Asset management refers to managing tangible or intangible assets. An asset management company serves as an advisor to clients, with a goal to maximize returns. Asset management firms are hired by institutional investors such as pension funds, corporations, and high net worth individuals. The asset management firms require IT solutions for managing assets such as equity, fixed income, real estate, commodities, and international investments. These IT solutions mainly comprises software solutions for business operations including portfolio management, compliance, and trade execution among others.
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The U.S. asset management IT solution market was valued at US$ 1,005.7 Mn in 2019 and is anticipated to advance at a CAGR of 5.3% from 2020 to 2024, to attain a market size of US$ 1,298.2 Mn in 2024. Key factors driving the growth of the U.S. asset management IT solution market are growth in Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs), and rising complexities in financial regulations. On the other hand, regulatory issues and concerns related to data security are some of the major aspects hampering the growth of the market. The roll-out of Robo-advisors is expected to provide growth potential to players of the asset management IT solution market.
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U.S. Asset management IT services market based on component is expected to dominate the market throughout the forecast period till 2024. Enterprise data management service area is anticipated to see fastest growing trends in terms of services offered by IT solution providers. Reporting solutions & services recorded second largest market share in 2019 and this segment is expected to maintain its position throughout the forecast period, expanding at a CAGR of 5.6% from 2020 to 2024.
U.S. asset management IT solution market based on application area is expected to expand at a CAGR of 4.9% from 2020 to 2024 owing to the growing number of wealth managers in the U.S. Based on application, portfolio management accounted for the largest share, holding nearly 19% of the market share. This dominance can be primarily attributed to the growing customer base of investment management firms in the U.S.
On-premise software solutions recorded the largest share in the IT asset management solutions market followed by hybrid deployment. On-premise deployment is expected to hold significant share in the coming years due to rising security concerns over the cloud and to ensure data leakage prevention of the client’s critical financial information.
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The U.S. asset management IT solution market recorded major market share in Northeast U.S. However, highest growth is expected from the Western U.S. region. This growth can be attributed to the rise in number of investment management firms to meet the rising demand for asset management. Furthermore, the adoption of Big Data in investment management further supports the growth of the asset management IT solution market in the U.S.
The U.S. asset management IT solution market is highly competitive in nature. Leading players such as
- Hewlett Packard Enterprise Development LP
- FundCount, SoftTarget Inc.
- SimCorp Inc
- QED Financial System,
- eFront Financial Solutions
- Broadridge Investment Management Solutions
- ProTrak International
- SunGard Financials
- CreditPoint Software
are intensely focusing on expanding their solution portfolios to cater to asset managers around the globe with their customized solutions. Most of the companies are strategically aiming for long term alliances with investment management firms in order to sustain in this highly competitive market.
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