Asset Management Market (By Component: Solution, Service; By Asset Type: Digital Assets, Returnable Transport Assets, In-transit Assets, Manufacturing Assets, Personnel/ Staff; By Application: Infrastructure Asset Management, Enterprise Asset Management, Healthcare Asset Management, Aviation Asset Management, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global asset management market size was exhibited at USD 375.19 billion in 2022 and is projected to hit around USD 7,582.99 billion by 2032, growing at a CAGR of 35.07% during the forecast period 2023 to 2032.

Key Pointers:

• North America dominated the market and generated more than 34.9% of the revenue share in 2022.
• By Component, the solution segment contributed more than 57.7% of revenue share in 2022.
• By Asset Type, the digital assets segment recorded of around 25.11 revenue share in 2022.
• By Application, the aviation segment generated more than 82.17% of the revenue share in 2022.

Asset Management Market Report Scope

The marketgrowth is attributed to rapid digital change, technological advances, and the efforts of test asset management in the industry. The capacity to portray a virtuous cycle of leadership visions, such as a robust talent model, employee resilience, operational improvements, stakeholder alignment, and culture strengthening, expand industry growth. Organizations have a plethora of chances to strengthen customer-centric relationships due to digitalization. The asset-intensive organization faces increased competition and reliance on the success or failure of the businesses involved in their management abilities.

Several companies are now investing in technological advancements, such as ArtificialIntelligence (AI), predictive maintenance, AugmentedReality (AR), the Internet of Things (IoT), and more. The implementation of contemporary management methods contributes to asset lifespan.The capabilities of asset management solutions to streamline operations, optimize the utilization of existing resources, and subsequently help enterprises save costs, enhance profits, & improve the Return on Investment (RoI) are expected to drive the industry growth. Rapid digitization and easy availability of orthorectified images through satellites have enabled the use of Geographical Information Systems (GIS).

GIS enables better planning, designing, developing, and maintaining assets in industries, such as the energy and transportation sectors. These solutions and services help organizations in reducing inventory & stock management costs. They also help enterprises utilize their existing assets efficiently by tracking and managing them in real time. Furthermore, the global industry is seeing new prospects as demand for image-based barcode scanners grows. The increased use of barcode readers, particularly image-based barcode readers, across various business verticals, such as transportation and logistics, healthcare, consumer products, and others, presents significant opportunities.

Image-based barcode scanners are progressively replacing laser scanners. Compared to 2D barcode tags, 1D barcode tags transmit less information (data matrix and QR codes). In terms of cost, long-term durability, and 2D multiple code reading capacity, image-based barcodes are also more efficient. Asset management solutions also help organizations utilize their assets efficiently by providing vital statistics on the utilization of the assets and making favorable recommendations to optimize the utilization. The assets’ life and value can be increased and the RoI can be improved. Personnel tracking solutions can help organizations ensure workforce safety and enhance workforce efficiency.

In the healthcare industry, tracking personnel and equipment can help enhance patient care. Digitization has opened immense opportunities for organizations to enhance their relationship with customers. Asset-intensive organizations have realized that amid the intensifying competition, the success or failure of their business depends on addressing the complexities involved in their management.Hence, several asset-intensive organizations are investing in advanced and innovative solutions to significantly transform and upgrade their operational processes. The high capital investment associated with implementing management solutions is emerging as one of the major factors restraining industry growth.

Offerings based on Real-Time Location System (RTLS) can reduce the workforce’s costs and boost resource utilization efficiency across various industries and industry verticals. However, these offerings can be highly capital-intensive. With the prices of some of the components associated with the solutions, such as readers and tags, plummeting, the overall costs of these systems are expected to remain high, mainly owing to the costs associated with software and servers and maintenance services.On-premise solutions typically consume more time, capital, and space. Moreover, skilled professionals are required to maintain and operate on-premises solutions.

On the contrary, cloud-based solutions and services eliminate the need to install additional hardware as they can be accessed on all sorts of basic devices, such as smartphones, tablets, laptops, and personal computers. Cloud-based solutions also ensure reliability and easy availability of data as they store it in various data centers across the globe. In addition, cloud-based solutions make it easier for organizations to secure business intelligence and optimize the use and value of the assets available to them. Hence, cloud-based solutions and services are gaining popularity among enterprises across various geographies. Asset-intensive organizations and businesses are managing to gain access to the latest hardware, software, and service features available in the market by implementing cloud-based solutions.

Some of the prominent players in the Asset Management Market include:

• IBM Corporation
• SAP SE
• Oracle Corporation
• Infor Inc.
• ABB Ltd.
• CGI Group Inc.
• Hitachi Ltd.
• Siemens AG
• Schneider Electric SE
• General Electric Company
• Cisco Systems Inc.
• Johnson Controls International plc
• Rockwell Automation Inc.
• Wipro Limited
• Honeywell International Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Asset Management market.

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 Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)