Asset Management Market Size, Share, Growth Analysis - Industry Forecast 2023-2030 (2024)

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.

Market snapshot - 2023-2030

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.

Asset Management Market 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.

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 managementsolutions 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.

Asset Management Market Driver

• Need for optimization and resource utilization in small- and medium-sized enterprises will drive the demand for asset management solutions. Apart from this, infrastructure asset management solutions for aging infrastructure will fuel the growth in the market.
• The increasing wealth of high-net-worth individuals and the mass affluent, as well as a significant shift to defined contribution retirement investments, are driving massive growth in the Asset & Wealth Management industry.
• As investors diversify to reduce volatility and achieve specific outcomes, alternative asset classes particularly real assets, private equity, and private debt will more than double in size and fueling the market growth in future.

Asset Management Market Restraint

• High cost associated with onsite asset management solutions is likely to limit the sales in the market. Complications regarding the trade-off and accuracy, power consumption, and range with real-time location system (RTLS) solutions might hamper the demand.
• Some asset management solutions, such as tags and readers, are becoming significantly less expensive. However, the overall costs of these solutions continue to be high since they include infrastructure costs such as software and servers, as well as maintenance and other costs.

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.

Asset Management Market Top Players Company Profiles

• BlackRock, Inc.
• The Vanguard Group, Inc.
• State Street Global Advisors
• Fidelity Investments
• Allianz Global Investors
• J.P. Morgan Asset Management
• Capital Group Companies, Inc.
• Amundi Asset Management
• Legal & General Investment Management
• Franklin Templeton Investments
• Invesco Ltd.
• PIMCO (Pacific Investment Management Company LLC)
• UBS Group AG
• Charles Schwab Investment Management, Inc.
• T. Rowe Price Group, Inc.
• Northern Trust Corporation
• Wellington Management Company, LLP
• Aberdeen Asset Management PLC
• Goldman Sachs Asset Management
• Schroders plc

Asset Management Market Recent Developments

• In January 2022, Ambit Asset Management announced the launch of ‘Ambit TenX Portfolio’ for high-net-worth investors to optimize the businesses and reduce the cost.
• In November 2021, Marathon Asset Management entered into a definitive agreement with Kaleo, a privately held pharmaceutical company to optimize and manage the data of the company.
• In April 2021, Zebra Technologies Corporation announced the collaboration with Connect Alliance Track for the non-reselling partners.

• Rapid digitization and adoption of advanced technologies such as AI, IoT, and big data science to optimize the data and improve the efficiency of the businesses through real-time high-quality data will drive the sales in the market.
• Reduced equipment downtime and need for optimized utilization of resources will improve the sales of asset management solutions. Increasing volume of data coupled with high risk of data breaches in IT and government sectors will push the adoption over the forecast period.

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.

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