GVR Report cover Asset Management Market Size, Share & Trends Report

Asset Management Market Size, Share & Trends Analysis Report By Asset Type (Digital Assets, In-transit Equipment), By Component (Solution, Service), By Application (Aviation AM, Hospital AM), By Function, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68039-214-2
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global asset management market size was valued at USD 373.69 billion in 2022 and is expected to exhibit a compound annual growth rate (CAGR) of 34.7% from 2023 to 2030. The marketgrowth is attributed to rapid digital change, technological advances, and the efforts of test asset management in the industry. The capacity to portray a virtuous cycle of leadership visions, such as a robust talent model, employee resilience, operational improvements, stakeholder alignment, and culture strengthening, expand industry growth. Organizations have a plethora of chances to strengthen customer-centric relationships due to digitalization. The asset-intensive organization faces increased competition and reliance on the success or failure of the businesses involved in their management abilities.

U.S. asset management market size, by component, 2020 - 2030 (USD Billion)

Several companies are now investing in technological advancements, such as ArtificialIntelligence (AI), predictive maintenance, AugmentedReality (AR), the Internet of Things (IoT), and more. The implementation of contemporary management methods contributes to asset lifespan.The capabilities of asset management solutions to streamline operations, optimize the utilization of existing resources, and subsequently help enterprises save costs, enhance profits, & improve the Return on Investment (RoI) are expected to drive the industry growth. Rapid digitization and easy availability of orthorectified images through satellites have enabled the use of Geographical Information Systems (GIS).

GIS enables better planning, designing, developing, and maintaining assets in industries, such as the energy and transportation sectors. These solutions and services help organizations in reducing inventory & stock management costs. They also help enterprises utilize their existing assets efficiently by tracking and managing them in real time. Furthermore, the global industry is seeing new prospects as demand for image-based barcode scanners grows. The increased use of barcode readers, particularly image-based barcode readers, across various business verticals, such as transportation and logistics, healthcare, consumer products, and others, presents significant opportunities.

Image-based barcode scanners are progressively replacing laser scanners. Compared to 2D barcode tags, 1D barcode tags transmit less information (data matrix and QR codes). In terms of cost, long-term durability, and 2D multiple code reading capacity, image-based barcodes are also more efficient. Asset management solutions also help organizations utilize their assets efficiently by providing vital statistics on the utilization of the assets and making favorable recommendations to optimize the utilization. The assets’ life and value can be increased and the RoI can be improved. Personnel tracking solutions can help organizations ensure workforce safety and enhance workforce efficiency.

In the healthcare industry, tracking personnel and equipment can help enhance patient care. Digitization has opened immense opportunities for organizations to enhance their relationship with customers. Asset-intensive organizations have realized that amid the intensifying competition, the success or failure of their business depends on addressing the complexities involved in their management.Hence, several asset-intensive organizations are investing in advanced and innovative solutions to significantly transform and upgrade their operational processes. The high capital investment associated with implementing management solutions is emerging as one of the major factors restraining industry growth.

Offerings based on Real-Time Location System (RTLS) can reduce the workforce’s costs and boost resource utilization efficiency across various industries and industry verticals. However, these offerings can be highly capital-intensive. With the prices of some of the components associated with the solutions, such as readers and tags, plummeting, the overall costs of these systems are expected to remain high, mainly owing to the costs associated with software and servers and maintenance services.On-premise solutions typically consume more time, capital, and space. Moreover, skilled professionals are required to maintain and operate on-premises solutions.

On the contrary, cloud-based solutions and services eliminate the need to install additional hardware as they can be accessed on all sorts of basic devices, such as smartphones, tablets, laptops, and personal computers. Cloud-based solutions also ensure reliability and easy availability of data as they store it in various data centers across the globe. In addition, cloud-based solutions make it easier for organizations to secure business intelligence and optimize the use and value of the assets available to them. Hence, cloud-based solutions and services are gaining popularity among enterprises across various geographies. Asset-intensive organizations and businesses are managing to gain access to the latest hardware, software, and service features available in the market by implementing cloud-based solutions.

Component Insights

The solution segment dominated the industry in 2022 and accounted for the largest share of over 54.85% of the overall revenue. The solution segment has been further segmented into real-time location systems (RTLS), barcodes, mobile computers, labels, global positioning systems (GPS), and others. The barcode section is assisting the solution segment in gaining market share. Due to 2D code-reading capabilities, long-term reliability, and multiple code-reading abilities, image-based barcode scanners are progressively being embraced across many industries and industry verticals, including healthcare, logistics, food & beverage, and consumer products.

The service segment, on the other hand, is projected to register the fastest growth rate during the forecast period. The rapid growth of this segment can be attributed mainly to the increasing adoption of strategic and operational plans by several global organizations. Strategic management refers to managing investments through time to increase the Return on Assets (RoA). These services are intended to assist organizations in achieving their objectives by ensuring that all functions work together to attain the same objectives.

Asset Type Insights

The digital segment dominated the industry in 2022 and accounted for 23.00% of the overall revenue. Digital solutions and services are being rapidly adopted by businesses to lower overall operating expenses and standardize company operations. The continuous digitalization trend is good news for digital solutions and service providers. Over the forecast period, rising volumes and densities of digital assets across companies are expected to boost demand for digital solutions.

The in-transit segment is anticipated to register a high CAGR over the forecast period. The expanding e-commerce activities worldwide are generating demand for in-transit solutions for tracking the items supplied by the seller, which is driving the category’s expansion. In-transit management solutions can also assist transportation service companies in tracking and identifying their assets while they are in transit. With the growing population and continued digitalization, demand for in-transit management solutions is expected to rise.

Application Insights

The aviation segment dominated the industry in 2022 and accounted for the largest share of more than 79.75% of the overall revenue.A rise in asset management in the aviation segment can be ascribed to commercial airline operators’ increased focus on expanding their service offerings in response to the rising demand for airborne freight and in-flight passenger transportation. Major corporations involved in commercial airspace aircraft operations are seeking ways to outsource asset management services. Some of the significant aviation management solutions that are being increasingly deployed include predictive and prescriptive maintenance solutions, GR-aware software suites, and tracking solutions.

The infrastructure segment is anticipated to exhibit a noteworthy CAGR over the forecast period due to the increasing use of IAM services to minimize infrastructure procurement and maintenance costs. A rise in the adoption of AIand the IoTis drivenby the development of sophisticated wireless technologies and protocols. Moreover, the vendors operating in the infrastructure management market are adopting a dual-track strategy known as the Design-Build and Build-Operate-Transfer strategy. The strategy envisages the local vendors undertaking the construction work while the large corporations provide operation & maintenance software and services.

Function Insights

The location and movement tracking segment dominated the industry in 2022 and accountedfor the maximum share of 35.30% of the total revenue. Shipping corporations, aviation businesses, 3PLs, and shared mobility providers are all rapidly using location and movement tracking solutions to keep track of their assets in real time. Disruptive technologies that can give real-time details on asset health and availability for use and maintenance are gaining traction. Simultaneously, combining a GIS and a GPS allows for easier access to geographical data from a single perspective. This helps with the administration of working assets in the context of the location and the visualization and search for them on a map.

Global asset management market share, by function, 2022 (%)

The repair & maintenance segment is expected to witness strong growth over the forecast period. The demand for support & maintenance solutions is anticipated to gain significant traction over the forecast period. Assets, such as equipment, machinery, transportation, and infrastructure, require regular maintenance for their effective functioning and extended life. Once the installation and development or manufacturing are accomplished, the support and maintenance services take over and play a vital role throughout the life cycle of the assets. Support and maintenance services may assist firms in increasing their efficiency and, as a result, their overall revenue generation.

Regional Insights

North America dominated the industry in 2022 and accounted for the largest share of more than 33.30% of the overall revenue. North America has established a substantial lead in infrastructure development and technological adoption. The growth of the North America regionis fueled by a strong presence of significant IT corporations and growing digitization in the United States and Canada. The market is also predicted to rise due to the increasing adoption of connected, smart, and secure technologies for asset-centric applications.Asia Pacific will emerge as the fastest-growing regional market from 2023 to 2030.

Asset Management MarketTrends by Region

The region offers immense potential for market growth. The growing middle-class population, investors’ gradual transfer from deposits to financial assets, higher life expectancies, and longer pension durations have resulted in a need to manage valuable asset data in the BFSI industry, driving up demand for AM solutions. Moreover, the industry is driven by a shift away from on-premises AM solutions toward Software-as-a-Service (SaaS) solutions, particularly among SMEs. Furthermore, the tremendous quantity of content production occurring due to the region’s growing internet and smartphone adoption is a positive outlook for the sector.

Key Companies & Market Share Insights

The vendors operating in the global industry are adopting various organic and inorganic growth strategies, including new product launches, strategic partnerships & collaborations, and mergers & acquisitions, to strengthen their portfolios. For instance, in July 2021, SATO Holdings Corp. signed a contract with Wiliot Ltd., a provider of the IoT sensing label “Wiliot IoT Pixel” to introduce IoT in the retail field. With a three-year contract, the collaboration is a strategic partnership to establish retail market leadership. In April 2021, Zebra Technologies Corp. announced the new partner connect with Alliance Track, recognizing expertise and influence while allowing greater collaborative efforts with parallel, quasi-partners.

Vendors are also expanding the capabilities of their solutions by integrating various emerging technologies, such as machine learning, AI, and others. These solutions are also evolving in line with the growing R&D investments in developing cloud-based predictive analytical solutions. Advances in technology and evolving digital solutions are equally paving the way for implementing asset management solutions across the globe. On the revenue front, new asset classes, particularly in private markets and alternatives in general, will be critical to growth in the coming years.Some of the prominent players in the global asset management market include:

  • ABB Inc.

  • Adobe Systems Inc.

  • Brookfield Asset Management Inc.

  • Honeywell International Inc.

  • IBM Corp.

  • Oracle Corp.

  • Rockwell Automation, Inc.

  • Siemens AG

  • WSP Global Inc.

  • Zebra Technologies Corp.

Asset Management Market Report Scope

Report Attribute


Market size value in 2023

USD 458.02 billion

Revenue forecast in 2030

USD 3,677.39 billion

Growth rate

CAGR of 34.7% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2023 to 2030

Report coverage

Revenue, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, asset type, function, application, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil

Key companies profiled

ABB Inc.; Adobe Systems Inc.; Brookfield Asset Management Inc.; Honeywell International Inc.; IBM Corp.; Oracle Corp.; Rockwell Automation, Inc.; Siemens AG; WSP Global Inc.; Zebra Technologies Corp.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global Asset Management Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global asset management market report based on component, asset type, function, application, and region:

  • Component Outlook (Revenue, USD Million, 2018 - 2030)

    • Solution

      • Real-Time Location System (RTLS)

      • Barcode

      • Mobile Computer

      • Labels

      • Global Positioning System (GPS)

      • Others

    • Service

      • Strategic Asset Management

      • Operational Asset Management

      • Tactical Asset Management

  • Asset Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Digital Assets

    • Returnable Transport Assets

    • In-transit Assets

    • Manufacturing Assets

    • Personnel/ Staff

  • Function Outlook (Revenue, USD Million, 2018 - 2030)

    • Location & Movement Tracking

    • Check In/ Check Out

    • Repair & Maintenance

    • Others

  • Application Outlook (Revenue, USD Million, 2018 - 2030)

    • Infrastructure Asset Management

      • Transportation

      • Energy Infrastructure

      • Water & Waste Infrastructure

      • Critical Infrastructure

      • Others

    • Enterprise Asset Management

    • Healthcare Asset Management

    • Aviation Asset Management

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Latin America

      • Brazil

    • Middle East & Africa

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