Developing technological advancements are driving the growth of Saudi Arabia Asset management Market, in the forecast period, 2022-2026.
According to TechSci report on, “Saudi Arabia Asset Management Market By Component (Solutions, Services) By Asset Type (Digital Assets, Returnable Transport Assets, In-Transit Assets, Manufacturing Assets, Personnel/ Staff) By Function (Location & Movement Tracking, Check In/ Check Out, Repair & Maintenance, Others) By Application (Infrastructure, Enterprise, Healthcare, Others) By Region, Competition Forecast & Opportunities, 2026”, Saudi Arabia asset management market has shown promising growth in historical years until 2019 and is expected to continue its growth in upcoming forecast years 2021 to 2026. Saudi Arabia asset management market owes its growth to the factors like rising demand of digitization of the assets at commercial ad industrial levels. Moreover, the rapidly evolving demands for the asset management and technological advancement in the process is driving the growth of the market in the subsequent five years of forecast. Moreover, on-premises solutions and services are expensive, time consuming and space consuming, and with the large number of skilled professionals required to compensate for the services, the asset management digitization is expected and demanded at a larger scale and thereby supporting the growth of the market in the next five years.
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The Saudi Arabia asset management market is segmented by component, asset type, function, application, regional distribution, and competitional landscape. Based on asset type, the market is further bifurcated into digital assets, returnable transport assets, in-transit assets, manufacturing assets, and personnel/ staff. Digital assets are anticipated to generate the maximum revenue shares of the market on the account of rapidly increasing digitization of the assets and solutions and services provided to reduce operational costs and making it a feasible option for the businesses. In-transit assets are anticipated to register the fastest growing CAGR in the next five years. The market segment growth can be attributed to rapidly increasing e-commerce activities which drives the demand for the in-transit solutions for tracking the distribution and the supply chains along with the transportations.
Based on component, the market is further divided into solutions and services. Asset management solutions is anticipated to hold the larger revenue shares of the market and assert its dominance over the market segment in the next five years on the account of abundance of market players dealing with the solutions for asset management. Moreover, technological advancements are further supporting the growth of the market segment. Solutions category is further sub-segmented into real-time location system, barcode, labels, global positioning system, and others. Barcodes have registered maximum technological advancements, image barcode readers are rapidly utilized in various sectors like healthcare, logistics, food and beverage, and other consumer goods and the increased usage is supporting the growth of the main market in the next five years. Services segment is further sub-segmented into strategic, operational, and tactical. Operational sub-segment is anticipated to drive the growth of the service segment in the next five years.
A partial list of market player in the Saudi Arabia asset management market includes ABB Electrical Industries Co. Ltd. (ABB Saudi Arabia), Adobe Systems (Saudi Arabia), Honeywell Turki Arabia Ltd., Siemens Co. Ltd. – Al Khobar (Siemens Saudi Arabia), IBM Middle East FZ- LLC, Oracle Systems Limited - Saudi Arabia, Al- Khairat co., ltd. (Zebra Tech), Prudent Saudi Arabia ltd. (Rockwell automation), WSP Saudi Arabia, Zultec Group (Cognex Saudi Arabia), among others. These market players hold larger shares of the market than the new market players. With the evolving technology, it is appropriate to say that the effective research and development of the technologically advanced instruments and methods to satisfy consumer demands would support the market growth and benefit the market players as well as the consumers. New market players may focus on the research and development to provide such products and services that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Asset management market has picked up the pace in the past few years owing to the rapidly increasing demand for the return investment and management of the services and solutions. Government is heavily inclined toward the further financial stability for the asset management and is expected to aid the investment policies and infrastructure assets therefore further supporting the growth of the market in the next five years. Rapid digitization of the assets is the technological advancement that is also responsible for the esteemed growth in the past few years and the market is expected to grow well in the future five years based on the similar reasons,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Asset Management Market By Component (Solutions, Services) By Asset Type (Digital Assets, Returnable Transport Assets, In-Transit Assets, Manufacturing Assets, Personnel/ Staff) By Function (Location & Movement Tracking, Check In/ Check Out, Repair & Maintenance, Others) By Application (Infrastructure, Enterprise, Healthcare, Others) By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of Saudi Arabia asset management market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia asset management market.
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