According to a new market research report published by Transparency Market Research “Asset Management IT Solution Market [Component – (Application and Service); Deployment Model – (Cloud-based, On-premise, and Hybrid); Application – (Portfolio Management, Compliance, Risk Management, Client Statements & Reporting, Trade Order Management, Workflow Automation, Benchmarking, and Cash Flow & Accounting); Service – (Enterprise Data Management, Data Integration, Reporting Solutions & Services, Operation Support & Monitoring, Application Development & Maintenance, and Resource Management); Geography – (Northeast, Midwest, West, and South)] – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024,” the U.S. asset management IT solution market was valued at US$ 1,005.7 Mn in 2019 and is expected to reach US$ 1,298.2 Mn by 2024, expanding at a CAGR of 5.3% during the forecast period.
U.S. Asset Management IT Solution Market in Brief
- The U.S. asset management IT solution market registered a CAGR of 5.3% between 2020 and 2024. The market is projected to be driven by the growth in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) and growing complexities in financial regulations. However, concerns over data security is impacting the growth of the U.S. asset management IT solution market.
- The U.S. asset management IT solution market in the Northeast region is expected to remain dominant throughout the forecast period, due to the presence of large number of asset managers in the region. The Northeast region of the U.S. contributed more than one-third of the revenue generated by the overall asset management IT solutions in the U.S. However, the Western U.S. region is expected to see fastest growing trends in terms of adoption and revenue generation.
- The U.S. asset management IT solution market for service segment is expected to lead the market during the forecast period, owing to rise in demand for comprehensive services such as analytics and data management by asset management companies
- Based on deployment model, on-premise deployment is expected to remain dominant throughout the forecast period due to various risks such as data privacy associated with deployment of data on the cloud
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The U.S. asset management IT solution market is segmented based on component, deployment model, and geography. On the basis of component, the market is segmented into application and services. The segments of the asset management IT solution market in terms of deployment model are cloud-based, on-premise, and hybrid.
The application area of asset management IT solutions is bifurcated into portfolio management, compliance, risk management, trade order management, client statements & reporting, workflow automation, benchmarking, and cash flow & accounting. Portfolio management is expected to hold dominant market share. Moreover, portfolio management is anticipated to showcase fastest growing trends as compared to other IT solution applications.
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Asset management IT solution market by service category includes enterprise data management, data integration, reporting solution & services, operation support & monitoring, application development & maintenance, and resource management. The asset management industry generates huge amount of data pertaining to financials and customer details. This data has to be managed; hence, the industry seeks service providers to manage the data. Thus, enterprise data management recorded largest share in 2019 and is expected to maintain its position throughout the forecast period, expanding at a CAGR of 6.3% from 2020 to 2024.
The U.S asset management IT solution market is competitive with regional players competing intensely. Major industry participants include Hewlett Packard Enterprise Development LP, FundCount, SoftTarget Inc., SimCorp Inc., QED Financial System, eFront Financial Solutions, Broadridge Investment Management Solutions, ProTrak International, SunGard Financials, and CreditPoint Software.
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