Asset management market projected to triple in next decade
The asset management market is expected to grow to almost $11 billion thanks to increased use of Industry 4.0 technologies across many industries.
Asset management insights
- The software asset management market is expected to grow from around $4 billion in 2022 to more than $11 billion by 2023 at a compound annual growth rate (CAGR) of 10.6%.
- Asia-Pacific will have the fastest growth by region and the proliferation of Industry 4.0 technologies will play a key role in the market’s expansion.
In 2021 and 2022, respectively, it is projected that the global market for fixed asset management software would be worth $3.8 and $4.2 billion. The market is anticipated to grow at a CAGR of 10.6% from 2023 to 2032 and reach $11.4 billion according to a report by Future Market Insights.
The rapid adoption of IoT-based services across a multitude of industries, including manufacturing, oil & gas, energy, electricity, and construction, is predicted to have a significant influence on the market throughout the projected period.
Industry 4.0 in the manufacturing sector has led to the adoption of digital technology by many facilities, which has improved their production processes and helped the industry grow throughout the projection period. The fixed asset management software market also is expected to gain from technological advancement in a number of industries, including cloud computing, AI, and others, during the course of the projected period.
For example, in September 2019, Adapt IT announced a partnership with i-Chain, a fixed asset management services and solutions provider with headquarters in South Africa, to offer a Web-based system with simple access to a cloud-based environment that is specifically created for educational institutions to help them manage their assets.
During the projected period, it is predicted that the U.S. would have the largest market share. During the projection period, the nation is anticipated to generate $4 billion while displaying a 10.4% CAGR.
During the projection period, the U.K. is anticipated to generate $478 million, representing a 9.6% CAGR. One of the key drivers boosting the sector in the predicted period is the rising desire to reduce operating costs. Another is the use of IoT technology.
The market with the quickest rate of growth is APAC. China, Japan, and South Korea are anticipated to be the three most profitable markets in the area. China is projected to bring in $794.4 million, growing at a 9.9% CAGR during the projection period. The estimated GDP for Japan is $940 million and for South Korea is #397 million. Estimated sequential growth rates for Japan and South Korea are 8.9% and 8.1%, respectively.
Among others, IBM, Infor, SAP, Microsoft, and Oracle are significant market participants in the worldwide fixed asset management software industry.
Recent significant player developments include:
Infor and First Bus signed a contract in April 2019. To improve asset management for First Bus, Infor cooperated. In North America and the UK, First Bus operates as a transportation company.
Sage, a supplier of cloud-based business solutions, bought Task Sheriff in March 2021. An artificially based SaaS is called Task Sheriff. The creators of Task Sheriff will join Sage AI Labs, a worldwide team of engineers, data scientists, and product managers with offices in Melbourne, Barcelona, San Francisco, and Tel Aviv as part of the purchase, which aims to further its AI technology.
– Future Market Insights is a CFE Media and Technology content partner.