Global Asset Management Market Size By Industry(Retail, Transportation & Logistics, Industrial Manufacturing), By Function(Maintenance & Repair, Check Out & Check In, Location & Movement Tracking), By Asset Type(Returnable Transport Assets, Electronics Assets, In-Transit Equipment), By Component(Solution, Services), By Geographic Scope And Forecast

Asset Management Market Size and Forecast

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Asset Management Market size was valued at USD 249,303.66 Million in 2021 and is projected to reach USD 1,483,197.05 Million by 2030, growing at a CAGR of 24.04% from 2022 to 2030.

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The growth of the asset management system market is driven by reduced equipment downtime and optimum resource utilization requirements of resources. With the rise in terror attacks, there is a growth in the necessity to protect organizations or business’s assets, employees as well as their clients or customers. These factors are driving the asset management market. The Global Asset Management Market report provides a holistic evaluation of the market. The report offers comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

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Global Asset Management Market Definition

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Asset management is developing, operating, maintaining, and cost-effectively selling assets. This term in finance refers to individuals or organizations that manage assets on behalf of individuals or other entities. The main goal of asset management services is to maximize the value of an investment portfolio by maintaining an acceptable level of risk. The growing importance of the asset management by the several business organizations is expected to drive the market with the faster pace.

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The reasons, the business should be concerned about asset management are:
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• Asset management enables an organization to account for all of its assets: This process provides an ease to track their assets (liquid or fixed). The owners of the organization will be aware of their assets, how they are being put to use, and the benefits that occurred. In addition, the recovery can be done more efficiently, thereby leading to higher returns.
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• Helps in identifying and managing risks: The process of asset management includes the identification and management of risks related to the utilization and ownership of specific assets. This benefited the firm to always be prepared to manage any risk that comes its way.
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• Helps guarantee the accuracy of amortization rates: The track on the asset ensures the record of the financial statements at its best.
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• Helps to remove the ghost assets in the company’s inventory: The awareness of the assets that have been lost to take necessary action is accomplished with a strategic asset management plan.

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This process enhances the delivery potential of assets and mitigates the cost and risks involved. The adequate maintenance and the deployment of the systems, people and processes assure the enhancement of the capital over the asset lifecycle. In addition, the capability of the asset management solutions to streamline the operations effectively is one of the vital advantages associated. The other factors are optimized utilization of existing resources, helps the organization in saving costs, improving profits, and enhancing the Return on Investment (RoI). These are some other factors that contribute to accelerating market growth.

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Global Asset Management Market Overview

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Asset management fared well in 2021 despite the pandemic-driven volatility. The overall outlook of the market is promising for the forecasted year. The market is driven by rapid digital transformation, technology innovations, and the efforts of test asset management leaders. The ability to project the virtuous cycle of leadership visions such as a strong talent model, operational improvements, employee resilience, alignment with stakeholders, and strengthening culture helps the market growth.
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The rapid digitalization and advent of technology have enabled the use of geographical information system (GIS), global positioning system (GPS), artificial intelligence (AI), and more that contributes the market expansion. Digitalization has channeled immense opportunities for organizations to improve customer-centric relations. The asset-intensive organization is experiencing intensifying competition and dependency on success and failure businesses involved in their management abilities. Henceforth, several organizations are heavily investing in the adoption of technological innovations such as artificial intelligence (AI), augmented reality (AR), predictive maintenance, the internet of things (IoT), and more. The deployment of modern management solutions helps to enhance the longevity of assets.

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Furthermore, increasing demand for image-based barcode readers is creating new opportunities for the global market. The increased use of the barcode specifically image-based barcode readers in the various industry verticals such as transportation and logistics, healthcare, consumer goods, and more creates strong potential. The image-based barcode scanner is rapidly replacing laser scanners. The information delivered by the 1D barcode tags is less in comparison to the 2D (data matrix, and QR codes). The other parameter on which image base barcode is more efficient is in terms of cost, long-term reliability, and 2D multiple code reading facility.

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However, the high price associated with the implementation of asset management solutions is one of the major restricting factors. The cost of a Real-Time Location System (RTLS) and Radio-Frequency Identification (RFID) varies in accordance with the accuracy and range. It also depends on the technologies incorporated and applications used. High initial investments of RTLS solutions in retail, defense, healthcare, and manufacturing, enhance the efficiency of resource utilization at cost of high investment.
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In addition, the cost incurred for the installation of RTLS solutions also comprises the cost of infrastructure such as software and servers along with maintenance costs. Furthermore, the solutions also require technical expertise for monitoring and maintaining the entire infrastructure.

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Global Asset Management Market: Segmentation Analysis

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The Global Asset Management Market is segmented based on Solution, Function, Asset Type, Industry, and Geography.

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Asset Management Market by Component

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• Solution

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• Services

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Based on Component, the market is bifurcated into Solution and Services. The Solution segment is accounted for the largest market share in 2020 and is projected to grow at the CAGR of 24.72% during the forecast period. The solutions allow users to develop, manage, distribute, monitor, and locate digital assets (in addition to managing the creative process). It is used in sales, marketing, IT, photography, graphics, designing and others. It is implemented in numerous verticals like media and entertainment, BFSI, retail, healthcare, automotive, and manufacturing, among others. Rising demand for cloud-based management solutions will open new gates for controlled access and better security of digital assets.

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Asset Management Market by Function

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• Maintenance & Repair
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• Check Out & Check In
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• Location & Movement Tracking
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• Others

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Based on Function, the Global Asset Management Market has been segmented into Maintenance & Repair, Check Out & Check In, Location & Movement Tracking, and Others. The Location & Movement Tracking segment is accounted for the largest market share and is projected to grow at the highest CAGR of 25.44% during the forecast period. Location and movement tracking holds the largest market share of 35.02%. The growth of this segment is often attributed to the efficiency-related benefits offered by GPS. It assists businesses in reducing their operational prices and increasing their profitability. In fleet management, GPS solutions facilitate optimizing the route of fleet vehicles, decrease the response time of fleet vehicles (for improved client service) and reduce fuel prices. Further, it offers to improve the security of fleet vehicles and minimize the business losses caused by thefts.

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Asset Management Market by Asset Type

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• Returnable Transport Assets
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• Electronics Assets
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• In-Transit Equipment
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• Personnel/Staff
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• Manufacturing Assets

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Based on Asset Type, the Global Asset Management Market has been segmented into Returnable Transport Assets, Electronics Assets, In-Transit Equipment, Personnel/Staff, Manufacturing Assets, and Others. The Returnable Transport Assets segment is accounted for the largest market share and is projected to grow at the highest CAGR of 23.20% during the forecast period. Specialized, long-lasting packaging containers, such as pallets, bins, tubs, and totes, are returnable assets. They are responsible for the cost of asset inventory whether they own or rent the equipment. As these assets are transferred between and around customer facilities and their company’s sites, they are at risk of being misplaced, stolen, or lost. According to the logistics bureau, anywhere from 10% to 40% of supply chain assets out in the wild vanish each year, seemingly without a trace. The Returnable Transport Assets segment of the market is projected to grow at the highest CAGR of 28.34% (during the forecast period).

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Asset Management Market by Industry

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• Retail

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• Transportation & Logistics

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• Industrial Manufacturing

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• Healthcare

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• Hospitality

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• Process Industry

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• Others

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Based on Industry, the Global Asset Management Market has been segmented into Retail, Transportation & Logistics, Industrial Manufacturing, Healthcare, Hospitality, Process Industry, and Others. The Retail segment is accounted for the largest market share and is projected to grow at the highest CAGR of 25.82% during the forecast period. With the emergence of innovative IoT solutions and retail asset tracking software, retailers can track and record an asset’s entire life cycle. In addition, it also helps in boosting stock control and minimizing lost and stolen assets through asset tagging. Not only this, it will also lead to improved inventory management accuracy, reduced labor requirements, and increased product availability. Thus, retail asset tracking tools are a smart way to keep costs low and profits high.

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Asset Management Market by Geography

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• North America
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• Europe
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• Asia Pacific
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• Rest of the world

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Based on regional analysis, the Global Asset Management Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America accounted for the largest market share and is projected to grow at a CAGR of 24.09% during the forecast period. North America is the most developed region in the world in almost all industries including communication, healthcare, life sciences, infrastructure, manufacturing, and technology, amongst others. North America is going to hold the largest market share during the forecasted period due to various driving factors including, the rising demand for asset management solutions in different industries across North America, the rise in adoption of Radio Frequency Identification (RFID), growing demand from healthcare industry across the region, and the rest others.

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Key Players

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The “Global Asset Management Market” study report will provide a valuable insight with an emphasis on global market including some of the major players in the market are Honeywell International, Zebra Technologies Corporation, Trimble, and Others.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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Key Developments

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Partnerships, Collaborations and Agreements

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• On April 2019, IBM Corporation announced a collaboration with Sund & Bælt Holding A/S to design and develop AI-powered IoT solutions and expand its IBM Maximo portfolio. Some of the prominent players in the global asset.

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• On April 2021, According to the company, Zebra Technologies Corporation announced the new Partner Connect Alliance Track recognizing expertise and influence while enabling greater collaboration with complementary, non-reselling partners.

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• On July 2021, Sato Corporation signed a contract with Wiliot, headquartered in Israel, regarding the introduction of IoT in the retail field. Wiliot is a company that develops the IoT sensing label Wiliot IoT Pixel and cloud services. The collaboration is a strategic partnership to establish leadership in the retail market.

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Product Launches and Product Expansions

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• On January 2020, AVEVA announced a significant enhancement to its asset performance management portfolio with the launch of AVEVA APM Assessment, AVEVA Asset Strategy Optimization, and the AVEVA Asset Strategy Library. Customers can now realize more significant reliability, availability, safety, and efficiency in operating their capital assets and move from reactive and predictive to prescriptive maintenance.

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• On April 2021, GE Digital introduced updates to its SmartSignal predictive maintenance software solution, which helps industrial companies proactively predict, diagnose, forecast, and prevent equipment failures. SmartSignal is available as a standalone software product or as an integrated component of the GE Digital asset performance management software solution.

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• On April 2021, Bentley Systems announced that it is developing applications using the NVIDIA Omniverse platform for photorealistic, real-time visualization and simulation of digital twins of massive-scale industrial and civil infrastructure projects. It will deliver real-time, immersive 3D/4D experiences to enable true-to-reality, physics-based simulation of even the most significant and most complex infrastructure assets.

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• On May 2021, AspenTech introduced an AI Workbench solution, which enables operations and data scientists to better collaborate for business-specific needs. The combination of industry-specific application knowledge and asset optimization expertise gives AspenTech customers the assurance that their AI initiatives will yield safe, reliable, and efficient operations.

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Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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• Provides insight into the market through Value Chain
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• Market dynamics scenario, along with growth opportunities of the market in the years to come
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