Asset Management System Market Skyrockets to $29.79 Billion by 2031 Dominated by Tech Giants - Honeywell International Inc, TomTom International BV., and Zebra Technologies Corporation | The Insight Partners

NEW YORK, Feb. 11, 2025 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, "The Asset Management System Market was valued at US$ 16.72 billion in 2024 and is projected to reach US$ 29.79 billion by 2031; it is expected to register a CAGR of 8.6% during 2025–2031", the global asset management system market is observing significant growth owing to the growing industrialization and urbanization and increasing adoption of advanced technologies such IoT, RFID, and GPS.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Asset Management System Market comprises of asset type, component, and industry which are expected to register strength during the coming years.

Market Overview and Growth Trajectory:

Growing Demand in E-commerce: E-commerce companies have some of the most complex and dynamic content management requirements of any industry. They frequently update their branding aspects, launch new campaigns several times a year, and manage constantly changing (and growing) product libraries. Digital Asset Management (DAM) guarantees that all digital assets are properly managed, optimized, and continuously aligned with marketing plans, resulting in a smooth consumer experience. Furthermore, by embracing the benefits of digital asset management in eCommerce, organizations can expedite workflows, improve content accessibility, and maintain consistent branding across all touchpoints. Furthermore, the technology contributes to providing customers with better, faster, and more personalized purchasing experiences, increasing market demand.

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Technological Advancements: Asset managers are looking to use technology for a variety of purposes, including offering a full array of data to portfolio management teams, insights into performance and risk attribution, deepening research, and assessing patterns. Most asset managers and asset owners are planning to use AI and predictive analytics over the next three years, as well as technologies like cloud computing, to support the increased computing power required for proper data storage and processing. Furthermore, machine learning algorithms outperform traditional quantitative models when it comes to investor projections. Also, these models can be applied in a variety of contexts, including predicting corporate bond yields and market betas, creating an opportunity for the market growth.

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Rising Automation: Asset management automation enables businesses to eliminate manual effort, guarantee all data are accurate, and gain a comprehensive view of asset performance and maintenance. This enables firms to make the most use of their resources, minimize expenses, and comply with regulations. Additionally, automated inventory tracking enables businesses to maintain close control over their assets. They can rapidly identify unused assets, track their movement, and keep detailed records for future audits. Furthermore, automated solutions assist firms in setting up predictive maintenance schedules to keep assets functioning at peak performance for as long as possible. Automation also allows these businesses to ensure optimal asset management compliance by closely monitoring maintenance schedules, calibration records, audit trails, and other features.

Geographical Insights: North America dominated the Asset Management System Market share in 2024, and Asia Pacific is expected to record the highest CAGR during the forecast period.

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Asset Management System Market Segmentation, Applications, Geographical Insights:

• Based on the asset type, the asset management system market is segmented into financial assets, manufacturing assets, public assets, IT assets, and others.
• Based on component, the asset management system market is segmented into Hardware, Software, and Services.
• Based on industry, the asset management system market is segmented into Healthcare, retail, transportation and logistics, oil and gas, mining, and others.

Key Players and Competitive Landscape:

The Asset Management System Market is characterized by the presence of several major players, including:

• Datalogic S.p.A.
• Honeywell International Inc
• Impinj, Inc.
• Mojix
• SATO Holdings Corporation.
• TomTom International BV.
• Hexagon AB
• Trimble Inc.
• UBISENSE
• Zebra Technologies Corporation

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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Asset Management System Market Recent Developments and Innovations:

• Aptean announced the launch of Aptean EAM, an all new, cloud-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production.
• Hitachi Energy announced the next generation of its asset performance management (APM) software solution, Lumada APM.
• Trimble announced a new asset lifecycle management software suite called Trimble Unity.

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Conclusion:

Asset management systems provide extensive visibility and control over an organization's assets, enabling effective planning, utilization, maintenance, and disposal. The system identifies and tracks assets using unique identifiers like barcodes or RFID tags. This aids in the tracking of equipment locations and the retention of reliable records. It makes it easier to plan and schedule maintenance activities such as frequent inspections, repairs, and servicing, which ensures optimal asset performance and longevity through timely preventative maintenance. The system follows asset lifecycle management best practices, which enable asset maintenance from acquisition to disposal, including procurement, depreciation tracking, and retirement or replacement planning.

Furthermore, asset management systems provide insights into asset usage rates, availability, and performance data, allowing organizations to improve asset allocation and utilization. The system may also incorporate capabilities for ensuring regulatory compliance, monitoring asset-related hazards, and documenting audits and reporting. It provides reporting options for creating customized reports on asset data such as usage, maintenance expenses, depreciation, and other important performance metrics. This information can be utilized to make strategic decisions and allocate resources. Thus, the system contributes to increased operational efficiency, cost savings through improved asset use and maintenance, compliance, downtime reduction, and better decision-making based on correct asset data.

The report from The Insight Partners, therefore, provides several stakeholders including solution providers, system integrators, and end-users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

Related Report Titles:

• Enterprise Asset Management Market Size and Forecast (2022 - 2030)
• Digital Asset Management (DAM) Market Size and Forecasts (2021-2031)
• AI in Asset Management Market Size and Forecasts (2021 - 2031)
• Data Center Asset Management Market Size and Forecasts (2021 - 2031)
• Plant Asset Management (PAM) Market Size and Forecasts (2021-2031)
• Remote Asset Management Market Size and Forecasts (2021 - 2031)

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