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(IT-NEWSWIRE.COM, August 08, 2024 ) Pune, 08, August 2024: The Global Asset Management Systems Market was valued at USD 501.12 billion in 2023 and is expected to reach USD 7976.12 billion by 2032, with a CAGR of 36%.
An asset management system is a process that businesses use to keep track of the equipment and inventory that is essential to their daily operations. This monitoring of the assets is done by an asset manager who tracks the activities of the assets and ensures that they are used efficiently. The major factor expected to increase the growth of the asset management system market over the forecast period is the demand for efficient utilization of resources. Additionally, the reduction in equipment space is expected to further drive the growth of the asset management systems market.
Rising initial costs of asset management systems are predicted to restrain the growth of the asset management systems market over time. Increasing demand for image-based tag readers is likely to play a role in the growth of the asset management system market in the coming years. However, trade-off issues between accuracy, range, and power consumption in RTLS signals may challenge the growth of the asset management system market in the future.
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Asset Management Systems Key Competitors include:
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), and other major players.
Asset Management Systems Market Dynamics
Simple operations and optimal use of existing resources for organizations will save money and increase profits for them. The deployment of asset management systems allows them to reduce operational and warehouse management costs and helps them make better use of their existing equipment by tracking and managing assets in real-time. Employee tracking solutions help businesses ensure employee satisfaction and safety, thereby saving costs. In the health sector, having the resources of equipment and personnel is important for improving patient care. Therefore, the deployment of asset management systems leads to significant cost savings and high return on investment (RoI), as well as optimal utilization of resources. Image-based tag readers are rapidly replacing laser scanners in industries as diverse as logistics, healthcare, consumer goods, and food and beverage. 1D label labels are less detailed than 2D codes or data matrices and QR. Photo-based barcode scanners are similar to laser scanners in terms of price, but they are more powerful than the latter. Many companies are using digital barcodes because they offer long-term reliability, 2D code reading, and more efficient code reading. Therefore, the increasing use of image-based devices or barcode readers is expected to provide an opportunity for the growth of the asset management system market in the coming years.
Asset Management Systems Market Regional Insights
North America dominated the Asset Management Systems Market in 2023 and is expected to continue its dominance over the forecast period. North America is expected to be the fastest-growing market during the forecast period. The plant is primarily related to the expansion of the IT and telecommunications, infrastructure, and aviation industries in the US. Sales of asset management solutions across North America are expected to account for approximately 32% of the demand segment. Increasing the number of startups and developing new organizations in the country will increase the growth of this field. The increasing trend of cloud-based solutions, along with the use of artificial intelligence, big data, and IoT in various industries, especially in India and China, is driving the demand for Asia-Pacific.
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Asset Management Systems Market Segment Analysis
By Component
Solutions
Services
Based on the component, the market is segmented into Solutions and Services. solution is expected to dominate the Asset Management Systems Market during the forecast period. The speed of digitization around the world and the increasing amount of data and images through global communication systems will determine sales in the GPS segment. Integrating GPS into businesses or an organization will increase the efficiency, maintenance, and development of assets. Increasing adoption of asset management solutions in the healthcare, energy, transportation, manufacturing, and information technology industries will drive the growth of this sector. The emergence of advanced technologies in these solutions such as telecommunications, mobile, artificial intelligence and many more will create a favorable environment for the growth of the market.
By Asset
Digital
In-transit
By Industry
Financial asset management
Physical and Infrastructure asset management
Engineering asset management
Software asset management
International Standard Series on Asset Management
Enterprise asset management
Public asset management
By Function
Location
Movement Tracking
Repair
Maintenance
By Application
Infrastructure
Enterprise
Healthcare
Aviation
GLOBAL ASSET MANAGEMENT SYSTEMS MARKET BY REGION
NORTH AMERICA
USA
Canada
Mexico
EASTERN EUROPE
Russia
Bulgaria
The Czech Republic
Hungary
Poland
Romania
Rest Of Eastern Europe
WESTERN EUROPE
Germany
United Kingdom
France
The Netherlands
Italy
Spain
Rest Of Western Europe
ASIA PACIFIC
China
India
Japan
South Korea
Malaysia
Thailand
Vietnam
The Philippines
Australia
New-Zealand
Rest Of APAC
MIDDLE EAST & AFRICA
Turkey
Bahrain
Kuwait
Saudi Arabia
Qatar
UAE
Israel
South Africa
SOUTH AMERICA
Brazil
Argentina
Rest of South America
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Key questions answered in the Asset Management Systems Market report are:
Which market segment dominated the global Asset Management Systems market in 2023?
What are the current global trends in the Asset Management Systems market?
What future industry applications and trends are emerging in the Asset Management Systems market?
What growth strategies are companies adopting to expand their presence in the Asset Management Systems market?
Who are the leading companies in the Asset Management Systems market, and what are their product portfolios?
What are the primary challenges that the Asset Management Systems market may face in the future?
Which region had the largest share of the Asset Management Systems market in 2023?
How is the regulatory environment influencing the Asset Management Systems market?
Key Offerings:
Market Size, Share, Size & Forecast by Different Segments | 2024−2032
Asset Management Systems Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Trend Analysis
Pestle Analysis
Porter’s Five Forces Analysis
Industry Value Chain Analysis
Ecosystem
Regulatory Landscape
Price Trend Analysis
Patent Analysis
Technology Evolution
Investment Pockets
Asset Management Systems Market Segmentation
Competitive Landscape – Profiles of selected key players in a strategic perspective
Competitive landscape – Competitive Benchmarking, Asset Management Systems Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
Analyst Viewpoint and Conclusion
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