Albany, NY -- (SBWIRE) -- 02/27/2019 -- 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 need IT solutions for managing assets such as equity, fixed income, real estate, commodities, and international investments. These IT solutions consist mainly of software solutions for business operations including portfolio management, compliance, and trade execution among others.

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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.

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.

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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.