Global asset management market expected to grow rapidly with digital expansion and technological advancements
From GlobeNewswire: 2024-07-11 03:00:00
The Global Asset Management Market is set to grow from USD 371.62 billion in 2023 to USD 7124.41 billion by 2033, with a CAGR of 34.36%. Asset management involves acquiring, selling, and managing investments to grow wealth, offered by experts in the field. Companies compete to meet the needs of both individual and institutional investors, providing services like credit cards and brokerage. Asset managers use various techniques like market analysis and risk management to fulfill clients’ objectives. The market is being driven by digital expansion, industry initiatives, and technological advancements.
The solution segment is expected to dominate the global asset management market during the projected timeframe. Digital asset management is growing rapidly as more data becomes available over global networks, driving profits in GPS integration for improved asset development and maintenance. The transportation, manufacturing, energy, IT, and healthcare industries are all utilizing asset management systems more frequently.
North America is projected to hold the largest share of the global asset management market, with services crucial to government agencies, insurance companies, foundations, and more. Institutional asset managers handle large investment portfolios to achieve investment goals. The Asia Pacific region is expected to see the fastest growth in the asset management market, driven by a growing awareness of financial products and investment options.
Major players in the global asset management market include BlackRock, The Vanguard Group, State Street Global Advisors, and others. In collaboration, IBM and Siemens are working to speed up sustainable product development and operations. The market is segmented by component, asset type, application, and region, with forecasts up to 2033 provided by Spherical Insights in their detailed report.
Read more at GlobeNewswire: Global Asset Management Market Size To Worth USD 7124.41