Asset Management Market to be Worth $3,677.39 Billion by 2030: Grand View Research, Inc.

Rhea-AI Summary

The global asset management market is projected to reach USD 3,677.39 billion by 2030, growing at a CAGR of 34.7% from 2023 to 2030, according to Grand View Research, Inc. Key drivers include an increase in High-Net-Worth Individuals (HNWIs), government incentives for retirement plans, and expanding Sovereign Wealth Funds (SWFs). Technological advancements, particularly in IoT and AI, are essential for market growth, helping to optimize asset management and reduce operational costs. The report highlights the significant growth expected in segments such as strategic asset management and support services, driven by the rising demand for efficient asset utilization.

Positive

• Projected market size of USD 3,677.39 billion by 2030.
• CAGR of 34.7% indicates strong growth potential.
• Increasing demand for technology and data management investments.
• Growth in strategic asset management services due to infrastructure maintenance needs.

Negative

• None.

SAN FRANCISCO, March 2, 2023 /PRNewswire/ -- 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 increasing number of High-Net-Worth Individuals (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.

Key Industry Insights & Findings from the report:

• 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.

Read 150 page market research report, "Asset Management Market Size, Share & Trends Analysis Report By Asset Type (Digital Assets, In-transit Equipment), By Component (Solution, Service), By Application (Aviation AM, Hospital AM), By Function, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Asset Management Market Growth & Trends

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.

Asset Management Market Segmentation

Grand View Research has segmented the global asset management market on the basis of component, asset type, function, application, and region:

Asset Management Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Solution
• Real-Time Location System (RTLS)
• Barcode
• Mobile Computer
• Labels
• Global Positioning System (GPS)
• Others
• Service
• Strategic Asset Management
• Operational Asset Management
• Tactical Asset Management

Asset Management Market - Asset Type Outlook (Revenue, USD Million, 2018 - 2030)

• Digital Assets
• Returnable Transport Assets
• In-transit Assets
• Manufacturing Assets
• Personnel/Staff

Asset Management Market - Function Outlook (Revenue, USD Million, 2018 - 2030)

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

Asset Management Market - Application Outlook (Revenue, USD Million, 2018 - 2030)

• Infrastructure Asset Management
• Transportation
• Energy Infrastructure
• Water & Waste Infrastructure
• Critical Infrastructure
• Others
• Enterprise Asset Management
• Healthcare Asset Management
• Aviation Asset Management
• Others

Asset Management Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players of Asset Management Market

• ABB Inc.
• Adobe Systems Inc.
• Brookfield Asset Management Inc.
• Honeywell International Inc.
• IBM Corp.
• Oracle Corp.
• Rockwell Automation, Inc.
• Siemens AG
• WSP Global Inc.
• Zebra Technologies Corp.

Check out more related studies published by Grand View Research:

• Infrastructure Asset Management Market - The global infrastructure asset management market size is expected to reach at USD 41.04 billion by 2025, registering a CAGR of 8.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. Technological advancements such as Internet of Things (IoT) and automation for infrastructure have resulted in application of analytical and business intelligence tools for infrastructure management solutions.
• AI In Asset Management Market - The global AI in asset management market size is expected to reach USD 13.43 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 37.1% from 2020 to 2027. Artificial intelligence in asset management refers to the automation of IT assets lifecycles with intuitive workflows and making informed decisions about asset vendors and capacity. Asset and wealth management firms are exploring potential artificial intelligence-based solutions to improve their investment decisions and extract insights out of their historical data. The current landscape of artificial intelligence (AI) applications in asset and investment management includes the management of digital assets and physical assets and investment advisory consumer applications. For instance, The Vanguard Group, Inc., a U.S.-based investment firm, offers the PAS (Personal Advisor Services), which runs on automated algorithms and can potentially prompt customers with investments-related advisories with insights from human advisors.
• Enterprise Asset Management Market - The global enterprise asset management market size is estimated to reach USD 19.68 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 16.7% from 2022 to 2030. Several companies use enterprise asset management (EAM) systems to improve work productivity, streamline processes, increase company agility, and manage facilities. Cloud-based EAM solutions and services optimize critical enterprise assets and gather business intelligence for decision-making. Furthermore, these solutions allow businesses to reduce their overhead costs. Technical support and services, such as managed services with integrated debugging and performance monitoring tools, are better with cloud-based EAM systems. EAM solutions will continue to rise as more businesses invest in their IT infrastructure.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.

FAQ

What is the forecasted growth of the asset management market?

The asset management market is projected to grow at a CAGR of 34.7%, reaching USD 3,677.39 billion by 2030.

What are the main drivers of the asset management market growth?

Key drivers include the increase of High-Net-Worth Individuals (HNWIs), government incentives towards individual retirement plans, and the expansion of Sovereign Wealth Funds (SWFs).

What technologies are impacting the asset management market?

Technologies such as IoT and AI significantly enhance asset management efficiency and reduce operational costs.

Which asset management segments are expected to grow?

Segments expected to witness significant growth include strategic asset management and support and maintenance services.

What is the role of predictive analytics in asset management?

Predictive analytics helps organizations forecast asset failures, thereby reducing downtime and costs associated with asset management.