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

Top 10 Global Asset Management Trends in 2024

The Report Asset Management Trends 2024 offers a summary of the global asset management market using historical data sets (enhancing operational efficiency, reducing costs, and improving asset availability, preliminary estimates from 2020–2021, 2022, and 2023) and projections for the global asset management market for global regions in the years 2023 and 2033. This data-driven research provides users with an industry-wide perspective of new technologies and innovation insights to support business strategic decision-making. Businesses are using technology like asset lifecycle management software, predictive maintenance tools, and enhanced tracking to ensure effective asset management.

 

Top 10 Asset Management Trends 2024:

1. Asset Management Compliance

Asset management compliance is the process of adhering to laws, regulations, and policies pertaining to a company's assets. Ensuring compliance is essential to keeping an organization's practices valid and up to date. Businesses that fail to maintain compliance risk severe fines, penalties, and damage to their brand. The likelihood of non-compliance is elevated by the intricacy and heterogeneity of compliance mandates between states, countries, and regions. A number of factors might be at issue here, including regulatory noncompliance that carries the risk of severe penalties and damage to an individual's reputation. Asset management compliance solutions help prevent this by enabling the creation of dynamic compliance frameworks that automatically conform asset management practices to the most recent compliance standards and adapt to the constantly shifting regulatory landscape. Request for free sample

 

Real-time alert systems and automated compliance checklists are used to swiftly identify and handle any deviations from compliance standards. This guarantees ongoing compliance with legal mandates. These kinds of compliance management solutions are critical for promoting organizational integrity and reducing legal and reputational concerns.

 

• Cloud-based Automated Compliance Reviews are provided by CAS

CAS is a firm from New Zealand that uses its ACABIM compliance platform to provide smart asset lifecycle management. Throughout the design process, the cloud-based platform acts as a central hub for managing compliance inspections of building projects. It incorporates facilities and asset management technologies and enables compliant land development and planning solutions.

The software emphasizes compliance-centric design and includes functionality for sharing BIM data, doing calculations, and efficiently maintaining constructed assets. The platform optimizes the design experience by helping to visualize the impact of changes and pre-validate consent submissions.

 

• AssetPool facilitates Asset Compliance Automated

A Canadian firm called AssetPool specializes in software for automated asset compliance and verification, which is meant to enhance asset management and inspection. A QR code is used to identify each item specifically, enabling personalized tracking and care. This guarantees an asset register that is current at all times. Additionally, centralizing all safety documentation in one place establishes a fail-proof workflow for compliance duties that improves operational efficiency and safety.

 

Organizations can manage client sites in real-time and add asset kinds and checklists related to business and complaint needs thanks to the software's customizable features. AssetPool helps with asset maintenance and monitoring by making it easier to schedule one-time or ongoing tasks. Additionally, the technology converts manual, paper-based operations into a fully digital platform that improves asset management, tracking, and measurement accuracy.

 

2. Asset Management from a Distance

The phenomenon of globalizing enterprises and their assets leads to a proliferation of operational difficulties as well as inefficiencies and errors in the management of assets that are spread across multiple places. To monitor, operate, and manage assets from a single place, companies are developing remote asset management systems that make use of cutting-edge technology like cloud computing, IoT, and more. For example, a centralized system receives real-time data on asset performance and condition via sensors linked to the assets. Thus, managers may rapidly make informed decisions, plan maintenance, and identify abnormalities with the help of remote asset management technologies. In addition to lowering expenses and downtime, this unified, real-time approach to asset management improves the overall equipment efficiency and responsiveness of assets. As a result, businesses are able to quickly adjust to shifting operating requirements. Request for free sample

 

• Software for Operations and Maintenance is developed by Daacoworks

An Indian business called Daacoworks offers Prism, a digital platform for managing upkeep and operations. It has many features, such as inventory management for assets and spare parts, proactive, predictive, and breakdown maintenance, as well as intelligent teamwork. Additionally, Prism IoT Edge is a gateway that facilitates real-time data collecting from sensors and PLCs by supporting a broad range of industry-standard communication protocols. Additionally, the platform allows for remote monitoring of industrial operations and visualization of those processes via web-based SCADA. Via secure virtual private networks (VPNs), Daacowork's software enables safe remote access to industrial operational technology network devices, such as robots, CNC machines, HMIs, etc.

 

3. Asset Lifecycle Administration

The incapacity to precisely forecast when an asset will reach the end of its useful life results in higher maintenance and operating expenses or early disposal and replacement expenditures. Businesses incorporate end-to-end lifecycle management systems, which provide insights into machine or asset state to make informed decisions about asset maintenance and disposal, to improve asset utilization. 

 

In order to help with this, businesses provide systems that analyze different asset data points using machine learning and predictive analytics. These models provide businesses with precise asset deterioration curve projections, enabling them to make well-informed decisions regarding asset refurbishment, sales, or decommissioning. This accuracy in identifying the end-of-life of an asset promotes economically efficient and sustainable operations while lowering needless costs associated with premature asset replacements. Request for free sample

 

• Evercycle develops a device Lifecycle Orchestration

Evercycle, an American startup, uses its platform to manage IT device lifecycle services. With the platform, businesses can streamline workflows and simplify service provider and tool integration, tracking, reporting, and lifecycle services for managed devices. Along with hardware services, the business provides IT asset disposition (ITAD) solutions including automated reverse logistics and end-to-end traceability. In order to anticipate and plan lifetime services, the platform also gives businesses access to device metrics like current value, condition, grade, and so on. Evercycle facilitates device recovery and management, provides effective device management, and reduces data security concerns across devices.

 

• A platform for augmented reality services is offered by ARiiVA.

An AR service platform for the real-time administration of digital and physical inventory is developed by the Austrian startup ARiiVA. It includes every stage of an asset's lifecycle, starting with real-time sensor data visualization. Through a linked mobile application, the platform also enables asset managers and maintenance teams to collect asset data. Additionally, it pinpoints areas for optimization and performance problems, allowing for improvements in asset monitoring and project closing times while lowering mistakes, delays, and setbacks. Additionally, with capabilities like in-app data interchange and live conversations, as well as in-app tracking of energy and carbon use, AriiVA's platform guarantees data transparency between client and provider. This helps prolong the life of devices and streamlines logistics to cut down on travel time. The platform offers a long-term decrease in operational service expenses by providing a comprehensive remedy for disorganized and ineffective service processes.

 

4. Asset Analytics

Inaccurate asset tracking and usage results in significant resource waste and lower production in all industries. Asset analytics technologies include dashboards and interactive visualizations to allow for real-time monitoring, which helps to address this problem. Businesses use machine learning and artificial intelligence (AI) as data processing solutions for this. For example, employing AI to analyze real-time data on asset performance and conditions enables more prompt and informed decision-making processes. By reducing inefficiencies and improving overall operational effectiveness, this asset management system promotes a more proactive and data-driven approach to asset management. Request for free sample

 

• Energy Asset Analytics is provided by Engineered Intelligence

Engineered Intelligence is a Canadian firm that improves asset management procedures by providing sophisticated analytics solutions for electric power systems. The platform developed by the startup, ENGIN, offers thorough analytics encompassing everything from cash flow and failure consequence analytics to asset condition evaluation. Additionally, it centralizes several data sources into a user-friendly interface, offering a comprehensive picture of asset performance. Additionally, the cloud-based platform seamlessly interfaces with their clients' various systems and technologies to enable data sharing. With the help of Engineered Intelligence's platform, businesses can quickly and reliably manage risks and make more informed decisions for their vital power infrastructure.

 

• Arcadis Gen creates a platform for enterprise decision analytics

Arcadis Gen, a UK-based firm, uses its Enterprise Decision Analytics (EDA) technology to optimize asset investment decisions. It combines many data sources to create and evaluate asset models, optimizes data, and gives executives at the decision-making level information. In order to analyze the lifecycle of assets and forecast future asset performance, it also incorporates cutting-edge technology like machine learning, artificial intelligence, and sophisticated optimization solvers. EDA manages both linear and vertical assets and can be used for both short- and long-term planning. The platform offers an adaptable solution that satisfies various requirements and produces outcomes instantly.

 

5. Cybersecurity

Cyberattacks that aim to compromise the integrity and confidentiality of corporate data are a growing hazard for contemporary enterprise, manufacturing, and production systems. Unauthorized access, data breaches, and resultant harm to operations and reputation are the outcomes of this. Startups are preventing this by offering sophisticated threat detection and response systems that use cutting-edge algorithms to quickly detect and stop malicious activity. Behavioral analytics, for example, keeps an eye on user activity and identifies unusual behavior that points to a security breach. To quickly detect and eliminate threats at the device level, endpoint detection and response systems are also used. These advancements in cybersecurity are crucial for protecting asset data and guaranteeing the dependability and robustness of asset-intensive sectors. Request for free sample

 

• ThreatAware provides Management of Cyber Assets

ThreatAware is a UK-based firm that focuses on ways to improve the security of cyber assets. Its technology provides insight into the health of security controls by using API feeds to verify that device controls are correctly deployed and operating across all cyber assets. Additionally, it is agentless and generates precise device inventories by establishing connections with current systems via APIs and initiating actions via a webhook in the event of problems. Additionally, a variety of security and IT technologies can be integrated with the vendor-neutral, cloud-based platform. Additionally, the platform offers customizable workflow automation features including customized alerts and problem-solving plans that run automatically. Using ThreatAware's platform, businesses can control cyber risk and make sure that all of their assets that access company data are secure and genuine.

 

• Cybersecurity for Critical Infrastructure is offered by Cynalytica

Advanced industrial control with cybersecurity-focused technology and software is provided by US-based startup Cynalytica to safeguard vital infrastructure. One of the startup's offerings is the SerialGuard AnalytICS Platform, which offers visibility into high-risk cyber-physical assets through entirely passive operational health monitoring and anomaly detection. It integrates with third-party SIEM and SOAR solutions and offers real-time alerting, secure communication, and passive monitoring. Furthermore, its OT OptICS is an AI-powered intrusion detection system that safeguards legacy cyber-physical systems for serially connected industrial control systems. It has self-sufficient network surveillance, machine learning-powered alerts, and real-time monitoring. The platform supports deep packet inspection for many serial networks and is independent of protocols. By thwarting hostile assaults on cyber-physical systems, these solutions lessen unscheduled downtime.

 

6. Cloud Computing

Numerous contemporary businesses have assets dispersed over the globe that produce enormous volumes of data. This results in a constraint imposed by conventional IT infrastructures, impeding asset data processing in real time, scalability, and accessibility. By offering scalable and adaptable computing resources over the internet, cloud computing solves this problem and enables businesses to effectively store, process, and analyze enormous volumes of asset data in real time. For instance, real-time analytics and insights are made possible by the smooth integration of data from many sources made possible by cloud-based asset management systems. These insights can also be accessed from any location, which facilitates decision-making and cooperation in relation to asset allocation, maintenance, and optimization. Request for free sample

 

• Cloud-based climate control and refrigeration systems are Gradhoc Smart's area of expertise

A Spanish firm called Gradhoc develops a cloud-based platform to manage assets linked to climatization and refrigeration by fusing digital twins, AI, and the Internet of Things. It provides real-time readout and data recording of all variables associated with current assets, allowing machine rooms, cold rooms, and cold-supplied services to be shown. By using AI to identify trends or the beginning of faults, the platform also offers predictive maintenance. Additionally, the platform adjusts defrost and floating condensation using adaptive setpoint optimization to carry out smart energy management. Additionally, cold chain workers and managers can monitor and control their cooling systems with the help of the cloud platform. Gradhoc further optimizes refrigeration system performance by comparing asset behavior between optimal and actual states using digital twins.

 

• Software for Asset Maintenance Management is made by Faciliteasy

An Indian startup called Faciliteasy creates cloud-based software for asset maintenance management that makes it easier for technicians to organize their work when they are on the go. Task management, asset assignment, maintenance tracking, QR code generation, repair tracking, service contracts, and meter readings are all included in the software. Technicians can also assign assignments, manage assets, scan QR codes, carry out audits, and carry out a variety of other operations all from their mobile devices. Additionally, asset maintenance data is uploaded, saved on the cloud, and made available to management and technicians for access to the most recent version. This method ensures efficient asset management by giving on-the-field teams significant flexibility and real-time updates. As a result, the program monitors business assets, increases their lifespan performance, decreases downtime, and lowers maintenance expenses.

 

7. Robotics

Manual asset handling and maintenance is labor-intensive, error-prone, and ineffective, particularly in dangerous or difficult-to-reach locations. Robotics is tackling this by bringing in autonomous robots that can collect data, perform maintenance, and examine assets. These robots are outfitted with sophisticated sensors and artificial intelligence. For instance, robotic arms carry out precise maintenance activities in dangerous areas, while drones access high or remote sites to evaluate asset status. Thus, robotic systems lessen the hazards that humans face. Real-time data collection and analysis are made possible by these robotic technologies, which also improve asset management chores' accuracy and efficiency. In addition, this makes it easier to maintain assets proactively and make wise decisions about their lifecycles, which maximizes their durability and operating efficiency. Request for free sample

 

• Aerones develops automated wind turbine maintenance systems

Robotic wind turbine care systems are manufactured by Latvian startup Aerones, with an emphasis on upkeep, inspection, and repairs. The firm makes use of equipment and unique robotic technologies that are managed and observed by technicians from the bottom up. This guarantees accuracy and safety because the robotic system can operate in a variety of environments, including wet weather.In addition to producing comprehensive data on blade inspection such as corrosion, cracks, and physical damage the robots can also carry out repairs. Additionally, the cloud platform has inspection datasets that make it possible to create better budgets and strategies for preventive maintenance. Wind turbine owners and operators may guarantee the longevity and best functioning of their assets with Aerones robotics system.

 

• Dock Robotics is a manufacturer of Self-governing Inspection Robots

An innovative company in the UK called Dock Robotics creates autonomous inspection robots to optimize asset management using sophisticated analytics and superior data collection. The robots are capable of precise data collecting and autonomous navigation since they are outfitted with 3D mapping cameras and 2D LiDAR sensors. Furthermore, the robot is capable of both autonomous navigation and manual control. In addition to being simple to set up, operate, and modify, Dock Robotics' maintenance solution offers insights via a web-based analytics dashboard and an accessible interface. In dangerous environments like heavy asset industries, the robots help gather trustworthy inspection data and insights.

 

8. Asset Tracking & Condition Monitoring

Among the main causes of operational disruptions and higher maintenance expenses is the absence of real-time visibility into the location and status of assets. Therefore, by utilizing the Internet of Things (IoT), RFID, and GPS to deliver real-time asset intelligence, asset tracking and condition monitoring solutions alleviate this problem. Furthermore, in order to spot any deviations from peak performance, condition monitoring systems regularly evaluate the infrastructure and equipment. Certain asset condition monitoring systems, for instance, notify management when an asset is moved without authorization or when its condition deteriorates. This makes it possible to carry out preventive maintenance and quick corrections. Organizations may optimize asset life cycles, reduce downtime, and improve asset reliability by utilizing these cutting-edge tracking and monitoring solutions. Request for free sample

 

• TRACTIAN Develops a Sensitive Energy Sensor

A US-based firm called TRACTIAN provides intelligent energy sensors that regulate energy usage, preventing mechanical and electrical malfunctions. Through non-invasive measurement technology, the startup's Energy Trac sensor offers real-time access to data regarding the energy quality of activities and power grid indicators. Additionally, it provides round-the-clock monitoring that provides insights into statistics on power, current, voltage, and consumption at any time of day. In addition, a variety of electrical assets are monitored by the sensor, such as electrical panels, pumps, generators, furnaces, engines, compressors, and transformers. It is critical to comprehend consumption trends, boost production, and stay out of trouble in the asset management sector. TRACTIAN's technologies help maintenance teams develop better maintenance schedules and machine operators avoid costly breakdowns by fusing IoT and AI.

 

• Software for Asset Tracking is created by Sitehound

Inventory visibility is increased by asset management and tracking software developed by US-based startup Sitehound. It makes use of AI to guarantee the best use of resources and deliver insights in real-time, increasing total productivity. Additionally, the software has software licensing asset management built in, which helps businesses monitor and control both unlawful software usage and software license compliance. The software developed by the startup can be accessed on mobile devices and the web, allowing for remote asset management and team communication. In addition, it lets asset managers set up tracking forms and add custom fields to streamline inventory management while offering real-time updates and thorough asset histories. By automating workflows, tracking, reporting, mapping, and asset management, it helps businesses to improve their operational efficiency.

 

9. Assisted Maintenance

The excessive dependence on physical labor and reactive maintenance techniques in place today causes insufficient or delayed maintenance interventions. Longer equipment downtimes and more asset wear and tear result from this. Consequently, cutting-edge diagnostic tools and predictive maintenance technologies with sophisticated sensors and enhanced monitoring are being integrated by startups. They enable prompt and accurate maintenance interventions by spotting early indicators of asset malfunction or degradation. The shift from reactive to proactive maintenance methods is made easier by these technologies. Consequently, maintenance schedules may be optimized, unscheduled downtime can be decreased, and asset lifespan can be increased by asset managers. Request for free sample

 

• Operational intelligence systems are made by Enertics

A Canadian business called Enertics provides operations intelligence technologies that improve asset management by using predictive maintenance and sophisticated monitoring. Predictive analytics, diagnostics, and asset health monitoring are offered via the startup's eM AISuite software platform and eM Saver hardware. Advanced sensing, networking, and data analytics are combined in these technologies to allow condition-based maintenance (CbM) in situations where real-time metrics show anomalies or performance decline indicators. For both greenfield and brownfield applications, the solutions may be quickly deployed, guaranteeing a maximum return on investment.

 

• Erohal provides IoT-enabled inspection services

The UAE-based firm Erohal offers a cloud-based solution for automated inspections driven by IoT and AI-generated problem identifications in facilities and fleet assets. The system developed by the business provides advice and potential remedies while identifying anomalies and probable problems early on. To enhance the asset management procedure, it also has real-time location, immediate notifications, and picture verification. In addition to tracking vehicle assets and providing predictive analytics, the platform issues work orders, maintains service histories, and makes recommendations for problem-solving fixes. Erohal's solution uses AI and IoT to prevent significant breakdowns, downtime, and inefficiencies for fleets of vehicles through asset maintenance.

 

10. Risk Management

Financial losses and operational interruptions are largely caused by inadequate assessment and mitigation of the micro- and macro-scale risks related to asset failures and downtimes. Asset managers increasingly understand the importance of thorough risk management, which includes everything from operational and regulatory risks to market and environmental variables. Asset-heavy industries protect their large investments, maximize asset usage, expedite maintenance, and proactively address risks by placing a high priority on risk management. Thus, companies use risk management systems to find possible risk factors and evaluate how they affect the dependability and performance of their assets. Furthermore, these developments make it possible to create dynamic risk models that provide early failure warnings and adjust to shifting operational situations. Organizations can reduce the effect of unanticipated asset-related disruptions and allocate resources more efficiently by putting proactive risk management measures into place and creating backup plans. Request for free sample

 

• Niricson offers Predictive Analytics powered by AI

The Canadian firm Niricson creates AUTOSPEX, a platform for assessing the status of infrastructure that is powered by AI. With the aid of AI and data fusion, it carries out automatic flaw tracking, quantification, and identification. To collect comprehensive condition and deterioration information, it works in tandem with DRONIC, a patented data collecting and fusion architecture, and a drone fitted with a concrete-sounding hammer. Additionally, AUTOSPEX makes it possible to map, quantify, and track deterioration to concrete structures over time, giving asset owners important information. Owners and managers of critical assets can monitor changes over time and make well-informed decisions to improve infrastructure safety thanks to Niricson's predictive analytics platform.

 

• Cloud-based Corporate Risk Management is being advanced by Dickinson Technologies

Scaleup in South Africa Industrial hazards and limiting costs from unforeseen downtimes are the main areas of focus for Dickinson Technologies' development of digital asset management solutions. Complex analytical systems are used in the startup's solutions to protect assets by using both operational and maintenance data. Early warning systems enable proactive intervention and minimize costly reactive actions by alerting assets at risk of malfunction or performance difficulties. The Bearing Fault Early Warning System of the company use algorithms to predict bearing problems by continuously monitoring machine vibrations and speeds. Its scalable Digital Workshop Management software, which provides a database engine to store and analyze all work orders, also increases the effectiveness of work order procedures. These systems shield businesses against financial losses by averting unscheduled maintenance and production stops. Request for free sample

 

Key Players of Asset Management

• BlackRock, Inc.
• Goldman Sachs Asset Management
• Schroders plc
• The Vanguard Group, Inc.
• T. Rowe Price Group, Inc.
• Northern Trust Corporation
• Allianz Global Investors
• Franklin Templeton Investments
• Aberdeen Asset Management PLC
• J.P. Morgan Asset Management
• Capital Group Companies, Inc.
• Amundi Asset Management
• Invesco Ltd.
• PIMCO (Pacific Investment Management Company LLC)
• UBS Group AG
• Charles Schwab Investment Management, Inc.
• Wellington Management Company, LLP
• State Street Global Advisors
• Fidelity Investments
• Legal & General Investment Management

 

Recent Development - Request for free sample

• In April 2023, JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB), JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (BBIB), and JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB) are the three new fixed income Betabuilders ETFs that have been introduced by J.P. Morgan Asset Management (JPMAM). BBLB, BBIB, and BBSB will track indexes and provide inexpensive beta exposure in addition to JPMAM's current products.

 

• In April 2023, IBM and Siemens Digital Industries Software announced plans to improve their software cooperation by developing an all-inclusive toolkit of integrated solutions designed to address system engineering in a variety of domains. The purpose of this expanded relationship is to create a single digital thread that runs through the whole manufacturing infrastructure, encompassing lifecycle management and asset management.

 

• In March 2023, The JPMorgan Active China ETF is the newest active ETF offered by J.P. Morgan Asset Management. The Fund focuses on an investment approach driven by bottom-up stock selection while being aware of macro and policy factors. Its goal is to give investors access to a best ideas portfolio of Chinese equities.

 

• In January 2022, in order to optimize businesses and cut costs, Ambit Asset Management announced the development of the "Ambit TenX Portfolio" for high-net-worth investors.

 

• In November 2021, to manage and maximize the company's data, Marathon Asset Management signed a comprehensive deal with privately held pharmaceutical company Kaleo.

 

• In April 2021, the partnership between Zebra Technologies Corporation and Connect Alliance Track for non-reselling partners was announced.

 

Conclusion

In conclusion, the asset management industry is undergoing a dynamic state of transition driven by technological innovation and the demand for sustainability. Business executives require adaptability, vision, and the readiness to take on new opportunities and challenges. This sculpture acts as a compass pointing towards a future where the most creative and adaptable individuals will flourish, based on the most recent monthly developments. Being knowledgeable is crucial to navigating the asset management industry's complexities and seizing opportunities. To keep your business ahead of the curve, make use of the platform we provide to learn about the most recent developments and innovations in the asset management sector. The Discovery Platform helps you identify profitable joint venture opportunities and make well-informed investment decisions by providing a succinct yet thorough overview of the most recent advancements and trends. Request for free sample

 

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. 

 

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