Asset Management System Market Size & Share, by Asset Type (Returnable Transport Assets, Electronics Assets, In-Transit Equipment); Component (Solution, Service); Application (Healthcare, Public, Retail, Hospitality, Industrial Manufacturing, Energy Utilities, Aviation) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5113
  • Published Date: Jul 29, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Asset Management System Market size is slated to cross USD 14 Billion by the end of 2035, growing at a CAGR of 14% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of asset management system was around USD 4 Billion. The major element to drive the market demand is the growth in the number of students taking online education. Currently, more than 2 million students all across the world are completing their higher education by taking online education. Also, the digital assets made available to students taking online education is grown drastically over the last decade. Hence, institutions are looking forward to boost their adoption of asset management systems.

Furthermore, the risk of cyberattacks on educational institutions growing with the woke of digitalization. Worldwide, about 63% of higher education institutions and approximately 55% of K–12 schools report having had an attack in the year 2021. Since, educational institution store data regarding students' personal life in digital format, this data is set to be hacked. Therefore, with the adoption of an asset management system, the institution would be able to keep track of the assets further generating alerts.


Asset Management System Market
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Asset Management System Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Importance of Asset Management in the Construction Sector: A construction project has many moving components, from the initial project plans to the final transfer of assets to the corporation that hired your organization. Hence, it is critical to have the appropriate asset management systems. Additionally, the probability of safety issues on the construction sites is decreased by having an asset management system in place. By keeping assets optimized in order to satisfy performance and safety standards, companies will also lessen the risk of employee injuries caused by subpar equipment as well as ensure compliance standards.
  • Surge in Mining Activities: With the growing demand for minerals, mining activities are also set to rise. Similar to the construction industry the risk to the worker’s life is also high in mining activities. Hence, asset management systems ensure that the workers are safe. To prevent deterioration, machinery including dewatering, centrifugal, and piston pumps have to be constantly thoroughly tested. When repairs are required, it is critical that managers possess accurate and timely insight into the availability of tools, equipment, and replacement parts. Hence, the asset management system provides that.
  • Rise in the Use of Asset Management by the Government: Government agencies have an abundance of resources at their access. They comprise a huge quantity of goods, including furniture, vehicles, and everyday gadgets such as computers. Every asset is required for the office to operate. Without an asset management system, a government organization might expose to a lot of hazards. The absence of such a mechanism may result in asset loss or misplacement.

Challenges

  • Problem of Ownership
  • Lack of Knowledge Regarding – A large number of companies still depend on traditional ways of managing assets owing to a lack of knowledge regarding this system. Also, the cost of the asset management system is high. Hence, the preference for the traditional method is high. As a result, these factors are set to restrain the asset management system market demand.
  • Lack of Accuracy  

Asset Management System Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~14%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2035)

~ USD 14 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Asset Management System Segmentation

Application (Healthcare, Public Sector, Retail, Hospitality, Industrial Manufacturing, Energy Utilities, Aviation)

The healthcare segment in the asset management system market is projected to have the largest revenue of about USD 1 Billion by the end of 2035. Any asset-intensive company, especially those in the healthcare industry, runs a number of hazards if assets are not managed properly. The use of outmoded technology or spreadsheet-based equipment management poses risks, probably. One of the major issues could be the growth in stealing assets from hospitals. Healthcare asset analysis, monitoring, and reporting are all made possible through asset management systems. It is simpler to track equipment data when compliance and asset reporting are prioritized. Therefore, the importance of asset management systems is growing in healthcare.

Asset Type (Returnable Transport Assets, Electronics Assets, In-Transit Equipment)

Asset management system market from the in-transit equipment segment is set to have significant growth by generating a share of approximately 51% over the forecast period. This could be backed by its growing importance in the value chain and hence this influences the growth of the business. For instance, the timely delivery of consignments is essential for third-party logistics (3PL) organizations. Consignment delivery delays may result in lower product sales, lower profitability, and dissatisfied consumers.

Our in-depth analysis of the global asset management system market includes the following segments:

 

            Asset Type

  • Returnable Transport Assets
  • Electronics Assets
  • In-Transit Equipment

           Component

  • Solution
  • Service

            Application

  • Healthcare
  • Public Sector
  • Retail
  • Hospitality
  • Industrial Manufacturing
  • Energy Utilities
  • Aviation

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Asset Management System Industry- Regional Synopsis

North American Market Forecast

The asset management system market in the North America is estimated to gather the largest revenue of about USD 10 Billion by the end of 2035, owing to the presence of a large number of IT companies. There were expected to be at least 584,000 IT enterprises in the US by the end of 2021.

Additionally, the growing integration of artificial intelligence in IOT and machine learning along with other advanced technology is also set to influence the boost the asset management system market demand in this region. Furthermore, with the rise in small businesses, the need to manage assets is on the surge. Small business tends to cause a huge waste of assets since they lack in tracking them and further identifying which one is important. Hence, with the adoption of an asset management system, small businesses are also able to save huge revenue.

APAC Market Analysis

The Asia Pacific asset management system market is set to have noteworthy growth over the forecast period. The popularity of smart vehicles is growing in the Asia Pacific region, therefore the deployment of asset management system. Real-time tracking of automotive assets is one benefit of employing an asset management system in place. The usage of common asset monitoring methods in the region, such as asset tags with barcodes and QR codes, GPS trackers, Bluetooth beacons, and RFID tags, makes this achievable.

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Asset Management System Market Size
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Companies Dominating the Asset Management System Market

top-features-companies
    • ABB Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Adobe
    • Brookfield Asset Management
    • Honeywell International Inc.
    • IBM Corp.
    • Oracle Corporation
    • Rockwell Automation
    • Siemens AG
    • WSP Global Inc.
    • Zebra Technologies Corporation

In-the-news

In The News

  • Rockwell Automation introduced My Equipment Digital, a network-based device which may now be used to gather and update industrial automation asset data digitally. Firmware data and a once-only vulnerability evaluation are included in the digital collecting method.
  • The WSP Global Inc., team takes delight in setting the bar as high as possible and providing clients with the greatest asset management knowledge possible to position them for the future. WSP's global Asset Management team took part in the ISO TC251 Asset Management Plenary, which was held in Philadelphia, Pennsylvania, early in May 2023, to revise the ISO 55000 family of standards for Asset Management Systems.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5113
  • Published Date: Jul 29, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the growing importance of asset management in the construction sector, surge in mining activities, and rise in use of asset management by government.

The market size of asset management system is anticipated to attain a CAGR of 14% over the forecast period, i.e., 2023 – 2035.

The major players in the market are ABB Ltd., Adobe, Brookfield Asset Management, Honeywell International Inc., and others.

The in-transit equipment segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Asset Management System Market Report Scope
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