The municipal asset management software sector is sitting on the precipice of a new era, an era ushered in by emerging technologies, changing demographics, shifts in regulatory norms, and an increased understanding of the criticality of efficiently managing public assets. In the midst of this transformative age, predicting the future of municipal asset management software uncovers a kaleidoscope of possibilities that could fundamentally alter the way cities and municipalities manage their assets.

Municipal asset management software, in essence, forms a critical component of the public-sector infrastructure. It is used by local governments to manage, control, and optimize their public assets, such as properties, vehicles, roads, bridges, and utilities. The software essentially provides a comprehensive overview of every asset, allowing for effective decision-making strategies regarding maintenance, replacement, and disposal.

The trajectory of municipal asset management software is largely dictated by its potentiality to integrate novel technologies. Artificial intelligence (AI) and machine learning (ML) algorithms are one such trend creating ripples in this space. Leveraging these technologies, the software can perform predictive analysis, identifying possible malfunctions or breakdowns before they occur. This predictive capacity does not just reduce maintenance costs, but also enhances asset longevity, thereby offering significant savings for municipalities.

Simultaneously, the Internet of Things (IoT) is beginning to reshape how assets are monitored. Devices embedded with sensors can capture real-time data, allowing the software to monitor asset performance continuously. This technology facilitates a shift from reactive to proactive management, thereby increasing efficiency.

However, these emerging technologies do present certain quandaries. The integration of AI, ML, and IoT greatly enhance the software's capabilities, yet they also amplify the complexity and cost of these systems. They require advanced skill sets for operation and maintenance, which can be a hurdle for some municipalities, especially those with limited resources. Moreover, the implementation of such technologies invariably leads to an increase in the amount of data generated, requiring robust data management solutions and raising questions about data privacy and security.

Blockchain technology, while still in its nascent stages, is another trend to watch. Its application in municipal asset management software could offer significant benefits, including enhanced transparency and immutable record-keeping. However, much like AI and IoT, blockchain also brings its challenges, such as scalability issues and the need for regulatory clarity.

Another emerging trend is the shift towards cloud-based solutions. The scalability and flexibility offered by cloud solutions make them an ideal choice for managing dynamic asset bases. However, the reliance on a stable internet connection for cloud-based services can be a limiting factor for municipalities in areas with weak connectivity.

The public-private partnerships (PPP) model is also gaining traction in municipal asset management. Traditionally, municipalities have been solely responsible for managing their public assets. However, the PPP model allows private companies to invest in public projects, leading to shared responsibilities and risks. Given the ever-tightening public budgets, this model offers an alternative means of financing asset management, although it does involve its complexities, particularly concerning contract management and determining the balance of power and responsibility.

In conclusion, the future of municipal asset management software is teetering on the edge of significant transformation ushered in by emerging technologies and evolving trends. While these developments promise to enhance the efficiency of asset management, they also bring their challenges. How municipalities navigate these opportunities and challenges will shape the future of this space. As we look towards the horizon, one thing remains clear - the municipalities that will succeed are those that can adapt to these evolving trends, embrace the new technologies, and meet the challenges head-on. It is not just about survival, but about thriving in this new era of asset management.