Software Market Overview
Market Drivers –
The increasing adoption of cloud-based solutions is expected to propel the growth of the equipment leasing software market. Cloud-based solutions refer to services and applications hosted on remote servers, accessible via the Internet, offering scalability and flexibility. The increasing adoption of cloud-based solutions is due to their scalability, cost-effectiveness, and ease of access from any location. Equipment leasing software leverages cloud-based solutions for enhanced accessibility, real-time data synchronization, and seamless collaboration across multiple locations and devices. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, with a notable increase of 4.2 percentage points from 2021. The most sought-after services included email hosting (82.7%), file storage (68.0%), office software (66.3%), security applications (61.0%), finance or accounting software (51.6%), and enterprise database hosting (43.0%). Therefore, the increasing adoption of cloud-based solutions is driving the growth of the equipment leasing software market.
Market Trends –
Major companies operating in the equipment leasing software market are focusing on innovative lease portfolio management solutions to streamline operations and enhance financial performance. Lease portfolio management solutions in equipment leasing software refer to software systems that facilitate the tracking, optimizing, and analyzing a company’s leased equipment assets. For instance, in May 2022, SOFT4Leasing, a Lithuania-based automotive leasing software company, launched SOFT4Leasing version SL62, tailored for efficient lease portfolio management and streamlined leasing operations. This update brings numerous enhancements, fresh features, and bug fixes, enriching the software’s functionality and user experience. Notably, the customer portal now stands as a standalone application, empowering customers to conveniently access contract details, invoices, credit notes, statements, and payment plans while facilitating direct communication. It offers comprehensive equipment leasing solutions, serving asset finance and leasing entities, including equipment manufacturers, distributors, and automotive dealers. With automation capabilities, data integrity assurance, and compliance adherence, the software optimizes leasing processes, mitigates errors, and enhances operational efficacy.
The equipment leasing software market covered in this report is segmented –
1) By Product Type: Invoice Management, Lease Application Management, Lease Document Management, Origination Management
2) By Deployment: Hosted, On-Premise
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises
4) By Sales Channel: Direct Channel, Distribution Channel
5) By Vertical: Agriculture, Construction, Manufacturing, Medical And Biotechnology, Transportation And Logistics
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Regional Insights –
North America was the largest region in the equipment leasing software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the equipment leasing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the equipment leasing software market are International Business Machines Corporation, Oracle Corporation, SAP SE, Constellation Software Inc., CoStar Group, Visual Lease LLC, Odessa Technologies Inc., Alfa Systems Private Limited, Cloud Lending Solutions, NETSOL Technologies Inc., LeaseQuery (FinQuery), Nakisa Inc., LeaseAccelerator, LTi Technology Solutions, ECS Financial Services India Pvt. Ltd., Ivory Consulting Corporation, Cassiopia Software Pvt. Ltd., Dominion Leasing Software LLC, Soft4Leasing, Tamarack Consulting LLC, ILease Management LLC, Leasify, AMTdirect, LOIS Software
Table of Contents
1. Executive Summary
2. Equipment Leasing Software Market Characteristics
3. Equipment Leasing Software Market Trends And Strategies
4. Equipment Leasing Software Market – Macro Economic Scenario
5. Global Equipment Leasing Software Market Size and Growth
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31. Equipment Leasing Software Market Other Major And Innovative Companies
32. Global Equipment Leasing Software Market Competitive Benchmarking
33. Global Equipment Leasing Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Equipment Leasing Software Market
35. Equipment Leasing Software Market Future Outlook and Potential Analysis
36.Appendix
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