Leased Asset Management Solutions Market : Latest Innovations, Drivers And Indus

Posted by Mayuri on November 13th, 2020

Global Leased Asset Management Solutions Market: Introduction

Leased asset management solutions can be defined as fully integrated solutions for the management of lease and underlying assets. Leased asset management solutions ensure that cost and space utilization are factored in for performance management; divisions comply with regulatory requirements; and leases are managed according to the terms of the agreement.

The major advantage of a leased asset management solutions is that it ensures compliance, tracking leased equipment, and lease accounting for payable and receivable. This ensures efficiency in management of assets which a company acquires on rent for a long term basis. Due to multiple advantages of leased asset management solutions, the demand for such solutions is expected to rise in the coming future at a healthy CAGR.

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Global Leased Asset Management Solutions Market – Dynamics

Increasing Focus on Digitization Driving Growth of the Leased Asset Management Solutions Market

Growing Demand for Unified Solutions for Leased Asset Management

Unified leased asset management solutions provide capabilities such as site selection and acquisition, payables lease administration and accounting (lessee), receivables lease administration and accounting (lessor), automation in-site acquisition, compliance fulfilment etc.in a complete package. Unified solutions are highly demanded as it automates and unifies various accounting related features in a common context and experience. As a result, enterprises (especially the large ones) these days require a complete package which offers advanced unified solution features. This is expected to drive the demand for leased asset management solutions.

Increasing Adoption of Digitization for Accounting Functions

Across the globe, adoption of digitized tools to manage accounting functions has increased rapidly. Accounting handling software has considerably increased efficiency as well as reduced the chances of error. SMEs are adopting such tools and software at a sizable rate. The adoption from SMEs for accounting and related administrative work is driving the demand for leased asset management solutions.

Software Compatibility Issues Restricting the Growth of the Market

Many users find themselves restricted due to compatibility issues. In addition, most leased asset management solutions require to have additional software to function efficiently. Certain viewing software may impose an additional expense on the user. Compatibility and cost of integration is hampering the growth of the leased asset management solutions market.

North America Expected to Dominate the Global Leased Asset Management Solutions Market

In terms of region, the global leased asset management solutions market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global leased asset management solutions market during the forecast period, as the adoption of digitized technology within SMEs in North America is comparatively high compared to other regions.

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Global Leased Asset Management Solutions Market – Competitive Landscape

• In October 2018, Innovation Finance and Odessa Technologies entered into a strategic partnership wherein Odessa Technologies would provide customized solutions to Innovation Finance to manage lease and loan accounting.
• In July 2018, LEAF Commercial Capital, Inc. selected Odessa Platform and the LeaseWave Product Suite. LEAF Commercial Capital, Inc. is thus expected to enhance equipment leasing operations with LeaseWave.