USD 277.42 billion
Report ID: SQSG40H2001 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 115 | Figures: 77
Global Asset Management Market size was valued at USD 277.42 billion in 2021 and is poised to grow from USD 373.69 billion in 2022 to USD 5455.24 billion by 2030, growing at a CAGR of 34.7% in the forecast period (2023-2030).
Asset management is the system that manages, supervises, and optimizes the business resources, assets, and protects customers. With increasing number of startups, especially across emerging economies such as India and China improve the need for asset protection.
Small and medium sized enterprises are increasing the adoption of asset management solutions to optimize and utilize their resources and gain maximum revenues. These solutions and services aid the organizations to enhance their profits, save cost, reduce the losses, and increase the return of investments. Hence, key players are integrating cutting-edge technologies such as artificial intelligence (AI), big data science, and machine learning to provide real-time high-quality data. These technologies will also help the organizations to keep the track of dataflow in real-time.
US Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 277.42 billion
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Asset Management Market is segmented based on component, asset type, application, and function across major regions. Based on component, the Asset Management Market is further bifurcated into solutions and services. Based on Asset Type Asset Management Market is categorized into: Digital and In-transit. Based on Function it is segmented into: Location & Movement Tracking, Repair & Maintenance. Based on Application the Asset Management Market is categorized into Infrastructure, Enterprise, Healthcare, and Aviation. Based on region Asset Management Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Asset Management Market Analysis by Component
Based on component, the solution segment is expected to account for largest share in the Global Asset Management Market. Surging digitization across the globe and availability of increasing number of data and images through global information systems will drive the sales in GPS segment.
Integration of GPS in the businesses or an organization increases the efficiency, maintenance, and development of the assets. Rising application of asset management solutions in healthcare, energy, transportation, manufacturing, and IT industries will fuel the growth in the segment. Advent of cutting-edge technologies in these solutions such as telematics, sensor, AI, and others is creating a conducive environment for the growth in the market. As per the study, over 55.4% of asset management sales are expected to be contributed by asset management solutions.
Asset Management Market Analysis by Asset type
In terms of asset type, the digital segment is expected to hold maximum revenue share, contributing over 26.2% of sales in the global market. Increasing adoption of digital applications and solutions to reduce the operational costs will fuel the demand in the segment. Increasing volume of digital data and assets in organizations is pushing the businesses to improve the adoption of asset management digital solutions. However, the in-transit segment is expected to witness fastest growth owing to the expansion of e-commerce industry.
Analysis by Application
As per the study, over 78% of asset management sales are expected to concentrate in aviation industry. Increasing air traffic and launch of new aircraft models will improve the need for asset management solutions. As aviation industry extensively relies on numerous independent assets, need for asset management solutions has surged. Hence, key providers are deploying their asset management solutions to cater to the growing demand for improving the profitability and reliability.
Besides this, infrastructure segment is expected to witness highest growth over the forecast period. In order to reduce the costs associated with the maintenance and procurement of infrastructure, leading companies are deploying the asset management solutions with advanced technologies. This is expected to create remunerative growth opportunities in the market.
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North America is expected to emerge as the fastest growing market over the projection period. Growth is primarily attributed to the expansion of IT & telecom, infrastructure, and aviation industries in the U.S. With increasing volume of data and growing number of IT firms in the U.S., the need for enterprise asset management solutions is slated to rise. On account of this, sales of asset management solutions across North America are expected to account for nearly 32% of demand share.
Besides this, by the end of 2028, Asia Pacific asset management market is projected to be the most lucrative pocket, with India leading the growth in the region. Increasing number of start-ups and development of modern infrastructure in the country will fuel the growth in the region. Increasing deployment of cloud-based solutions, adoption of AI, big data, and IoT in diverse industries, especially in India and China, will drive the demand in Asia Pacific.
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Leading players operating in the Global Asset Management Market are focusing on developing advanced and cost-effective solutions to cater to the specific needs of the businesses. Some of the leading players are collaborating and entering into agreements with end users to expand their customer base.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, current attempts to construct an Assets Management are centered on the peaceful coexistence of stakeholders of all sizes, promote decentralised division of power, and hasten the transition to web 3.0. The promise of the Assets Management is based on the disruption of existing technologies and the integration of multiple platforms for value creation in a virtual universe of possible applications spanning work, entertainment, financing, trade and exchange of services, virtual travel, gaming, and digital engagements in an immersive self-sustaining ecosystem powered by digital currencies and enabling edge computing.
|Market size value in 2021||USD 277.42 billion|
|Market size value in 2030||USD 373.69 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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