Asset Management System Market - Forecast(2024 - 2030)

Asset Management System Market size was valued at US$ 16.8 billion in 2020, and it is estimated to grow at CAGR 10.3% during 2021-2026. The growth for the asset management system is driven by reduced downtime of equipment and optimal resource usage requirements. The demand for the Asset Management System is growing substantially due to the steady rise in the monitoring of the company's inventory, the entry of assets into the spreadsheet or the acquisition of asset management software to monitor and manage business processes. The burgeoning demand for returnable transport asset management system in retail, automotive, healthcare, food & beverage is bolstering the market. With the growing introduction of new age modern technology such as big data and the cloud and by combining infrastructure management with geographic information systems, businesses are using asset management systems and thus augmenting the market. In addition, the growing introduction of complex and integrated infrastructure has prompted companies to introduce asset management programs and advisory services that can assist in investment management in order to obtain increased return on investment (ROI).

The report: “Asset Management System Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Asset Management System Market. 

By Offering Type: Software Solution (Asset tracking software, Fixed asset inventory management software, Web based asset tracking software, Cloud based asset tracking management software, Enterprise asset management software), Services (professional services and managed services)

By Deployment : On Premise, On Cloud

By Organization Size: Small & Medium scale enterprises, Large scale enterprises

By Technology: RFID, RTLS, Barcode, GPS and Others

By Applications: Asset tracking, Audit management, Cost tracking, Procurement management, IT service management, Compliance management and others

By Industry Vertical: BFSI, ICT, Healthcare, Transportation & Logistics, Oil & Gas, Power, Utility, Mining, Retail and consumer goods, Government, and others

By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Rest of Europe); APAC (China, Japan, South Korea, India, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa)

By technology, asset management system has been segmented into RFID, RTLS, Barcode, GPS and Others. During the forecast period 2021-2026, the GPS solution for the asset management system market is projected to witness the highest growth. This growth can be attributed to the efficiency-related benefits provided by GPS, which help companies to minimize their operating costs and improve their profitability. GPS solutions help to optimize fleet vehicle routes, reduce fleet vehicle response time for better customer service, reduce fuel costs, enhance fleet vehicle safety, and mitigate business losses caused by robberies. These benefits of GPS systems are analyzed to drive the growth of the asset management system market's GPS segment during the forecast period 2021-2026. In July 2020, Rolls Royce collaborated with MAN Energy Solutions to launch fleet asset management platform and such collaborations are driving the market growth.

By industry vertical, asset management system has been segmented into BFSI, ICT, Healthcare, Transportation & Logistics, Oil & Gas, Power, Utility, Mining, Retail and consumer goods, Government, and others. BFSI has registered the highest growth acquiring a market share of 14% in the year 2020 and is analyzed to dominate the asset management market during the forecast period 2021–2026 due to growing digitalization in this sector and rising need for monitoring asset health based on data received from control systems to predict potential asset failures reducing downtime. Healthcare is analyzed to witness the fastest growth owing to rising demand for more proactive facility and asset management operations to promote innovation, reduce cost and maximize efficiency. In November 2020, Bayer Pharmaceutical and Life Science group announced to deploy Infor Enterprise Asset Management Platform at Bitterfeld, one of its business sites to increase availability of production facilities and reduce downtime of equipment introducing predictive maintenance. Such technological advancements are stimulating the market growth.  

By geography, asset management system has been segmented into North America, Europe, APAC, South America and RoW. North America held the highest asset management system market share of 31% in 2020 and is estimated to dominate the market during 2021-2026 owing to high adoption of digital technology for recording asset tracking among business organizations and high investments towards up-gradation to latest technology. The adoption of the cloud deployment model has also had a positive impact on the asset management system market in this region. APAC is analyzed to witness the fastest growth owing to heavy industrialization and the growing adoption of digital asset management solutions in this region. In December 2020, India’s first digital asset management platform Digiboxx was launched offering a secure way to store all digital assets in a centralized location and such innovations are anticipated to drive the market in this region from 2021 to 2026.

Rising demand for asset management system in business organizations to easily manage assets and organize their maintenance schedule across various business units, divisions and geographical location to maximize lifecycle performance of assets is propelling the growth of the market. The introduction of the Asset Management System will allow businesses to minimize the time spent by outdated monitoring methods and manually capturing data for data recording. In addition, the introduction of the Asset Management System allows businesses to concentrate on complicated business objectives rather than traditional asset monitoring practices and helps to maximize business profits by reducing excessive asset spending. Such advanced beneficiary capabilities are analyzed to boost the market between 2021 and 2026. In December 2020, The bureau of Meteorology, Australia collaborated with IBM for a deal of AU$4.7 Million to implement an asset management platform hosted on IBM cloud and such partnerships are steering the market growth.

Increasing demand for GPS providing efficiency-related advantages that help organizations reduce their operating costs and improve their profitability is driving the market. GPS systems help optimize fleet vehicle routes in fleet management, reduce fleet vehicle response time for better customer support, reduce fuel costs, increase fleet vehicle safety and mitigate business losses caused majorly by thefts. GPS reduces redundant work and removes the need for local information about the location of various properties. A rich level of background is provided with GPS integrated with field support systems. The obtained information is focused on the current position of properties. In March 2021, Locus partnered with Lytx to offer GPS location information for commercial and public sector fleets and such partnerships are boosting the market.

Alarming growth in cyber-attacks and security threats is hampering the adoption. According to reports, many asset Tracking Devices are exposing real-time information such as location information, device model and type information, phone numbers, audio recordings, images resulting in multitude of privacy concerns. However, continuous improvements on cyber-security is anticipated to offset this challenge and promote a healthy growth during the later stages of the forecast period 2021-2026.

Product innovations, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Asset Management System Market. In 2020, the market of asset management system industry outlook has been fragmented by several companies. Asset management system top 10 companies include Zebra Technologies Corp., Trimble Navigation Ltd., TrackX LLC, Siemens AG, Omni-ID, Motorola Solutions Inc., Infor, Inc., GE Healthcare, Cisco Systems, Inc., and AeroScout, Inc. among others.