Asset Management Market Overview, 2024-29

At the nexus of wealth management, investing, and finance, the global asset management business is a vibrant, diverse industry. It is made up of a wide range of financial institutions, investment businesses, and specialists from different continents who work together to manage and maximise the performance of assets for people, institutions, and organisations all over the world. The dynamic interaction of changing investor preferences, regulatory environments, technical breakthroughs, and economic factors is reflected in the global asset management sector.

Driven by demographic transitions, globalisation, and the quest for financial stability and prosperity, the need for asset management services is growing as countries change, money accumulates, and financial systems become more linked. A significant portion of global assets are managed by a relatively small number of large asset management firms. These firms, often referred to as "asset management giants," wield considerable influence in financial markets and play a crucial role in shaping investment trends and market dynamics. The asset management industry has embraced technological innovation, leveraging advancements in artificial intelligence, machine learning, data analytics, and digital platforms to enhance investment research, portfolio management, and client engagement. Fintech solutions, robo-advisors, and algorithmic trading algorithms are reshaping the industry landscape and driving operational efficiency. Globalisation has facilitated cross-border investments, enabling investors to access opportunities in international markets and diversify their portfolios geographically. Asset management firms capitalise on globalisation trends by offering global investment solutions, accessing emerging markets, and partnering with local institutions to provide diversified investment opportunities for clients seeking global exposure.

According to the report “Global Asset Management Market Outlook, 2029”, the market is anticipated to cross USD 1600 Billion by 2029, increasing from USD 360.68 Billion in 2023. The market is expected to grow with 29.80% CAGR by 2024-29. The need for asset management services is fueled by the growth of wealth among people, families, and institutions. Individuals seek expert advice to manage and increase their wealth as their wages rise, while institutional investors provide funds to asset managers in order for the latter to meet investment goals and provide returns for their beneficiaries.

The need for estate planning, asset management, and retirement planning services is fueled by changes in the population's ageing, longer life expectancies, and the transfer of wealth to new generations. Asset managers provide customised solutions to meet the various goals and financial demands of various market groups, such as retirees, baby boomers, and millennials. The growth of international financial markets, such as bond markets, stock exchanges, and platforms for alternative investments, gives investors access to a variety of investment goods and services. Asset managers use trading platforms, regulatory frameworks, and financial market infrastructure to make investments easier, increase market liquidity, and maintain transparency. International diversification, cross-border investments, and money movements across global financial markets have all been made easier by globalisation. By providing global investment solutions, opening up access to foreign markets, and forming partnerships with regional institutions, asset managers take advantage of the trends in globalisation and offer their customers varied investment options for those looking for exposure to a worldwide market. Numerous certifications and standards exist for asset tracking, such as ISO 55001, a standard for asset management systems whose primary goal, according to the PECB certification body, is to "assist organisations in managing the lifecycle of assets more effectively." According to PECB, putting the ISO 55001 standard into practice may assist businesses and organisations in managing their day-to-day operations, increasing the returns on their assets, cutting expenses, and minimising risk.

Major Drivers

• Economic Growth and Development: Economic growth and development create opportunities for asset managers to deploy capital, generate investment returns, and participate in wealth creation across sectors and regions. Emerging markets, in particular, offer attractive growth prospects, driven by factors such as urbanisation, infrastructure development, industrialization, and rising consumer spending.
• Shift to Passive Investing: The rise of passive investing, including index funds, exchange-traded funds (ETFs), and systematic strategies, has reshaped the asset management landscape by offering low-cost, transparent, and diversified investment options to investors. Asset managers adapt to the shift towards passive investing by offering passive investment products, enhancing index tracking capabilities, and differentiating their active management strategies to meet evolving investor preferences.

Major Challenges

• Talent Management and Succession Planning: The significance of qualified personnel, seasoned portfolio managers, and investment specialists in fostering client relationships and investment performance, talent management, and succession planning represent significant issues for asset managers. In order to minimise operational risks and preserve continuity in the provision of client services, asset managers must overcome difficulties in luring, keeping, and nurturing talent, as well as making sure that leadership changes and knowledge transfers go smoothly.
• Client Expectations and Changing Preferences: Client expectations and preferences are evolving, driven by factors such as demographic shifts, technological advancements, and changing market dynamics. Asset managers must adapt to changing client preferences, deliver personalised investment solutions, and provide transparent and timely communication to build trust, loyalty, and long-term relationships with clients amidst increasing competition and market uncertainty.

Based on the components, they are segmented into solutions and services. In terms of asset types, they are bifurcated into: digital assets, returnable transport assets, in-transit assets, manufacturing assets, and personnel and staff.

Services contribute to the market; asset management services offer knowledge and counsel to individuals, families, institutions, and organisations looking for outside assistance with asset management. Asset managers guide clients through complicated financial markets, maximise investment returns, and help them reach long-term financial goals by providing investment advice, portfolio management services, and financial planning solutions that are specific to their requirements and aspirations. Furthermore, the Tactical Asset Management service contributes to the market. Investors look for active management methods that can capitalise on short-term opportunities and adjust to shifting market conditions in a turbulent and uncertain environment.

In order to improve portfolio returns and control downside risk, tactical asset management services give asset managers the flexibility to reallocate assets, modify portfolio allocations, and execute tactical shifts in response to market trends, economic indicators, and geopolitical events. Furthermore, manufacturing assets are a growing market. Production facilities, machinery, equipment, and infrastructure are examples of manufacturing assets. These are capital-intensive investments that need a significant amount of money to buy, maintain, and run. Asset managers are experts at maximising return on investment, maximising asset utilisation, and managing the lifetime of manufacturing equipment for customers looking to go into the industrial sector. Manufacturing assets play a crucial role in the production and distribution of goods, supporting economic growth, industrial development, and job creation worldwide. Asset managers recognise the strategic importance of manufacturing assets in driving productivity, innovation, and competitiveness across industries and markets, offering investment opportunities for clients seeking exposure to the industrial sector.

According to the report, the applications are categorised on the basis of infrastructure asset management, enterprise asset management, healthcare asset management, aviation asset management, and others.

The need for healthcare asset management systems is fueled by rising healthcare costs globally, which are a result of ageing demographics, population expansion, and the development of chronic diseases. In order to save expenses, improve patient care, and stay in compliance with regulations, healthcare providers aim to maximise asset utilisation, minimise equipment downtime, and increase operational efficiency. Healthcare asset management procedures are being completely transformed by technological breakthroughs such as RFID tracking, the Internet of Things (IoT), and real-time asset monitoring systems.

By tracking, managing, and maintaining healthcare assets, including medical devices, equipment, and supplies, asset managers use cutting-edge technology to increase asset visibility, streamline inventory control, and lower asset-related risks. The transition to patient-centric care delivery models highlights how crucial effective asset management is to providing patients with high-quality treatment and improving their results. Asset managers match asset management procedures with the aims and objectives of healthcare delivery in order to maximise asset availability, utilisation, and dependability to support clinical workflows, shorten patient wait times, and enhance the overall patient experience.

Based on the report, the five regions covered in the report include North America, Europe, Asia Pacific, South America, the Middle East, and Africa.

Asia Pacific is a growing market; some of the world's fastest-growing economies, such as those of China, India, and Southeast Asian nations, are found in the Asia Pacific area. The need for asset management services is fueled by the rapid economic growth brought about by urbanisation, industrialization, and increased consumer expenditure. These factors also generate chances for asset creation, wealth accumulation, and investment growth. The Asia Pacific region's expanding middle class is boosting investment, savings, and demand for financial services and goods.

Households and individuals that want to accumulate wealth, make retirement plans, and reach their financial objectives go to asset management companies for solutions specific to their needs in terms of portfolio management, wealth management, and investing knowledge. As governments enact mandated savings programmes, encourage private pension participation, and execute pension reforms, the Asia-Pacific region is seeing a notable surge in pension assets. In order to help pension funds maximise investment returns, minimise funding gaps, and guarantee long-term sustainability, asset managers manage pension fund assets, provide retirement planning services, and provide investment solutions. In order to promote economic growth, raise living standards, and strengthen regional connections, the Asia-Pacific area is currently experiencing tremendous infrastructure development, which includes the construction of energy projects, transportation networks, and urban infrastructure. To take advantage of growth prospects and provide investors looking to have exposure to the infrastructure sector with attractive returns, asset managers invest in infrastructure assets, such as infrastructure funds, PPPs, and infrastructure projects.

The major companies operating in the global industry are expanding the capabilities of their solutions by integrating various emerging technologies, such as machine learning, AI, and others. Also, the companies are adopting various growth strategies, including new product launches, strategic partnerships & collaborations, and mergers & acquisitions, to strengthen their product portfolios. 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.

• In April 2023, Siemens Digital Industries Software and IBM unveiled plans to enhance their software collaboration by creating a comprehensive suite of integrated tools aimed at tackling system engineering across multiple domains. This expanded partnership will encompass lifecycle management and asset management, with the overarching goal of establishing a unified digital thread that runs through the entire manufacturing infrastructure.
• In January 2022, Ambit Asset Management announced the launch of ‘Ambit TenX Portfolio’ for high-net-worth investors to optimize the businesses and reduce the cost.
• In November 2021, Marathon Asset Management entered into a definitive agreement with Kaleo, a privately held pharmaceutical company to optimize and manage the data of the company.
• In April 2021, Zebra Technologies Corporation announced the collaboration with Connect Alliance Track for the non-reselling partners.

Considered in this report

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report

• Asset Management market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Component

• Solution
• Services

By Solution

• Real-Time Location System (RTLS)
• Barcode
• Mobile Computer
• Labels
• Global Positioning System (GPS)
• Others

By Services

• Strategic Asset Management
• Operational Asset Management
• Tactical Asset Management

By Asset type

• Digital Assets
• Returnable Transport Assets
• In-transit Assets
• Manufacturing Assets
• Personnel/ Staff

By Application

• Infrastructure Asset Management
• Enterprise Asset Management
• Healthcare Asset Management
• Aviation Asset Management
• Others

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Asset Management industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.


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