Ottawa, June 07, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global asset management market size is expected to expand around USD 4,143.60 billion by 2030. The asset management market growth is anticipated to be driven by the ability of asset management solutions to enhance operational efficiency, optimize resource utilization, and increase profitability, ultimately leading to improved Return on Investment (RoI). Asset management services and solutions can aid in reducing inventory and stock management costs, while efficiently managing existing assets through real-time tracking and management. Solutions for personnel tracking can improve workforce safety and efficiency. In the healthcare industry, personnel and equipment tracking can significantly improve patient care.
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The advent of digitization opened up ample opportunities for the organizations to improve their relationships with the customers. The Asset-intensive organizations realized the importance of addressing the intricacies involved in the management, and are, therefore, investing heavily ina advanced and innovative solution to significantly transform and also upgrade their operational processes. These organizations are adopting cutting-edge technologies such as the Artificial Intelligence (AI), a predictive maintenance, with Augmented Reality (AR), the Internet of Things (IoT) and the telematics to accurately assess performance of their own physical assets. They are actively deploying modern management solutions, to further improve the longevity of the assets.
The deployment of on-premises solutions is often associated with substantial temporal, financial, and spatial commitments, as well as the engagement of expert professionals to perform maintenance and operational tasks. Conversely, cloud-based solutions and services preclude the necessity for supplementary hardware installation and facilitate accessibility on rudimentary gadgets like smartphones, laptops, and personal computers. Cloud-based solutions further ensure the trustworthiness of data and its availability through storage in distributed data centers across the globe. Additionally, cloud-based solutions streamline the attainment of business intelligence security and optimal utilization and worth of resources. As a result, cloud-based solutions and services are gaining traction worldwide among corporations, and asset-intensive organizations and enterprises can gain access to the latest available hardware, software, and service features by implementing cloud-based solutions.
Key Insights:
- North America market has captured revenue share of over 34% in 2022.
- By Component, the solution segment has captured revenue share of 57% in 2022.
- By Asset Type, the digital assets segment has captured revenue share of 25.8% in 2022.
- By Application, the aviation segment has accounted revenue share of around 82% in 2022.
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Regional Snapshots
North America held over 34% revenue share and led the market in 2022, due to advanced infrastructure development and technology adoption, along with the presence of large IT companies and rapid digitalization in the region. Increasing adoption of connected secure technologies for the asset-centric application is also contributing to the regional market growth.
The Asia Pacific market is also expected to witness very significant growth, with growing adoption and further deployment of advanced technologies like cloud-based solutions, IoT, artificial intelligence (AI) and big data analytics. The region is home to emerging economies such as India and China and has many SMEs, which are driving the demand for cost-effective cloud-based solutions.
However, the COVID-19 pandemic has resulted in lockdowns and disrupted supply chains, affecting transportation and revenue generation. As a result, the demand for asset management solutions and services has been negatively affected in 2020.
Scope of this report
| Coverage | Details |
| Market Size in 2030 | USD 4,143.60 Billion |
| CAGR | 35.06% from 2023 to 2032 |
| North America Market Share | 34% in 2022 |
| Solution Segment Share | 57% in 2022 |
| Aviation Segment Share | 82% in 2022 |
| Key Players | IBM Corporation, Oracle Corporation, Infor Inc., ABB Ltd., CGI Group Inc., SAP SE, Siemens AG, Schneider Electric SE, General Electric Company, Cisco Systems Inc., Hitachi Ltd., Rockwell Automation Inc., Wipro Limited, Honeywell International Inc., Johnson Controls International plc, and Others |
Market Dynamics
Drivers
AI adoption in the asset management market is still in its infancy, but asset managers are increasingly recognizing its potential to enhance performance. Implementation of AI tools can provide more accurate investment recommendations, automate portfolio management, and improve customer service, leading to growth in the industry. The asset management industry is continually evolving with the introduction of new digital solutions and technologies, providing asset managers with innovative tools to better serve their clients. The use of data and analytics has become one of the most significant changes in the asset management market. By collecting data on a variety of factors, organizations can gain greater insight into their assets and optimize resource allocation. Automated monitoring and reporting are another area where technology is impacting the asset management market, enabling real-time tracking of asset performance, early issue identification, and proactive corrective actions to prevent costly downtime and repairs.
Asset management firms are moving towards digitization by providing paperless account opening and KYC/AML compliance solutions, which makes it more convenient for investors to conduct business with them. Firms are also leveraging digital channels for client communication and marketing. To illustrate, some companies are using social media platforms like LinkedIn to connect with potential customers, while others are producing interactive webinars and podcasts that offer useful insights.
Restraints
The asset management market faces several challenges, including regulatory compliance, competition, changing investor preferences, and cybersecurity threats. Adhering to regulatory standards is time-consuming and costly for asset managers due to constantly changing requirements. Furthermore, the industry is facing increasing competition from new and innovative firms. Asset managers need to meet the specific needs of investors who are becoming more sophisticated and demanding. Finally, cybersecurity threats are a growing concern in the asset management industry as firms rely more on technology, leaving them vulnerable to cyber-attacks that could result in reputational damage, financial loss, and legal liability.
Opportunities
In the asset management market, various opportunities are emerging, including the integration of innovative technologies such as artificial intelligence, machine learning, and blockchain, which can automate processes, enhance decision-making, and deliver superior client services. This can lead to cost savings, augmented efficiency, and optimized performance. Additionally, the expansion of emerging markets offers a promising opportunity for asset managers. As these economies continue to progress, the demand for investment services is rising, and asset managers who can deliver the requisite knowledge and market access are poised to leverage this expansion. Moreover, the rising demand for sustainable investing offers a significant opportunity for asset managers who can incorporate environmental, social, and governance (ESG) factors into their investment decisions to cater to a growing number of investors who prioritize sustainable investments.
Challenges
The asset management market is becoming increasingly competitive, with new entrants and innovative products and services putting pressure on established players. This means that asset managers need to differentiate themselves and demonstrate the value of their services in order to retain clients and attract new ones. Clients' expectations are also changing, with a growing demand for personalized services and sustainable investing options. This requires asset managers to be flexible and adaptable to meet clients' evolving needs.
Finally, asset managers need to stay up to date with technological advances in order to remain competitive. Failure to adopt new technologies can result in loss of efficiency and reduced ability to deliver high-quality services to clients. However, keeping up with technological advances can be a challenge in itself, as it requires investment and a willingness to embrace change.
Report highlights
- The asset management market is witnessing two important trends. The first trend is the increasing use of data-driven approaches and risk analytics to manage risk. The recent technological advancements have enabled asset managers to gain access to more data and use more advanced analytical tools to manage risk more effectively. As a result, they are now using the data to create more advanced risk management models.
- The second trend is the growing use of alternative investments to manage risk. Asset managers are increasingly using alternative investments such as private equity, hedge funds, and real estate to reduce portfolio risk and gain diversification benefits. This trend is expected to continue as investors look for ways to protect their portfolios from market volatility.
- In the global asset management market, impact investing is gaining popularity among institutional and individual investors for several reasons. One of these is that it allows investors to achieve both financial returns and positive social or environmental impacts. This type of investment, which combines financial and social returns, is often referred to as "double bottom line" or "triple bottom line" investing.
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Recent developments
- In August 2021, California-based Service aide, a global provider of intelligent IT and corporate service management solutions, acquired SunView Software GmbH, which is located in Frankfurt, Germany.
Maarket Segmentation
By Component
- Solution
- Real-Time Location System (RTLS)
- Barcode
- Mobile Computer
- Labels
- Global Positioning System (GPS)
- Others
- Service
- Strategic Asset Management
- Operational Asset Management
- Tactical Asset Management
By Asset Type
- Digital Assets
- Returnable Transport Assets
- In-transit Assets
- Manufacturing Assets
- Personnel/ Staff
By Application
- Infrastructure Asset Management
- Transportation
- Energy Infrastructure
- Water & Waste Infrastructure
- Critical Infrastructure
- Others
- Enterprise Asset Management
- Healthcare Asset Management
- Aviation Asset Management
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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