Asset Management IT Solution Market
Asset Management IT Solution Market (Component: Software and Services; Deployment: On-premise and Cloud; Enterprise Size: SMEs and Large Enterprise; and End User: BFSI, IT & Telecom, Manufacturing, Retail & eCommerce, Healthcare, Government, Energy & Utilities, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Asset Management Grow Crucial for Various Organizations to Evaluate Entire Business
Asset management in information technology (IT) is the process of ensuring a business’ assets are estimated for, deployed, maintained, upgraded, and disposed of when the time comes. It makes sure that the assets in an organization, valuable, tangible, and intangible are tracked and in use. The assets in IT mostly include hardware, software systems, or information on organization values. Asset management IT solutions combine the capability to trace and examine the financial and contractual pieces against actual inventory to understand it better leading to a contribution in success, thus driving the asset management IT solution market.
Asset management IT solutions provide the framework to document and maintain the lifecycle of each IT asset from the first use to the last use of the asset, and the progress in between. However, organizations without an IT asset management can face challenges to record the history of an asset, as filling the spreadsheets each time an incident occurs can be time-consuming and overwhelming to perform root cause analysis. Thus, the growing need of organizations to align the assets and inventory is likely to increase the demand for the global asset management IT solution market during the forecast period.
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Increasing Number of Organizations with Enhanced Finances Finds Asset Management Efficient Solution
In previous years, the IT departments in a business were able to manage assets within their domain. Presently, an organization’s asset management system stretches far beyond the hardware that is issued with an accepted IT stamp of permission. However, subscription-based software and operators’ expectation to customize the instruments they work with through marketplaces and app stores, present new asset management challenges. The way present organizations work, IT departments must be flexible and adapt their asset management process to best enable the business. Moreover, the asset management IT solution benefits considerably from being as automated as feasible. Due to all such factors, new businesses are adopting asset management solutions, which are expected to drive the global asset management IT solution market during the forecast period.
Many organizations prefer to hire institutional investors such as pension funds, corporations, and high net worth individuals. The need to manage assets such as equity, fixed income, real estate, commodities, and international investments has been increased over the years, and businesses that aim to grow further finds it essential to manage their assets. Moreover, asset managers are continuously looking for asset management solutions to save time and cost involved in it. This has led to the rising adoption of smartphones and growing Internet invasion, as they provide real-time information about portfolios to clients, which is expected to drive the global asset management IT solution market.
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Outsourcing Asset Management Preferred for Several Business Types
The COVID-19 crisis has caused widespread concern and financial misfortune for consumers, corporations, and communities across the globe. The IT asset management industry could be viewed as a bellwether for the overall financial conditions, given how intimately funds are drawn to the capital markets. Publicly traded asset supervisors have witnessed share prices fall more than 20% when the implementation of strict regulations on working and supply chains took place. The important liquidity in influenced products is broadly untested. The stress among the financial markets and market credits has extensively increased to a point where organizations are eagerly waiting for the market restoration. Business continuation plans may not have envisioned a pandemic that requires more than shifting operations from one site to another or extending remote server backups. Disaster management for various processes exist, but they may not be adequate to administer multi-pronged concerns such as operations, technology rupture points, third-party risk, net asset value estimation and judgment, consumer concerns, and economic reporting that could result from a ripple effect on suppliers and markets.
As the COVID -19 descends from the outflows and estimates, asset management IT solution firms might find it financially engaging to outsource supplementary non-core functions such as beyond tax and into compliance, legal, and some middle-office activities. Businesses are likely to look for the cost advantage of outsourcing technology, operations, and infrastructure combined as a service. The preference may be provided to key suppliers who can offer can range of settings, geological range, and most importantly, those who were able to maintain and adapt to business needs during the lockdown period. With declining restrictions and rapid vaccination across the world, the potential for market restoration could be in action shortly. Identifying and maintaining critical decision points to manage and contain exposure to the virus based on an agreed set of data sources can prove beneficial for the global asset management IT solution market in the upcoming future.
Need of Management of Assets in Small to Big Businesses
The effective asset management IT solution in place allows assets to run at peak performance. It has even proven efficient for minimizing the total costs of purchasing, maintaining, and operating assets. The current market holds a mixture of unique tools and applications available with most modern-day software applications. The focus on advancement has led to features such as high-end tracking technologies, cloud-based access, and friendly user interface design. Assets can be vital for businesses, as they have the potential to multiply, come and go, and are constantly moving around the workplace. This proffers real-time asset tracking as a basic aspect of the asset managing process. Moreover, having a cloud-based system in business settings can offer a variety of great features for the employees. The complete asset index can be accessed by anyone in the corporation, at any time and location, which is a leading factor in the growth of the asset management IT solution market.
The asset management IT solutions offer to know if and when the asset is missing or due to repair, and can produce precise and detailed audit reports. Keeping track of assets can be challenging in any business environment with any size of business without a system in place. Thus, there is a heavy need for management tools in almost every business. In addition, effective highlights including real-time tracking of an asset management system can help recognize and eradicate troublesome ghost assets. Overall, the global asset management IT solution market is estimated to expand at a CAGR of ~11% during the forecast period.
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The information technology infrastructure has been expanding rapidly, which is chiefly driving the global asset management IT solution market. The asset management IT solutions are proving propitious to improve the bottom line, and plan against financial, operational, and legal risks. Moreover, technological advancements in the cloud are making asset management easier than before. It takes great potential to add value, and help organizations decrease the cost and improve operational efficiency. Innovations such as SaaS applications have helped increase the options of reducing the total cost of ownership. However, the lack of qualified personnel is hindering the current asset management IT solution market growth. Nevertheless, growing investment in training and increasing convenience in systems due to the trending spread of the importance of asset management are expected to overcome the restraints for the global asset management IT solution market during the forecast period.
Asset Management IT Solution Market: Overview
- The latest research report published by Transparency Market Research pertains to the global asset management IT solution market for the historical period of 2018-2019, 2020 is the actual year, and the forecast period is 2021-2031. Increasing penetration of tablets, laptops, desktops, and technology implementation among enterprises is the key factor leading to the growth of the asset management IT solution market
- Rising adoption of asset management IT solutions by BFSI, IT & telecom, manufacturing, healthcare, and government sectors is anticipated to propel the asset management IT solution market during the forecast period
- In terms of revenue, the global asset management IT solution market is estimated to exceed the value of US$ 3 Bn by 2031, expanding at a CAGR of ~11% during the forecast period
Proliferation of Bring Your Own Device (BYOD): Key Driver of Asset Management IT Solution Market
- Employees are empowered to carry their own computing devices and mobile devices in the corporate IT environment, and this is a major challenge to mitigate risks in an IT environment
- Utilization of BYOD is rising as high-end mobile computing devices are owned by people and have become more committed to a specific type of device or mobile operating system. According to BetaNews, the BYOD market is on the course to hit US$ 367 Bn by 2022, up from just US$ 30 Bn in 2014.
- Rising trend of BYOD causes three major challenges to an organization - device management, security, and compliance. Thus, asset management IT solutions help to identify and manage these devices within an organization, reducing related risks. These factors are anticipated to support growth of the asset management IT solution market during the forecast period.
- Although asset management IT solutions help to optimize cost, the initial deployment cost of these solutions is high and the increasing competition is not projected to drive down the cost of asset management IT solutions. Small and mid-sized organizations are incapable of paying IT asset tracking costs, which, in turn, is anticipated to hinder the market growth in the future.
Growing Adoption of Robo-advisors
- Robo-advisors is a new type of asset management IT solution that allows investors to manage their portfolios, investments, and funds online with less human intervention. It gathers all the relevant information such as risk tolerance, investment timeline, and returns with respect to their saving clients through an online questionnaire.
- Robo-advisors are expected to be a part of the offerings of any financial services provider in the forthcoming years, as loss of customer trust, complicated variety of investment products, and the trend of “do-it-yourself” by Apps are leading to new standards not just in online brokerage and online banking, but also in asset management IT solutions.
- Thus, increasing adoption of robo-advisors is projected to create lucrative opportunities for the asset management IT solution market during the forecast period
Asset Management IT Solution Market: Competition Landscape
- Detailed profiles of providers of asset management IT solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global asset management IT solution market are
- Asset Panda
- BMC Software, Inc. (KKR)
- Dell Technologies, Inc.
- Flexera Software LLC
- Freshworks Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Infor, Inc.
- Ivanti Software, Inc.
- ManageEngine (ZOHO Corp.)
- Microsoft Corporation
- NinjaRMM, LLC
- Oracle Corporation
- SAP SE
- ServiceNow Inc.
- SimCorp A/S
- Snow Software, Inc.
- SyAM Software Inc.
- SysAid Technologies Ltd
Asset Management IT Solution Market: Key Developments
- Key providers of asset management IT solutions, such as Broadcom Inc., IBM Corporation, Oracle Corporation, ServiceNow, Inc., and Freshworks, Inc., are focusing on the development of cost-effective and compact asset management IT solutions to attract more customers. Additionally, players active in providing asset management IT solutions are focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners to improve their offerings and market reach.
- Some other key developments in the global asset management IT solution market are highlighted below:
- In May 2021, BMC Software, Inc. acquired Alderstone Consulting Ltd., an IT service management company, to provide ITSM adoption and modernization solutions
- In March 2021, IBM Corporation entered into partnership with RedEye International Ltd., an AI driven marketing automation platform, to drive digitization of enterprise asset management
- In January 2021, Ivanti Software, Inc. acquired Cherwell Software, Inc., a provider of IT service management solutions to accelerate its innovation in asset management
- In the global asset management IT solution market report, we have discussed individual strategies, followed by company profiles of providers of asset management IT solutions. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global asset management IT solution market.
Asset Management IT Solution Market – Scope of Report
A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global asset management IT solution market, to accurately gauge its potential future development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the asset management IT solution market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the asset management IT solution market is expected to progress during the forecast period of 2021-2031.
The report offers intricate dynamics about the different aspects of the asset management IT solution market that aids companies operating in the market in making strategic development decisions. TMR’s study elaborates on the significant changes that are highly anticipated to configure the growth of the asset management IT solution market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the asset management IT solution market, and estimates statistics related to the market progress in terms of value (US$ Mn).
The study covers a detailed segmentation of the asset management IT solution market, along with country analysis, key information, and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the asset management IT solution market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Asset Management IT Solution Market
The report provides detailed information about the asset management IT solution market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the asset management IT solution market, so as to help them make successful strategies and take target-driven decisions.
- Which regions will continue to remain the most profitable regional markets for asset management IT solution market players?
- Which factors will induce a change in demand for asset management IT solutions during the assessment period?
- How will changing trends impact the asset management IT solution market?
- How will COVID-19 impact the asset management IT solution market?
- How can market players capture low-hanging opportunities in the asset management IT solution market in developed regions?
- Which companies are leading the asset management IT solution market?
- What are the winning strategies of stakeholders in the asset management IT solution market to upscale their position in this landscape?
- What will be the Y-o-Y growth of the asset management IT solution market between 2021 and 2031?
- What are the winning imperatives of market frontrunners in the asset management IT solution market?
Research Methodology – Asset Management IT Solution Market
The research methodology adopted by analysts to compile the asset management IT solution market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the asset management IT solution market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine sources, analysts have emphasized the changing scenario of the asset management IT solution market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the asset management IT solution market.
Asset Management IT Solution Market – Segmentation
TMR’s research study assesses the asset management IT solution market on the basis of component, deployment, enterprise size, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the asset management IT solution market.