The global asset management market size is expected to reach USD 1,292.17 billion by 2027, according to a new study conducted by Grand View Research, Inc. The market is anticipated to register a CAGR of 25.9% from 2020 to 2027. The factors driving the growth include the increasing need to reduce the downtime of equipment and ensure optimum utilization of the available resources. Advances in the latest technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and infrastructure automation, coupled with the continued integration of analytical and business intelligence tools in asset management solutions are also expected to drive the market growth. The growing awareness about the advantages of IoT-based asset management solutions particularly bodes well for the growth of the market.
The
adoption of asset management solutions is rising amid the growing concerns
among enterprises about the appropriate maintenance of assets and reduction in
the overall operational costs. The integration of analytical solutions, such as
predictive analytics, with asset management solutions, is particularly helping
organizations in predicting asset failures and subsequently decreasing the
overall downtime costs. Apart from eliminating the causes of failure, reducing
the downtime, and curtailing the repair costs; predictive asset management
solutions can also employ non-intrusive testing techniques for determining the
asset performance trends. Predictive analytics and maintenance solutions can be
deployed easily in several industries and industry verticals, including
aerospace, manufacturing, healthcare, processing, and automotive.
Market
players are engaging in technology partnerships and collaborations for
developing advanced asset management solutions and rolling out asset management
services for their customers. For instance, in May 2020, Maikubo Artificial
Intelligence (AI) Academy adopted the RFID solution offered by Zebra
Technologies Corporation for efficient and accurate asset management and
tagging of training equipment. The RFID solution has enhanced the efficiency of
the staff while saving time and improving visibility.
Full Research Report On Asset Management Market Visit Here:
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Asset Management
Market Report Highlights
- The strategic asset
management service segment is expected to witness significant growth owing
to the involvement of development and planning in the maintenance of
infrastructure assets
- The in-transit asset segment
is expected to grow at a faster pace over the forecast period in line with
the growth in e-commerce activities across the globe
- The support and maintenance
segment is projected to exhibit a high CAGR as support and maintenance
activities help the organizations in improving the efficiency of their
assets and subsequently boosting the revenue generation
- The aviation asset
management segment is expected to grow at a noteworthy pace over the
forecast period in line with the rise in air passenger traffic and the
continued introduction of new aircraft models
- The growing demand for
cloud-based asset management solutions from the large number of SMEs based
in the Asia Pacific is expected to drive the growth of the Asia Pacific
regional market
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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