The global Asset Management Market size is expected to reach USD 3,677.39 billion by 2030, registering a CAGR of 34.7% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The three key trends that will drive the industry growth are the increasingnumber of High-Net-WorthIndividuals (HNWIs), the government-incentivized shift to individual retirement plans, and the expansion of Sovereign Wealth Funds (SWFs). With increasing assets and associated costs, market vendors must maintain or increase their technology and data management investment to maximize distribution opportunities and comply with regulations and reporting. Other factors driving the industry include the need to reduce equipment downtime and ensure optimum utilization of the available resources.
The
increased awareness about the benefits of IoT-based asset management solutions
bodes well for market growth. Advances in the latest technologies, such as
the Internet of Things (IoT), Artificial Intelligence (AI),
and infrastructure automation, coupled with the continued integration of
analytical and business intelligence tools in asset management solutions, are
also expected to drive the industry. Asset management will take center stage as
demographics and markets shift. Banks and insurers will be hampered by
regulation because it will force them to abandon proprietary investing and
other core businesses. Furthermore, with the growing geriatric population,
retirement and healthcare will become significant challenges that only asset
management can handle.
Asset
managers will be in high demand as capital is raised to support growing
urbanization and cross-border trade. Furthermore, asset managers will be at the
forefront of SWFs’ efforts to diversify their vast pools of assets. The
industry value will need to be communicated systematically and consistently. Integrating
analytical solutions, such as predictive analytics, with asset management
solutions is particularly helping organizations predict asset failures and
subsequently decrease overall downtime costs. The adoption of asset management
solutions is rising amid the growing concerns among enterprises about the
appropriate maintenance of assets and reduction in overall operational costs.
Predictive
asset management solutions can use non-intrusive testing approaches to
determine asset performance patterns, minimize failure causes, save downtime,
and lower replacement costs. Predictive analytics and maintenance solutions are
simple to implement in various industries and verticals, including aerospace,
manufacturing, healthcare, processing, and automotive. Industry players engage
in technology partnerships and collaborations to develop advanced asset
management solutions and roll out asset management services for their
customers. For instance, in May 2021, Maikubo Artificial Intelligence (AI)
Academy adopted the RFID solution offered by Zebra Technologies Corp. 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.
Related Press
Release@ Asset
Management Market Report
Asset Management Market Report Highlights
- The
strategic asset management service segment is expected to witness
significant growth owing to the involvement of development and planning in
maintaining infrastructure assets
- The
in-transit asset segment is expected to grow at a considerable CAGR over
the forecast period due to the growth in e-commerce activities across the
globe
- The support
and maintenance segment is projected to exhibit a high CAGR as
organizations benefit from support and maintenance activities because they
help them improve the efficiency of their assets and, as a result,
increase income generation
- The aviation
asset management segment is expected to grow at a noteworthy CAGR over the
forecast period due to an increase in air passenger volume and the launch
of new aircraft models
- The growing
demand for cloud-based asset management solutions from a large number of
SMEs based in Asia Pacific, along with the rising middle-class population,
higher life expectancies, investors’ gradual transfer from deposits to
financial assets, and longer pension durations, has resulted in a need to
manage valuable asset data
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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