The growing need for IT Solutions for the Management of assets such as equity, fixed income, real estate, commodities, and international investments is the key factor boosting the deployment and adoption of asset management IT solutions across the globe. Within the U.S., the need for asset management IT solutions is spurred by the increasing number and value of asset managers in the country. The U.S. Department of Commerce states that in 2015, U.S. asset managers held over US$51 trillion worth of long-term conventional assets under management, which amounted to slightly over 47.0% of the global funds that year.
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The growth in exchange traded funds has also created a need for the management of IT solutions in the U.S. The market for asset management IT solutions in the country is projected to exhibit a CAGR of 5.1% from 2016 to 2024, rising from a valuation of US$828.5 mn in 2015 to US$1,298.2 mn by 2024.
On-premise Solutions Gain Preference over Cloud-based Deployment Model
By component, asset management IT services dominate the U.S. market. The service segment is expected to retain its lead throughout the forecast period as asset managers are looking to hire third-party service providers to automate their business processes. Within this segment, enterprise data management services hold the major share, followed by reporting solution and services. This sub-segment is also projected to register strong growth by 2024.
Based on application, the asset management IT solution market area is expected to expand at a CAGR of 4.9% from 2016 to 2024 owing to the growing number of wealth managers in the U.S. Within this segment, portfolio management accounted for the leading market share in 2015, which can be primarily attributed to the expanding customer base of investment management firms in the country.
The U.S. asset management IT solution market, by deployment model, is segmented into cloud-based, on-premise, and hybrid. On-premise software solutions account for the prominent share, followed by hybrid deployment. Owing to rising security concerns over cloud-based services and the need to prevent the leakage of clients’ critical information, on-premise deployment is expected to hold a significant share in the coming years.
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Northeastern U.S. Records High Revenue Growth
The northeastern region of the U.S. is expected to lead the asset management IT solutions market, accounting for a share of over 42.0% in 2016. Retaining its dominance throughout the forecast period, this region is fueled primarily due to the presence of a large number of asset managers.
The asset management IT solutions market in the southern region of the country is expected to expand at a high CAGR of 6.1% during the forecast period. This growth can be attributed to the rise in number of investment management firms in order to meet the rising demand for asset management in the region. Furthermore, the adoption of Big Data in investment management supports the growth of the asset management IT solution market in the U.S.
The U.S. asset management IT solution market is immensely competitive in nature and most companies have been strategically aiming for long-term alliances with investment management firms. Some of the key players offering asset management IT solutions in the U.S. are 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.
U.S. Asset Management IT Solution Market Segmentation:
U.S. Asset Management IT Solution Market, by Component
- Application
- Portfolio Management
- Compliance
- Risk Management
- Client Statements & Reporting
- Trade Order Management
- Workflow Automation
- Benchmarking
- Cash Flow & Accounting
- Service
- Enterprise Data Management
- Data Integration
- Reporting Solutions & Services
- Operation Support & Monitoring
- Application Development and Maintenance
- Resource Management
- On-premise
- Cloud-based
- Hybrid
- Northeast
- Midwest
- West
- South
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