Asset Management Market – Growth Market Reports

The global asset management market size is expected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for cloud-based asset management solutions along with the incorporation of drone & AI-based asset management across business verticals.

Asset management is the process of overseeing investments on behalf of others. The approach fundamentally has two goals that is increasing the value of a client's assets over time and reducing risk. There are investment minimums, therefore only high net worth individuals, corporations, financial intermediaries, and government entities can use this service.

Moreover, asset management includes several activities, such as investment strategies, portfolio planning, design & construction, maintenance, rehabilitation, replacement, and asset disposal. Furthermore, through predictive maintenance, condition tracking, and preventative upkeep, it helps to avoid the need for costly emergency repairs along with enhancing asset lifecycle and uptime. Hence, in highly dynamic and competitive market conditions, several firms are investing extensively in order to reap profits.

On the other hand, during COVID-19 cloud- based asset management solutions are being used by businesses to manage assets since it is enabled for day to day operations to be performed remotely. Furthermore, several companies across verticals have adopted the work from home model to protect employee well-being and ensure operational efficiency, resulting in a surge in demand for cloud-based solutions.

Market Trends, Drivers, Restraints, and Opportunities

Increasing adoption of advanced technology for extending asset lifecycle and rising incorporation of predictive analytics in asset management solutions are expected to boost the market growth in the coming years.Growing usage of Internet of Things (IoT) platforms to manage enterprise assets, and increasing mobility usage among end users are some of the major factors fueling the market expansion.Increasing concerns related to data security and confidentiality are estimated to hamper the market expansion.Existing gap between customer expectations and solutions delivered pertaining to asset management solution implementation is one of the keys factors hindering the market growth.Ongoing digital transformation initiatives taken by the government across emerging economies are anticipated to offer high growth opportunities for the market in the coming years.

Key Players

ABB Inc.Zebra Technologies Corp.Adobe Systems Inc.Siemens AGBrookfield Asset Management Inc.IBM Corp.Honeywell International Inc.Rockwell Automation, Inc.Oracle Corp.WSP Global Inc.

 

Competitive Landscape

Some of the major players competing in the global asset management market are ABB Inc.; Zebra Technologies Corp.; Adobe Systems Inc.; Siemens AG; Brookfield Asset Management Inc.; IBM Corp.; Honeywell International Inc.; Rockwell Automation, Inc.; Oracle Corp.; and WSP Global Inc.

These major players in the market are using a variety of organic and inorganic growth tactics, such as new product development, strategic alliances and collaborations, and mergers & acquisitions in order to sustain their position in the industry. Furthermore, players are enhancing their solutions' capabilities by incorporating new technology such as Machine Learning (ML), Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), mobility, Geographic Information System (GIS), and Mixed Reality (MR).

For example, IBM Corporation announced a partnership with Sund & Blt Holding A/S in April 2019 to develop AI-powered Internet of Things (IoT) solutions and grow its IBM Maximo portfolio.

Moreover, IBM Corp. is one of the most well-known companies in the industry. IBM Maximo is the brand name for the company's asset management systems. Furthermore, the company's solutions facilitate real- time visibility into asset usage, which aids in increasing Return on Asset (RoA) and expanding functions across several sites. In addition, the company is concentrating on augmenting data management and analysis tools in order to meet the growing expectation of its customers.

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