Global Top 10 Emerging Asset Management Trends in 2024; Analysis With Spherical Insights & Consulting

Global Top 10 Emerging Asset Management Trends in 2024

Introduction

Asset management refers to the systematic management of a company's investments, both tangible and intangible, to maximize returns and minimize risks. This practice is crucial for individuals, businesses, and institutions looking to optimize their financial resources and achieve their specific financial goals. In the rapidly evolving landscape of finance, the asset management industry stands at the forefront of transformation. Faced with the challenges presented by factors like inflation, market volatility, and evolving investor preferences, asset managers must navigate change and embrace emerging trends to maintain competitiveness. The pivotal year of 2023 is anticipated to bring significant developments that will shape how assets are managed and value is delivered to clients.

Traditionally, challenges like inflation and market volatility have wielded substantial influence in the asset management arena. However, the landscape is evolving, with technology and shifting investor preferences emerging as equally powerful forces. Technology, in particular, is driving a revolution in the industry by empowering asset managers to harness the capabilities of data analytics, artificial intelligence, and automation. These technological advancements contribute to more informed decision-making processes, heightened operational efficiency, and improved risk management.

Moreover, the investment landscape is witnessing a notable shift as investors increasingly seek sustainable opportunities and demand greater transparency. Asset managers, in response to these evolving preferences, are compelled to incorporate sustainable investment strategies and provide enhanced transparency in their operations. This changing dynamic reflects a broader trend where environmental, social, and governance (ESG) considerations are gaining prominence in investment decisions.

As we look ahead to 2023, the asset management industry finds itself at a crucial juncture, balancing longstanding challenges with the transformative potential of technology and the evolving expectations of investors. Successfully navigating these dynamics will be paramount for asset managers aiming to thrive in an environment characterized by change and innovation.

To position themselves effectively to capitalize on industry trends and deliver significant value to clients, asset managers must embrace a client-centric philosophy, concentrating on three fundamental elements: innovation, differentiation, and relationship cultivation.

First and foremost, asset managers ought to embrace innovation through the strategic use of technology and data analytics. Utilizing advanced tools and platforms empowers asset managers to refine their investment strategies, optimize portfolio management, and offer clients real-time insights and personalized solutions. The integration of fintech solutions, such as robo-advisory platforms and digital engagement channels, enables asset managers to cater to the evolving preferences of tech-savvy clients. Additionally, the adoption of emerging technologies like artificial intelligence and machine learning facilitates the discovery of new investment opportunities, streamlines processes, and enhances risk management.

Secondly, differentiation plays a pivotal role in establishing a distinctive presence in a competitive market. Asset managers should concentrate on cultivating specialized expertise in niche markets or unique investment strategies. By providing distinctive investment products or solutions aligned with specific client needs, such as impact investing or sustainable finance, asset managers can set themselves apart from competitors. Building a robust brand and a reputation for consistently delivering exceptional results further strengthens their position in the market.

Lastly, asset managers should prioritize the art of relationship-building and client engagement. A profound understanding of clients’ goals, risk tolerance, and preferences is crucial for delivering personalized investment advice and tailored solutions. Regular and transparent communication, along with proactive engagement, serves to build trust and fortify client relationships. By consistently delivering exceptional client experiences and showcasing a deep understanding of their clients’ needs, asset managers can cultivate long-term loyalty and earn valuable referrals.

Here are the key aspects of asset management:

1. Investment Portfolio Management:Asset managers assess an individual's or organization's financial goals, risk tolerance, and time horizon to create a diversified investment portfolio.They allocate assets across various classes such as stocks, bonds, real estate, and alternative investments to balance risk and return.
2. Risk Management:Asset managers focus on managing risk by diversifying portfolios, which helps mitigate the impact of adverse market conditions on the overall investment.They continuously monitor the market trends, economic indicators, and geopolitical events to make informed decisions and adjustments to the portfolio.
3. Performance Analysis:Regular evaluation of the performance of the investment portfolio is essential. Asset managers analyze returns, compare them against benchmarks, and make adjustments to enhance performance.
4. Financial Planning:Asset management is often integrated into broader financial planning. This involves considering an individual's or organization's entire financial situation, including income, expenses, and liabilities.
5. Strategic Asset Allocation:Asset managers employ strategic asset allocation strategies to determine the optimal long-term distribution of assets based on the investor's financial objectives and risk tolerance.
6. Tactical Asset Allocation:In response to short-term market fluctuations, asset managers may engage in tactical asset allocation, making adjustments to the portfolio to capitalize on market opportunities or mitigate emerging risks.
7. Asset Monitoring and Reporting:Regular monitoring and reporting are essential to keep clients informed about the performance of their investments. This involves providing detailed statements, performance reports, and updates on market conditions.
8. Regulatory Compliance:Asset managers must adhere to various financial regulations and standards to ensure legal and ethical practices. Compliance with these regulations helps protect investors and maintain the integrity of the financial markets.
9. Technology Integration:Many asset management firms leverage technology, such as data analytics and artificial intelligence, to analyze vast amounts of financial data and make more informed investment decisions.
10. Client Communication:Effective communication between asset managers and clients is crucial. This includes discussing investment strategies, addressing concerns, and keeping clients informed about the performance and changes in their portfolios.

Asset management plays a vital role in helping individuals and organizations achieve their financial objectives by optimizing their investment portfolios, managing risks, and adapting to changing market conditions.

Asset Management Overview

The advent of Industry 4.0 and the rapid pace of digitalization have compelled businesses to grapple with vast volumes of data, prompting the centralization of asset management. This entails optimizing the life cycles of assets, adhering to maintenance schedules, navigating evolving regulatory standards, managing asset disposal procedures, and more. To streamline and enhance asset management efficiency, companies are increasingly leveraging cutting-edge technologies such as advanced tracking, predictive maintenance tools, and asset lifecycle management software.

These technological innovations not only address prevalent challenges but also yield substantial benefits for the industry at large, contributing to heightened operational efficiency, cost reduction, and improved asset availability. Explore further to delve into the array of asset management trends and their impact on businesses.

What are the latest trends in asset management?

1. Asset Analytics
2. Asset Tracking & Condition Monitoring
3. Asset Lifecycle Management
4. Cybersecurity
5. Risk Management
6. Cloud Computing
7. Asset Management Compliance
8. Robotics
9. Remote Asset Management
10. Assisted Maintenance

Global Top 10 Emerging Asset Management Trends in 2024

1. Asset Analytics

The inaccuracies in tracking and utilizing assets can result in significant resource wastage and diminished productivity across various sectors. To tackle this challenge, innovative approaches in asset analytics have emerged, employing interactive visualizations and dashboards for real-time monitoring. Companies are turning to advanced data processing solutions, including AI and machine learning, to address these issues.

For example, the use of AI for analyzing real-time data on asset conditions and performance enables more informed and timely decision-making processes. This technology in asset management promotes a proactive and data-driven approach, effectively mitigating inefficiencies and elevating overall operational effectiveness.

Arcadis Gen - Develops an Enterprise Decision Analytics Platform

The UK-based startup Arcadis Gen enhances asset investment decision-making through its Enterprise Decision Analytics (EDA) platform. This platform seamlessly integrates diverse data sources to construct and analyze asset models. By optimizing data, it furnishes valuable insights for decision-makers at the executive level.

Engineered Intelligence - Offers Energy Asset Analytics

Engineered Intelligence, a startup based in Canada, specializes in advanced analytics solutions designed for electric power systems, concurrently improving asset management processes. The startup's ENGIN platform offers extensive analytics that span from assessing asset conditions to analyzing failure consequences and cash flow. Additionally, it centralizes diverse data sources to present a comprehensive overview of asset performance, accessible through a user-friendly interface.

2. Asset Tracking & Condition Monitoring

The absence of real-time visibility into the location and condition of assets stands as a significant contributor to operational disruptions and heightened maintenance costs. To address this challenge, technologies like the Internet of Things (IoT), RFID, and GPS are employed in asset tracking and condition monitoring. These technologies offer real-time asset intelligence. Additionally, tools for condition monitoring continually assess the state of equipment and infrastructure, identifying any deviations from optimal performance.

For instance, certain solutions for asset condition monitoring promptly notify managers of unauthorized asset movement or deteriorating asset health. This facilitates swift corrective actions and preventive maintenance. Through the utilization of these advanced tracking and monitoring technologies, organizations elevate asset reliability, reduce downtime, and optimize the life cycles of their assets.

Sitehound - Develops Asset Tracking Software

TRACTIAN, a startup based in the United States, specializes in intelligent energy sensors designed to proactively prevent electrical and mechanical failures by enabling precise control over energy consumption. The startup's Energy Trac sensor grants real-time access to information regarding the energy quality of operations and power grid indicators, employing non-invasive measurement technology. Additionally, it provides 24-hour monitoring, offering insights into current, voltage, power, and consumption data at any given time of the day.

TRACTIAN - Creates an Intelligent Energy Sensor

The challenge of accurately predicting the end-of-life of assets often leads to premature disposal and replacement costs, or increased maintenance and operational expenses. To optimize asset utilization, businesses incorporate comprehensive end-to-end lifecycle management systems. These systems provide insights into the status of machines or assets, enabling informed decisions regarding asset maintenance and disposal.

3. Asset Lifecycle Management

The challenge of accurately predicting the end-of-life of assets often results in premature disposal, replacement costs, or increased maintenance and operational expenses for businesses. To optimize asset utilization, companies implement comprehensive end-to-end lifecycle management systems. These systems provide insights into the status of machines or assets, facilitating well-informed decisions regarding asset maintenance and disposal.

In addressing this issue, organizations develop solutions leveraging predictive analytics and machine learning to analyze various asset data points. These models accurately forecast the degradation curve of assets, empowering organizations to make informed decisions about asset refurbishment, resale, or decommissioning. This precision in determining asset end-of-life reduces unnecessary expenditures associated with premature asset replacements, promoting sustainable and economically efficient operations.

ARiiVA - Provides an Augmented Reality Service Platform

ARiiVA, an Austrian startup, develops an augmented reality (AR) service platform tailored for the real-time management of both physical and digital inventory. Covering the entire lifecycle of an asset, the platform initiates with real-time visualization employing live sensor data. Additionally, it enables maintenance teams and asset managers to collect data on assets using a connected mobile application. The platform identifies performance issues and optimization areas, contributing to enhanced asset tracking and reduced project closing times. This approach aims to minimize errors, delays, and setbacks.

Evercycle - Advances Device Lifecycle Orchestration

Evercycle, a startup based in the United States, provides automated IT device lifecycle services through its platform. The platform empowers enterprises to streamline lifecycle services for managed devices by integrating service providers, tools, tracking, and reporting, ultimately simplifying workflows. Additionally, the startup offers crucial solutions for IT asset disposition (ITAD) and hardware services, including automated reverse logistics and end-to-end traceability.

4. Cybersecurity

Contemporary enterprise, manufacturing, and production systems are increasingly vulnerable to cyber-attacks, posing risks to the integrity and confidentiality of critical business data. Such attacks can lead to unauthorized access, data breaches, and subsequent operational and reputational harm. To counteract this threat, startups are offering advanced threat detection and response solutions, utilizing sophisticated algorithms to swiftly identify and mitigate malicious activities.

Behavioral analytics, for example, closely monitors user activities and identifies anomalous behavior indicative of a security compromise. Additionally, endpoint detection and response solutions are deployed to promptly recognize and neutralize threats at the device level. These cybersecurity innovations play a crucial role in safeguarding asset information and ensuring the resilience and reliability of industries heavily reliant on assets.

Cynalytica - Provides Critical Infrastructure Cybersecurity

Cynalytica, a startup based in the United States, provides cutting-edge industrial control solutions with a cybersecurity focus, encompassing both hardware and software to safeguard critical infrastructure. Among its offerings is the SerialGuard AnalytICS Platform, a fully passive operational health monitoring and anomaly detection solution designed to offer visibility into high-risk cyber-physical assets. This platform features passive monitoring, secure communication, and real-time alerting, and seamlessly integrates with third-party SIEM (Security Information and Event Management) and SOAR (Security Orchestration, Automation, and Response) platforms.

ThreatAware - Offers Cyber Asset Management

ThreatAware, a startup based in the United Kingdom, specializes in cybersecurity solutions aimed at fortifying the security of cyber assets. The platform utilizes API feeds to verify the accurate deployment and functionality of device controls across all cyber assets, providing clear insights into the health of security controls. Operating without the need for agents, it establishes a precise device inventory by connecting to existing systems via API and initiates actions through a webhook in response to arising issues.

5. Risk Management

Inadequate assessment and mitigation of risks, both at micro and macro scales, linked to asset failures and downtimes pose significant challenges, leading to operational disruptions and financial losses. Recognizing the importance of comprehensive risk management, which encompasses operational and regulatory risks along with considerations for market and environmental factors, asset managers are taking strategic measures. This holistic approach ensures the protection of substantial investments, optimizes asset utilization, streamlines maintenance, and proactively addresses vulnerabilities.

Businesses are now relying on sophisticated risk management systems to identify potential risk factors and evaluate their impact on asset performance and reliability. These innovations go a step further by facilitating the development of dynamic risk models capable of adapting to changing operational conditions and providing early warnings for potential failures. Through the implementation of proactive risk management strategies, organizations can allocate resources more efficiently and establish contingency plans, ultimately minimizing the impact of unforeseen disruptions related to assets.

Dickinson Technologies - Advances Cloud-based Industrial Risk Management

Dickinson Technologies, a scaling startup from South Africa, specializes in digital asset management solutions centered around industrial risk mitigation and minimizing losses arising from unplanned downtimes. The solutions developed by this startup leverage sophisticated analytical systems, incorporating both maintenance and operational data to protect assets effectively. These solutions offer early warnings for assets susceptible to failure or performance issues, empowering proactive interventions and averting the need for costly reactive measures.

Niricson - Provides AI-based Predictive Analytics

Niricson, a startup based in Canada, specializes in an AI-backed platform called AUTOSPEX designed for infrastructure condition assessment. This platform excels in automated defect detection, quantification, and tracking, employing the capabilities of AI and data fusion. It seamlessly integrates with DRONIC, featuring a patented data collection and fusion architecture. The system utilizes a drone equipped with a concrete-sounding hammer to gather comprehensive information on the condition and deterioration of infrastructure.

6. Cloud Computing

Many contemporary enterprises possess assets scattered across various regions globally, generating substantial amounts of data. Traditional IT infrastructures face limitations in terms of scalability, accessibility, and real-time processing of this extensive asset data. To overcome these challenges, cloud computing offers a solution by providing scalable and flexible computing resources over the internet. This empowers organizations to efficiently store, process, and analyze vast volumes of asset data in real-time.

For instance, cloud-based asset management solutions seamlessly integrate data from diverse sources, enabling real-time analytics and insights. Furthermore, these insights are accessible from anywhere, fostering enhanced collaboration and facilitating decision-making processes related to asset optimization, maintenance, and allocation.

Gradhoc Smart - Specializes in Cloud-based Refrigeration and Climatization Systems

Gradhoc, a startup based in Spain, develops a cloud-based platform that integrates IoT, digital twins, and AI to oversee assets associated with refrigeration and climatization. This platform facilitates real-time monitoring and records data for all variables linked to existing assets, offering visualization of machine rooms, cold rooms, and services powered by cold. Additionally, the platform incorporates predictive maintenance capabilities through its AI, identifying patterns or early signs of malfunctions.

Faciliteasy - Creates Asset Maintenance Management Software

Faciliteasy, an emerging startup from India, specializes in crafting cloud-based asset maintenance management software designed to enhance on-the-go work management for technicians. The software encompasses a range of features including asset assignment, maintenance tracking, QR code generation, repair monitoring, task management, service contracts, and meter readings. Additionally, it empowers technicians to efficiently manage assets, scan QR codes, assign tasks, conduct audits, and perform various actions directly from their mobile devices.

7. Asset Management Compliance

The intricate and variable nature of compliance requirements across states, countries, and regions elevates the risk of non-compliance. Factors such as oversight of regulatory obligations can lead to severe penalties and reputational harm. Asset management compliance solutions serve as a preventive measure by facilitating the development of dynamic compliance frameworks. These frameworks adapt to the evolving regulatory landscape, automatically aligning asset management practices with the latest compliance standards.

To achieve this, automated compliance checklists and real-time alert systems are implemented to swiftly identify and address any deviations from compliance norms. This ensures continuous adherence to regulatory requirements. Innovations in compliance management play a crucial role in mitigating legal and reputational risks while fostering organizational integrity.

AssetPool - Enables Automated Asset Compliance

AssetPool, a startup based in Canada, specializes in automated software for asset compliance and verification, aimed at optimizing asset management and inspection processes. Each asset is assigned a unique QR code, enabling individualized tracking and treatment. This guarantees a constantly updated asset register. Furthermore, the software establishes a foolproof workflow for compliance tasks, enhancing operational efficiency and safety by centralizing all safety documents in a single location.

CAS - Offers Cloud-based Automated Compliance Audits

CAS, a startup originating from New Zealand, empowers intelligent lifecycle management of assets with its ACABIM compliance platform. This cloud-based platform functions as a centralized hub for overseeing compliance checks in construction projects throughout the design workflow. It not only supports solutions for compliant land development and planning but also seamlessly integrates with facilities and asset management tools.

8. Robotics

The manual handling and maintenance of assets present challenges such as being time-consuming, error-prone, and inefficient, particularly in hazardous or hard-to-reach environments. Robotics is addressing these issues by introducing autonomous robots equipped with advanced sensors and AI to carry out tasks such as asset inspections, maintenance, and data collection. For instance, drones are utilized to access high or remote locations for inspecting asset conditions, while robotic arms perform precise maintenance tasks in hazardous environments.

The introduction of robotic systems reduces human exposure to risks. These robotic solutions not only enhance the accuracy and efficiency of asset management tasks but also enable real-time data acquisition and analysis. This capability facilitates proactive asset maintenance and supports informed decision-making regarding asset lifecycles, ultimately optimizing asset longevity and operational productivity.

Dock Robotics - Manufactures Autonomous Inspection Robots

Dock Robotics, a startup based in the UK, specializes in the creation of autonomous inspection robots aimed at optimizing asset management through advanced analytics and high-quality data acquisition. These robots are equipped with 2D LiDAR sensors and 3D mapping cameras, ensuring precise data acquisition and enabling autonomous navigation. Additionally, the robots offer the flexibility of both manual control and autonomous navigation.

Aerones - Creates Robotic Wind Turbine Care Systems

Aerones, a startup based in Latvia, specializes in the creation of robotic wind turbine care systems, emphasizing maintenance, inspection, and repairs. The startup employs patented robotic technology and tools that technicians can control and monitor from the ground. This approach ensures both safety and precision, with the robotic system capable of operating effectively in various conditions, including rainy weather.

9. Remote Asset Management

The globalization of companies and their assets introduces challenges in managing dispersed assets across multiple locations, leading to inefficiencies and inaccuracies. To address these issues, startups are developing remote asset management solutions that leverage advanced technologies such as IoT and cloud computing. These solutions enable the monitoring, control, and management of assets from a centralized location. For example, sensors attached to assets transmit real-time data on performance and condition to a centralized system.

Remote asset management solutions empower managers to identify anomalies, schedule maintenance, and make informed decisions promptly. This centralized and real-time approach to asset management reduces downtime and costs, enhancing the overall equipment efficiency (OEE) and responsiveness of assets. Consequently, organizations can adapt swiftly to changing operational needs.

Preddio Technologies - Builds Digital Twins of Assets

Preddio Technologies, a startup headquartered in the United States, specializes in the development of digital twin technology named Simplicity. This technology is designed for the continuous monitoring and enhancement of asset performance. It operates through the utilization of the quick-to-install SIMPLICITY NANO wireless sensors, offering data on parameters such as temperature, vibration, and water. Additionally, the startup provides SIMPLICITY LINK, a solution that connects to hardwired analog sensors, transforming them into wireless beacons.

Daacoworks - Develops Operations and Maintenance Management Software

Daacoworks, an Indian startup, offers a digital platform called Prism for operations and maintenance management. This comprehensive platform incorporates various functionalities, including breakdown, preventive, and predictive maintenance, assets and spare parts inventory management, and smart team collaboration. Additionally, Prism IoT Edge serves as a gateway, supporting a diverse range of industry-standard communication protocols. This enables real-time data collection from sensors and PLCs.

10. Assisted Maintenance

The prevalent over-dependence on manual and reactive maintenance strategies results in delayed or insufficient maintenance interventions, leading to prolonged equipment downtimes and accelerated wear and tear on assets. To address this, startups are incorporating advanced diagnostic tools and predictive maintenance technologies equipped with intelligent sensors and advanced monitoring capabilities.

These technologies are adept at detecting early signs of malfunction or degradation in assets, allowing for timely and precise maintenance interventions. This transition from reactive to proactive maintenance strategies empowers asset managers to optimize maintenance schedules, minimize unplanned downtimes, and extend the overall lifespan of assets.

Erohal delivers IoT-powered Inspections

Erohal, a startup based in the UAE, offers a cloud-based solution for IoT-powered automated inspections and AI-driven issue identifications in fleet assets and facilities. The technology from this startup is designed to detect abnormalities and potential issues at an early stage, providing recommendations and potential solutions. Additionally, it includes features such as real-time location tracking, instant notifications, and image verification, enhancing the overall asset management process.

Enertics makes an Operations Intelligence System

Enertics, a startup based in Canada, provides operations intelligence systems aimed at improving asset management through advanced monitoring and predictive maintenance. The solutions offered by the startup comprise the eM Saver hardware and eM AISuite software platform. These tools deliver asset health monitoring, diagnostics, and predictive analytics capabilities.

Conclusion

This detailed business research report, focused on the Asset Management business, fundamentally describes the concepts bifurcated by Type, Capacity, End-Use Industry in terms of Value (USD Million) and key players, and stakeholders in the Asset Management Market comprehensively. Assessment of the current and historical Asset Management business situation (2019-2023) is indicated, conflated with competitive landscape and consumer patterns, Asset Management benefits and drawbacks, industry trends, and statistical predictions (2023-2032)

Regional Asset Management industry characteristics and macroeconomic policies, industrial policies have also been included. From raw materials to downstream buyers of this Asset Management industry will be analyzed statistically; the features of product distribution and sales channel will be presented as well.

1. Main manufacturers/suppliers/vendors of Asset Management Worldwide, with company and product introduction, position in the Asset Management market
2. Market status and development trends of Asset Management by Type, Capacity, End-Use Industry, among others are bifurcated and evaluated analytically
3. Gross margin status of Asset Management and marketing status
4. Asset Management business growth drivers, restraints, opportunities, and challenges

This professional and validated report study supports to establish a 360-degree perspective of industrial developments, trends, and characteristics of the Asset Management Market which vividly aids to address all the business issues comprehensively.? ?

About the Spherical Insights?& Consulting

Spherical Insights?& Consulting?is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.?

?

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:????

Phone:?+1 303 800 4326 (the U.S.)

Phone:?+91 90289 24100 (APAC)

Email:?[email protected] ,?[email protected]

Contact Us:?https://www.sphericalinsights.com/contact-us

Follow Us:?LinkedIn ?|?Facebook ?|?Twitter