PUBLISHER: Allied Market Research | PRODUCT CODE: 1365606
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365606
According to a new report published by Allied Market Research, titled, "Asset Management Market," The asset management market was valued at $376.82 billion in 2022, and is estimated to reach $8280.7 billion by 2032, growing at a CAGR of 36.5% from 2023 to 2032.
The asset management market is driven by several factors which include a rising need for optimum utilization of assets, which has led organizations to seek effective asset management solutions. In addition, the increasing adoption of cloud-based IT asset management solutions offers enhanced flexibility, scalability, and accessibility for businesses. However, the high initial costs of asset management systems are hampering the market growth, particularly for smaller businesses with limited resources. Moreover, the lack of awareness and understanding among SMEs hinders their adoption of asset management solutions. Furthermore, budget constraints can impede the market's expansion, as organizations may face financial limitations in implementing such systems. On the contrary, the market also presents opportunities, such as the expansion of interconnected IT infrastructure, which creates a greater demand for robust asset management solutions.
The asset management market is segmented on the basis of component, asset type, function, and application. Based on component, the market is bifurcated into solution and service. On the basis of asset type, it is divided into digital assets, returnable transport assets, in-transit assets, manufacturing assets, and personnel/staff. By function, it is classified into location & movement tracking, check-in/check-out, repair & maintenance, and others. As per application, it is segmented into infrastructure asset management, enterprise asset management, healthcare asset management, aviation asset management, and other. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the asset management market such as ABB, BlackRock, Inc., Charles Schwab Investment Management, Inc., FMR LLC., IBM Corporation, J.P. Morgan Chase & Co., Morgan Stanley, Oracle Corporation., Rockwell Automation Inc., and SAP SE. These players have adopted various strategies to increase their market penetration and strengthen their position in the asset management market.
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