AllTheResearch illustrates the competitive market for — AI in Asset Management Market Ecosystem was that includes strategic players such as Microsoft, Google, Infosys, IBM, Amazon, Apple, and others. The market players are mainly focusing on mergers and acquisitions, product expansions, partnerships, and other such strategies for increasing their market share. In 2019, BlackRock announced the launch of a new center dedicated to research in AI, in order to meet the changing industrial conditions.
The global AI in Asset Management Market Ecosystem was valued at US$ 309.3 Mn in 2018 and is expected to grow at a CAGR of 17.6% during the forecast period. Increasing implementation of artificial intelligence in asset management in order to provide accurate and faster services to clients, is driving the growth of the AI in Asset Management Market Ecosystem. This is because AI helps organizations in increasing their productivity and efficiency of work. Predictive analysis is mainly used to analyze unexpected breakdown.
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AI in Asset Management Market Ecosystem: Segmentation
AI in Asset Management Market Ecosystem By Technology Machine Learning, Deep Learning, NLP, Computer Vision, Predictive Analytics, Others
AI in Asset Management Market Ecosystem By Development Cloud, On-Premise
AI in Asset Management Market Ecosystem By End User Retail, BFSI, Oil & Gas, Automotive, Aerospace, Others
AI-powered predictive asset management software has capabilities to detect anomalies from the data collected by company sensors. Oil & gas companies frequently suffer from unexpected replacements and breakdowns and thus, expected to create demand for of AI in asset management in order to reduce this cost. According to a market study in 2019, the eastern US oil refinery companies saved US$ 7 million due to the use of predictive analysis.
AI in asset management market is also being increasingly used in the automotive sector for tracking the downtime of vehicles by manufacturers. Cooper Standard Automotive uses artificial intelligence for pooling data in order to track the global production plants. This gives the management a view of the asset in order to move it to the right plant in real time. At the same time, General Motors have deployed a cloud-based image classification tool on 7000 robots in order to detect issues before they happen, which in turn helps reduce unplanned production delays.
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AI in asset management market is also deployed in the financial sector for personal financial management, fraud detection, and investment banking. This enables financial institutions to effectively manage assets and meet the expectation of changing customer behavior by leveraging technologies such as predictive maintenance, AI, and machine learning. Companies such as IBM, Genpact, and Infosys are the key vendors that are providing artificial intelligence solutions for financial asset management.
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