12 May 2021
Visiongain has published a new report on Asset Management Systems Market Report to 2031: Forecasts by asset type (Financial Asset Management, Infrastructure Asset Management, Public Asset Management, Manufacturing Asset Management, Others), by solution (Radio Frequency Identification (RFID), Real-Time Location System (RTLS), Global Positioning System (GPS), Others), by technology (Machine Learning, Natural Language Processing, Image Processing, Speech Recognition), by industry vertical (Hospitality, BFSI, Transportation & Logistics, Retail, Healthcare, Others). PLUS Profiles of Leading Asset Management Systems Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Asset management systems market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Asset management is a system used by an enterprise in order to maintain the cost of purchases of assets, to track and keep record of company’s assets. It helps in reducing the inventory & stock management cost and includes both digital & physical assets such as equipment, and intellectual property. Furthermore, with an implementation of asset management system, the companies are able to overcome the chances of loss and misplacing of asset.
Increase in the adoption of technologies for various applications, and surge in necessity to optimize resource utilization requirements, and rapid growth in implementation of complex & interconnected infrastructure across the industries are some of the major factors driving the market growth. On the contrary, to provide personalized user experience, better customer service & improve the customer engagement by implementing advance technology acts a major opportunistic factors to the market in the upcoming years.
COVID-19 Impact on Asset Management Systems Market
The unpredictable COVID-19 pandemic has disrupted several business verticals with an emerging liquidity issues and organizations using their own capital to support their products. Moreover, the asset management system market has been impacted as increased instability in supply chain & huge number of unemployment has resulted into severe losses to the key players in the market.
Surge in necessity to optimize resource utilization requirements
Companies are demanding for improved strategies to be implemented for maintaining existing assets in their companies, for controlling & eliminating human error and make efficient decisions, which is continuing to rise in the market. Moreover, optimizing resources without removing human control while operating businesses acts as another major factor fuelling the growth of asset management system.
Increased adoption of technologies for various applications
With growing awareness among business enterprises regarding the benefits & features of the technologies such as machine learning, natural language processing, image processing, speech recognition, several industry verticals are adopting in the asset management system. In addition, in order to optimize better inventory, preventive maintenance, and to track record, utilization of AI-enabled solutions & is adoption are driving the market growth.
Expansion of businesses globally
Due to increased merger & acquisition, trading of goods & services globally, and massive rise in business partnership resulting to expansion of existing businesses in the market. Therefore, with this continuous rise in businesses, the demand for asset management is expected to grow tremendously, which, as a result anticipated to create lucrative opportunities to the asset management systems market.
Increased advance technologies
The key players in the market have an opportunity to expand existing product & services in order to provide consumer with better services & personalized user experience to improve the niche business requirements in the market. Therefore, expanding the solutions & developing platforms in AI are expected to boost the market growth.
Some of the companies profiled in the report include Cognizant, Emerson, Honeywell International Inc., Impinj, Inc., IBM Corporation, Oracle, Sato Holdings Corp., Siemens AG, Stanley Black and Decker, Inc., and Zebra Technologies Corp.
In September 2019, QuEST Global, which is a product engineering & lifecycle services company, has launched an end-to-end customizable open source IoT platform. In addition, this new product enhances asset management & performance monitoring and helps key players by aggregating data from various disparate sub-systems, remote devices and multi-sites.
In December 2019, Amundi, which is European’s largest asset management company and BOC Wealth Management, which is the subsidiary of Bank of China, have received the approval from China Banking & Insurance Regulatory Commission. The approval for this aimed at launching of an asset management joint-venture. Therefore, this acts as a new development in the asset management system market.
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