Asset Management Systems Market - Current Analysis by Market Share

Asset Management Systems Market Synopsis

Asset Management Systems Market Size Was Valued at USD 501.12 Billion in 2023 and is Projected to Reach USD 7976.12 Billion by 2032, Growing at a CAGR of 36% from 2024-2032.

Asset management comprises making decisions to improve value creation in arrangement with planned organizational purposes. It is a critical platform that directs the business strategy to enhance the strategic value of assets, extend their life cycle, and lower costs and environmental impact associated with the asset life cycle. It helps to invest, strategize, and maintain asset value within the circular economy. Organizations can transition to closed-loop systems that advance asset performance and spread lifespan by executing asset management morals in their business models.

• Asset management software is an exclusive application used to stock and track assets throughout their life cycle from purchase to clearance. It provides information to the organization such as where certain assets are located, who uses them, how they are used, and information about the assets. Asset management software is used to manage both software and hardware.
• Software asset management (SAM) involves overseeing, controlling, and calculating software assets as part of a business operation. SAM involves managing software licenses by identifying, acquiring, maintaining, and disposing of them. Organizations frequently have plentiful software licenses installed on computers, extending from hundreds to thousands. Having no inventory list makes it challenging to identify and track employees' licenses and the software that is installed on each device. SAM supports monitoring the company's software. SAM's key goal is to verify that employees and contractors are using software licenses perfectly. SAM also offers an understanding of license expenses to help individuals make educated choices when buying software. Handling software is a component of both IT Asset Management (ITAM) and Enterprise Asset Management (EAM). The growing significance and reputation of businesses are the cause for their increasing importance each day.

Asset Management Systems Market Trend Analysis

Dependence on data and analytics

• The Increasing addition of blockchain technology for asset tracking will strengthen the asset management industry. Blockchain technology is being discovered for its ability to provide a secure and transparent ledger for asset tracking and management mainly in healthcare and real estate where data honesty and attribution are crucial.
• Organisations across the globe are concentrating on making the best use of and performance of their physical assets like machinery, and infrastructure.  Equipment and vehicle.
• Enterprise asset management (EAM) supports optimizing asset use and minimizing interruption.
• Many industries are subjected to strict supervisory necessities, and the EAM system contributes to ensuring that assets follow compliance standards, reducing the risk of fines and legal liabilities.

High installation cost

• The range offered by Real Time Location System (RTLS) and Radio Frequency Identification (RFID) solutions used in different applications varies from a few meters to a thousand meters. So, the cost of RTLS and RFID changes accordingly along with the technology and applications used in it.
• High initial cost is one of the restraint factors for adaptation of asset management.
• system System-based RTILS and RFID in healthcare, defense, logistics, manufacturing, and retail have high installation costs.

Increase in demand for the healthcare industry

• In the healthcare industry, keeping track of personnel and equipment can help to enhance patient care. Digitization has opened immense opportunities for Asset Management organizations to enhance their relationship with customers.
• Asset-intensive organizations have realized that amid the increasing competition, the success or failure of their business depends on addressing the complexities involved in their management.
• Due to this several asset-intensive organizations are investing in advanced and innovative solutions to significantly transform and upgrade their operational processes.

Asset Management Systems Market Segment Analysis:

The asset Management Systems Market is Segmented and divided into component, asset types, industry, function, and application.

By Component, the solution segment is expected to dominate the market during the forecast period

• Rushing digitization across the globe and the availability of an increasing number of data and images through global information systems will determine sales in the GPS segment.
• Integration of GPS in businesses or an organization increases the efficiency, maintenance, and development of the assets.
• The rising application of asset management solutions in the healthcare, energy, transportation, manufacturing, and IT industries will fuel the growth in the segment.
• The beginning of cutting-edge technologies in these solutions such as telematics, sensors, AI, and others is creating a conducive environment for growth in the market.

By Application, the aviation industry segment held the largest share of 78.8 in 2023

• Over 78.8% of asset management sales are expected to concentrate on the aviation industry. Increasing air traffic and the introduction of new aircraft models will improve the necessity for asset management solutions.
• As the aviation industry heavily relies on several independent assets, the necessity for asset management solutions has Increased heavily. key providers are organizing their asset management solutions to provide for the growing demand for refining profitability and reliability.
• Apart from this,  the infrastructure segment is probably to observe the highest growth over the predicted period. To decrease the costs associated with the maintenance and procurement of infrastructure, leading companies are positioning asset management solutions with advanced technologies. This is predicted to generate growing chances in the market.

Asset Management Systems Market Regional Insights:

North America is Likely to Dominate the Market Over the Forecast period

• North America is projected to appear as the fastest-growing market over the forecast period. Growth is primarily attributed to the extension of IT & telecom, infrastructure, and aviation industries in the U.S.
• With an increasing volume of data and a growing number of IT firms in the U.S., the necessity for enterprise asset management solutions is scheduled to rise. On account of this, sales of asset management solutions across North America are predicted to account for nearly 32% of the demand share.
• An increasing number of start-ups and the development of modern organizations in the country will increase the growth in the area. The increasing nature of cloud-based solutions, and the adoption of AI, big data, and IoT in diverse industries, especially in India and China, will drive the demand in Asia Pacific.

Active Key Players in the Asset Management Systems Market

• Apollo Global Management (U.S.)
• Brookfield Corporation (Canada)
• Ares Management (U.S.)
• Blue Owl Capital (U.S.)
• Legal & General (U.K.)
• Corebridge Financial (U.S.)
• Amundi (France)
• Power Financial (Canada)
• SEI Investments (U.S.)
• DWS Group (Germany)
• Intermediate Capital Group (ICG) (U.K.)
• Schroders (U.K.)
• SBI Holdings (Japan)
• Hamilton Lane (U.S.)
• IGM Financial (Canada)
• Australian Foundation Investment Company (Australia)
• Onex (Canada)
• Jackson Financial (U.S.)
• Janus Henderson (U.K.)
• VZ Holding (Switzerland)
• Argo Investments (Australia)
• KBC Ancora (Belgium)
• Azimut Holding (Italy)
• Brederode (Netherlands)
• Cohen & Steers (U.S.)

Key Industry Developments in the Asset Management Systems Market:

• In February 2024, On Wednesday 7 February, Amundi announced that it had signed a binding contract for the purchase of Alpha Associates, an independent asset manager offering private markets multi-manager investment explanations. This purchase will position Amundi as an important European player in this space with a squad of over 70 experts, a combined ~€20bn of assets under management, an enhanced multi-manager offering spanning across private debt, infrastructure, private equity, and venture capital, and an enlarged client & environmental footprint. It will also reinforce the existence of secondary transactions, which is an applicable capability in the current market. The transaction raises Amundi’s offering of private market funds and tailor-made solutions for its existing institutional clients globally. Finally, it accelerates the development of suitable private market products for individual clients.
• In April 2024, Blue Owl Capital effectively acquired Kuvare Asset Management for $750 million. Blue Owl Capital Inc. is a foremost player in asset directors which announced that it has arrived at a definitive purchase agreement to obtain Kuvare Insurance Services (dba Kuvare Asset Management) for the price of $750 million. KAM is a boutique investment management firm that emphasizes providing asset management services to the insurance industry including Kuvare UK holdings.