Asset management system monitors valuable things of a group or entity through a systematic and cost effective process of assessing, disposing, upgrading, maintaining and analyzing. Growth in assets across different industrial verticals is expected to create major demand for these systems from around the world. Growth in the healthcare industry on global scale is considered to be a crucial driving factor for the global asset management system market. Technological advancements and growing use of advanced systems and tools are anticipated to broaden the application segment of this market. Rapid growth across the emerging economies and developing countries are also anticipated to create vital opportunities for this industry in the next few years to come.
Scope of Research & Segmentation in the Market
In order to analyze all the aspects of the industry, researchers segment it on the basis of the types of functions, asset types, technologies and demand from both industries and geographic regions. The types of functions in the asset management system market include check in and checkout, location or movement tracking, maintenance and repair, etc. the types of assets are categorized into returnable transport, IT assets, manufacturing assets, in-transit equipment, personnel/staff and others.
Technologies in the market are segmented into real-time location systems, radio-frequency identification, barcode, global positioning systems and others. Major industries with strong demand for these systems include healthcare, retail and consumer goods, government, IT services, logistics and transportation, industrial manufacturing, hospitality and others. The Americas, Asia Pacific, Europe and the rest of the world are the major geographic regions in the market.
Market Drivers & Future Trends
According to the researchers, the global asset management system market is driven by strong demand from different industrial verticals. this demand is driven by various factors like cost saving, high return on investment, reduced search time in case of misplaced assets, improved supply chain efficiency and improved security of the assets. However, they also expect the factors like high development costs, operational challenges, technical issues and security and privacy concerns to be the major restraints for the market.
However, emerging applications and innovative technologies are expected to create growth opportunities for the market. Despite the challenges like delayed deployment and establishing industry in untapped segments the market is aiming at impressive growth. From 2014 to 2020, the global asset management system market is expected to maintain a healthy CAGR of 20%, to become worth $18.87 billion by 2020. Healthcare segment is expected to dominate the applications segment for the global market. The Americas and especially North America is expected to dominate the industry in terms of geographic dominance.
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