Saudi Arabia Asset management Market to Grow Due to Technological Advancement until 2026
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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