SAN FRANCISCO, Oct. 27, 2020 /PRNewswire/ -- The global asset management market size is expected to reach USD 1,292.17 billion by 2027, according to a new study conducted by Grand View Research, Inc. The market is anticipated to register a CAGR of 25.9% from 2020 to 2027. The factors driving the growth include the increasing need to reduce the downtime of equipment and ensure optimum utilization of the available resources. Advances in the latest technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and infrastructure automation, coupled with the continued integration of analytical and business intelligence tools in asset management solutions are also expected to drive the market growth. The growing awareness about the advantages of IoT-based asset management solutions particularly bodes well for the growth of the market.
Key suggestions from the report:
The strategic asset management service segment is expected to witness significant growth owing to the involvement of development and planning in the maintenance of infrastructure assets
The in-transit asset segment is expected to grow at a faster pace over the forecast period in line with the growth in e-commerce activities across the globe
The support and maintenance segment is projected to exhibit a high CAGR as support and maintenance activities help the organizations in improving the efficiency of their assets and subsequently boosting the revenue generation
The aviation asset management segment is expected to grow at a noteworthy pace over the forecast period in line with the rise in air passenger traffic and the continued introduction of new aircraft models
The growing demand for cloud-based asset management solutions from the large number of SMEs based in the Asia Pacific is expected to drive the growth of the Asia Pacific regional market.
The adoption of asset management solutions is rising amid the growing concerns among enterprises about the appropriate maintenance of assets and reduction in the overall operational costs. The integration of analytical solutions, such as predictive analytics, with asset management solutions, is particularly helping organizations in predicting asset failures and subsequently decreasing the overall downtime costs. Apart from eliminating the causes of failure, reducing the downtime, and curtailing the repair costs; predictive asset management solutions can also employ non-intrusive testing techniques for determining the asset performance trends. Predictive analytics and maintenance solutions can be deployed easily in several industries and industry verticals, including aerospace, manufacturing, healthcare, processing, and automotive.
Market players are engaging in technology partnerships and collaborations for developing advanced asset management solutions and rolling out asset management services for their customers. For instance, in May 2020, Maikubo Artificial Intelligence (AI) Academy adopted the RFID solution offered by Zebra Technologies Corporation 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.
Grand View Research has segmented the global asset management market based on component, asset type, function, application, and region:
Asset Management Component Outlook (Revenue, USD Million, 2016 - 2027)
Real-Time Location System (RTLS)
Global Positioning System (GPS)
Strategic Asset Management
Operational Asset Management
Tactical Asset Management
Asset Management Asset Type Outlook (Revenue, USD Million, 2016 - 2027)
Returnable Transport Assets
Asset Management Function Outlook (Revenue, USD Million, 2016 - 2027)
Location & Movement Tracking
Repair and Maintenance
Asset Management Application Outlook (Revenue, USD Million, 2016 - 2027)
Digital Asset Management Market– The global digital asset management market size was valued at USD 1.45 billion in 2015 and is expected to grow significantly owing to the expanding densities and volumes of digital assets.
IT Asset Disposition market– The global IT Asset Disposition market size was estimated to be USD 13.7 billion in 2018 and expanding at a CAGR of 10.8% over the forecast period. The growing demand for consumer electronics & rising consumer awareness for efficient disposition of IT assets, is driving the market.
LiDAR Services Market– The global LiDAR services market size was valued at USD 985.4 million in 2018 and is expected to register a CAGR of 14.5% from 2019 to 2025. The growing use of 3D imaging technology for robotics and medical imaging is expected to boost the market growth.
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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.