Global Asset Management Systems Market size is expected to be worth roughly USD 45.9 Billion by 2030, growing at a CAGR of more than 10.1% during the projected timeframe of 2022-2030, according to Ameco Research
The asset management system allows a company to cut operational costs by making better use of its existing resources. Asset tracking systems are used in real-time asset management enabling an organization to schedule repairs on time, minimizing machine outages, and boosting equipment life. The system is employed to control inventories, track assets, and stock shelves, handle check-out processes, and eliminate counterfeiting. Monitoring and tracking an organization's physical and people resources with its performance, resulting in optimal asset usage, drive market growth. The asset management systems market's growth is hampered by expensive initial implementation, setup, as well as maintenance costs.
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Global Asset Management Systems Market Trends
The capabilities of asset management solutions to streamline operations, optimize the utilization of existing resources, and subsequently help enterprises in saving costs, enhancing profits, and improving the Return on Investment (RoI) are expected to drive market growth. These solutions and services help organizations in reducing inventory and stock management costs. They also help enterprises in utilizing their existing assets efficiently by tracking and managing them in real time. Personnel tracking solutions can help organizations in ensuring workforce safety and enhance workforce efficiency. In the healthcare industry, tracking both personnel and equipment can particularly help in enhancing patient care.
Rapid digitization and abundant availability of orthorectified images through satellites have enabled the use of Geographical Information Systems (GIS). Geographic information system allows for better infrastructure planning, planning, development, as well as maintenance in sectors such as energy and transportation. Furthermore, asset management systems assist firms in properly utilizing existing assets by offering crucial facts on asset utilization and making favorable recommendations to optimize utilization. The asset's lifespan and value can thus be extended, and the Return can be enhanced.
Digitization has created numerous chances for businesses to improve their client relationships. Asset-intensive firms have learned that, in face of increasing competition, tackling the problems that are associated with their administration is critical to their business's failure or success. As a result, some asset-intensive firms are productive of the industry in sophisticated and creative solutions to drastically modify and update their operating processes. They are implementing cutting-edge technologies such as predictive maintenance, Artificial Intelligence (AI), Augmented Reality (AR), digital twins, the Internet of Things (IoT), and telematics to precisely track the effectiveness of their material characteristics. They are quickly using modern management systems to extend the life of their assets.
Asset Management Systems Market Segmentation
Ameco Research has fragmented the global asset management systems market by solution, asset type, function, and end use. By solution, the industry is sub-divided into real-time location system, barcode, mobile computers, radio frequency identification, label, and others.
In term of asset type, the market is classified into manufacturing, personnel equipment, electronic asset, and returnable transport asset. By function, the market is categorized into location and movement tracking, check-in/check-out management, and repair and maintenance.
Based on the end use, the market is divided into healthcare, retail, public sector, hospitality, energy and utilities, industrial manufacturing, and others. According to the asset management systems market forecast, the public sector segment is expected to grow extensively in the global market over the next few years.
Asset Management Systems Market Regional Outlook
The global asset management systems market is divided into several geographical regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to an asset management systems industry analysis, the North America region led the global market in 2021 with a major revenue contribution. North America has established a big lead in infrastructural development as well as technological adoption. Large IT businesses' strong presence and growing modernization in Canada and the United States would especially boost regional market expansion. The increasing usage of interconnected, intelligent, and encrypted technologies for asset management system applications will also fuel market expansion.
Besides this, Asia-Pacific is developing to become one of the fastest-growing global marketplaces, providing enormous opportunities for market expansion. The increasing use and implementation of new innovations such as intelligent systems, cloud-based solutions, IoT, & big data analytics are propelling the regional market's expansion.
Asset Management Systems Market Companies
Some of the most notable worldwide asset management systems market players is Trimble Navigation Ltd., Siemens AG, Motorola Solutions Inc., Zebra Technologies Corp., Cisco Systems, Inc., TrackX LLC, Omni-ID, Infor, Inc., GE Healthcare, and AeroScout, Inc.
To strengthen their portfolios, companies in the global market are implementing various development strategies including new product releases, strategic alliances and partnerships, and acquisitions and mergers. Companies are also expanding their systems' capabilities by incorporating new technologies including Artificial Intelligence (AI), Machine Learning (ML), Virtual Reality (VR), Geographic Information System (GIS), mobility, Augmented Reality (AR), and Mixed Reality (MR).
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