The global asset management market size is expected to reach USD 1,292.17 billion by 2027, according to a new study conducted by Grand View Research, Inc. The market is anticipated to register a CAGR of 25.9% from 2020 to 2027. The factors driving the growth include the increasing need to reduce the downtime of equipment and ensure optimum utilization of the available resources. Advances in the latest technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and infrastructure automation, coupled with the continued integration of analytical and business intelligence tools in asset management solutions are also expected to drive the market growth. The growing awareness about the advantages of IoT-based asset management solutions particularly bodes well for the growth of the market.
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The adoption of asset management solutions is rising amid the growing concerns among enterprises about the appropriate maintenance of assets and reduction in the overall operational costs. The integration of analytical solutions, such as predictive analytics, with asset management solutions, is particularly helping organizations in predicting asset failures and subsequently decreasing the overall downtime costs. Apart from eliminating the causes of failure, reducing the downtime, and curtailing the repair costs; predictive asset management solutions can also employ non-intrusive testing techniques for determining the asset performance trends. Predictive analytics and maintenance solutions can be deployed easily in several industries and industry verticals, including aerospace, manufacturing, healthcare, processing, and automotive.
Market players are engaging in technology partnerships and collaborations for developing advanced asset management solutions and rolling out asset management services for their customers. For instance, in May 2020, Maikubo Artificial Intelligence (AI) Academy adopted the RFID solution offered by Zebra Technologies Corporation for efficient and accurate asset management and tagging of training equipment. The RFID solution has enhanced the efficiency of the staff while saving time and improving visibility.
Key suggestions from the report:
- The strategic asset management service segment is expected to witness significant growth owing to the involvement of development and planning in the maintenance of infrastructure assets
- The in-transit asset segment is expected to grow at a faster pace over the forecast period in line with the growth in e-commerce activities across the globe
- The support and maintenance segment is projected to exhibit a high CAGR as support and maintenance activities help the organizations in improving the efficiency of their assets and subsequently boosting the revenue generation
- The aviation asset management segment is expected to grow at a noteworthy pace over the forecast period in line with the rise in air passenger traffic and the continued introduction of new aircraft models
- The growing demand for cloud-based asset management solutions from the large number of SMEs based in the Asia Pacific is expected to drive the growth of the Asia Pacific regional market
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Grand View Research has segmented the global asset management market based on component, asset type, function, application, and region:
Asset Management Component Outlook (Revenue, USD Billion, 2016 – 2027)
- Real-Time Location System (RTLS)
- Mobile Computer
- Global Positioning System (GPS)
- Strategic Asset Management
- Operational Asset Management
- Tactical Asset Management
Asset Management Asset Type Outlook (Revenue, USD Billion, 2016 – 2027)
- Digital Assets
- Returnable Transport Assets
- In-transit Assets
- Manufacturing Assets
- Personnel/ Staff
Asset Management Function Outlook (Revenue, USD Billion, 2016 – 2027)
- Location & Movement Tracking
- Check-In/ Check-Out
- Repair and Maintenance
Asset Management Application Outlook (Revenue, USD Billion, 2016 – 2027)
- Infrastructure Asset Management
- Energy Infrastructure
- Water & Waste Infrastructure
- Critical Infrastructure
- Enterprise Asset Management
- Healthcare Asset Management
- Aviation Asset Management
Asset Management Regional Outlook (Revenue, USD Billion, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of Key Players of Asset Management Market
- ABB Inc.
- Adobe Systems Incorporated
- Brookfield Asset Management Inc.
- Honeywell International Inc.
- IBM Corporation
- Oracle Corporation
- Rockwell Automation, Inc.
- Siemens AG
- WSP Global Inc.
- Zebra Technologies Corporation
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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