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Asset Management Market Size

Report ID: GMI7130
Published Date: Oct 2023
Report Format: PDF

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Asset Management Market Size

Asset Management Market was valued at USD 371.2 billion in 2022 and is predicted to grow at around 34% CAGR between 2023 and 2032, due to the aging infrastructure across several economies. According to the American Society of Civil Engineers, the deteriorating state of U.S. roads has resulted in 43% of public roadways being classified as either in poor or mediocre condition, a percentage that has shown little change over recent years. In the United States, there are 30,000 miles of inventoried levees and an additional 10,000 miles of levees whose whereabouts and state of repair remain undocumented.

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Deteriorating roads, bridges, utilities, and public facilities requires systematic monitoring, maintenance, and rehabilitation. Asset management solutions provide a strategic framework for efficiently managing these aging assets, extending their lifespans, and optimizing resources. As governments and organizations seek cost-effective ways to ensure infrastructure reliability and safety, the demand for asset management services will witness an upward trend.

Asset Management Market Report Attributes
Report Attribute	Details
Base Year:	2022
Asset Management Market Size in 2022:	USD 371.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	34%
2032 Value Projection:	USD 6.68 Trillion
Historical Data for:	2018 to 2022
No. of Pages:	300
Tables, Charts & Figures:	379
Segments covered:	Component, Asset Type, Function, Application
Growth Drivers:	Optimum resource utilization requirements of resources Risk associated with aging infrastructure Growing need for asset tracking Increasing adoption of cloud-based IT asset management solutions
Pitfalls & Challenges:	High initial cost of asset management system Lack of awareness & understanding among SMEs

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However, concerns about data privacy and security may deter adoption, particularly in the healthcare and IT sectors. Besides, resistance within organizations to adopt new technologies or practices can slow down asset management implementation across several end-use verticals, thus limiting market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of asset management was worth USD 371.2 billion in 2022 and is estimated to register a CAGR of over 34% between 2023 and 2032, attributed to the aging infrastructure across several economies.

The digital asset segment held a market share of 25% in 2022, driven by the need for streamlined, centralized control of assets across various sectors, including infrastructure, IT, real estate, and healthcare.

North America held around 35% market share in 2022 and will experience robust growth due to a robust and diverse financial sector in the region, along with a culture of long-term investing that has attracted significant capital.

Brookfield Asset Management Inc., General Electric Company, Hitachi Ltd., Honeywell International Inc., IBM Corporation, Johnson Controls International plc, Oracle Corporation, Siemens AG, WSP Global Inc., and Zebra Technologies Corp.