Asset Management Market Size - By Component (Solution, Services), By Asset Type (Digital Assets, Returnable Transport Assets, In-transit Assets, Manufacturing Assets, Personnel/ Staff), By Function (Location & Movement Tracking, Check In/ Check Out, Repair & Maintenance), By Application & Forecast, 2023 - 2032

Asset Management Market Size - By Component (Solution, Services), By Asset Type (Digital Assets, Returnable Transport Assets, In-transit Assets, Manufacturing Assets, Personnel/ Staff), By Function (Location & Movement Tracking, Check In/ Check Out, Repair & Maintenance), By Application & Forecast, 2023 - 2032

Asset Management Market Size

Asset Management Market was valued at USD 371.2 billion in 2022 and is predicted to grow at around 34% CAGR between 2023 and 2032, due to the aging infrastructure across several economies. According to the American Society of Civil Engineers, the deteriorating state of U.S. roads has resulted in 43% of public roadways being classified as either in poor or mediocre condition, a percentage that has shown little change over recent years. In the United States, there are 30,000 miles of inventoried levees and an additional 10,000 miles of levees whose whereabouts and state of repair remain undocumented.

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Deteriorating roads, bridges, utilities, and public facilities requires systematic monitoring, maintenance, and rehabilitation. Asset management solutions provide a strategic framework for efficiently managing these aging assets, extending their lifespans, and optimizing resources. As governments and organizations seek cost-effective ways to ensure infrastructure reliability and safety, the demand for asset management services will witness an upward trend.
 

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However, concerns about data privacy and security may deter adoption, particularly in the healthcare and IT sectors. Besides, resistance within organizations to adopt new technologies or practices can slow down asset management implementation across several end-use verticals, thus limiting market growth.

COVID-19 Impact

The COVID-19 pandemic significantly impacted the demand for asset management across various sectors. It exposed vulnerabilities in infrastructure, IT, real estate, and healthcare systems, highlighting the need for resilient asset management. Economic uncertainty and budget constraints influenced organizations to prioritize cost-effective, data-driven strategies, accelerating the adoption of asset management solutions for optimizing resources, enhancing preparedness, and ensuring business continuity in the face of unexpected disruptions.

Asset Management Market Trends

The increasing integration of blockchain technology for asset tracking will strengthen the asset management industry. Blockchain technology is being explored for its ability to provide a secure and transparent ledger for asset tracking and management, particularly in real estate and healthcare, where data integrity and provenance are crucial. As a notable real estate investment trust (REIT) manager, MAM boasts a substantial portfolio with assets under management totaling ¥508.8 billion (equivalent to $3.7 billion). The move is part of MAM's strategy to broaden its funding sources. Furthermore, the use of digital twin technology, allowing organizations to create virtual replicas of physical assets, will facilitate the asset management industry growth.

Organizations across the globe are focusing on maximizing the use and performance of their physical assets, including machinery, equipment, vehicles, and infrastructure. Enterprise asset management (EAM) helps in optimizing asset use and minimizing downtime. Also, many industries are subject to strict regulatory requirements, and EAM systems assist in ensuring that assets adhere to compliance standards, reducing the risk of fines and legal liabilities.

Asset Management Market Analysis

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Based on component, the solution segment captured a market share of around 55% in 2022. Asset management solutions help optimize resource allocation, reducing costs while enhancing efficiency. Regulatory requirements necessitate comprehensive tracking and maintenance. In addition, technological advancements, such as IoT and AI, enable real-time monitoring and predictive maintenance will boost industry dynamics. Besides, asset management solutions aid in delivering better services and ensuring compliance with environmental and safety standards, making them a crucial component of modern business operations.

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Based on asset type, the digital asset segment held approximately 25% of the asset management market share in 2022. Driven by the need for streamlined, centralized control of assets across various sectors, including infrastructure, IT, real estate, and healthcare. In these industries, efficient data organization, accessibility, and security are essential. Regulatory compliance, rapid data growth, and remote work trends also contribute to the demand. Furthermore, the ability to harness data for informed decision-making, automate workflows, and enhance collaboration fosters the adoption of digital asset management solutions as they empower businesses to maximize efficiency and competitiveness in today's digital landscape.

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North America dominated about 35% of the asset management market share in 2022. A robust and diverse financial market and a culture of long-term investing have attracted significant capital. In January 2023, GFH Financial Group, headquartered in Bahrain, took majority ownership in Big Sky Asset Management, a U.S.-based real estate asset management firm specializing in healthcare assets. This acquisition comes after GFH's previous purchase of SQ Asset Management in May 2022. The company boasts more than 20 years of experience in investing in and overseeing healthcare assets in the United States, with a combined transaction value exceeding $2 billion and a portfolio of 130 medical facilities.

Asset Management Market Share

Major players operating in the asset management industry are

• Brookfield Asset Management Inc.
• General Electric Company
• Hitachi Ltd.          
• Honeywell International Inc.
• IBM Corporation
• Johnson Controls International plc
• Oracle Corporation
• Siemens AG
• WSP Global Inc.
• Zebra Technologies Corp.

The major companies operating in the global industry are expanding the capabilities of their solutions by integrating various emerging technologies, such as machine learning, AI, and others. Also, the companies are adopting various growth strategies, including new product launches, strategic partnerships & collaborations, and mergers & acquisitions, to strengthen their product portfolios.

Asset Management Industry News

• In April 2023, Siemens Digital Industries Software and IBM unveiled plans to enhance their software collaboration by creating a comprehensive suite of integrated tools aimed at tackling system engineering across multiple domains. This expanded partnership will encompass lifecycle management and asset management, with the overarching goal of establishing a unified digital thread that runs through the entire manufacturing infrastructure.

This asset management market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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By Component

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

By Function

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

By Asset Type

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

By Application

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

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • UAE
  • Saudi Arabia

Frequently Asked Questions (FAQ)

How big is the asset management market?

The market size of asset management was worth USD 371.2 billion in 2022 and is estimated to register a CAGR of over 34% between 2023 and 2032, attributed to the aging infrastructure across several economies.

How will digital asset segment influence the growth of asset management industry?

The digital asset segment held a market share of 25% in 2022, driven by the need for streamlined, centralized control of assets across various sectors, including infrastructure, IT, real estate, and healthcare.

Why is North America emerging as a lucrative avenue for asset management market players?

North America held around 35% market share in 2022 and will experience robust growth due to a robust and diverse financial sector in the region, along with a culture of long-term investing that has attracted significant capital.

Which companies frame the competitive landscape of asset management market?

Brookfield Asset Management Inc., General Electric Company, Hitachi Ltd., Honeywell International Inc., IBM Corporation, Johnson Controls International plc, Oracle Corporation, Siemens AG, WSP Global Inc., and Zebra Technologies Corp.