U.S. Asset Management IT Solutions Market: Demand to Grow with Rise in Exchange Traded Funds

Complexities and Compliances of Financial Regulations Boost Adoption of IT Solutions

TMR has noted an ongoing growth in exchange traded funds (ETFs) in the U.S., brought on by tax efficiency and high returns associated with them. This, in turn, has created a need for asset management IT solutions. “Asset management companies need comprehensive IT solutions that can help maintain a record of price fluctuations and offer support to the asset manager so as to maximize the returns on an asset,” the author of the study says.

Another factor driving the need for IT solutions is the complexities in financial regulations by the U.S. Government. Compliances such as the Foreign Account Tax Compliance Act and the Dodd-Frank Act have given rise to new reporting requirements for asset managers, which boosts the adoption of asset management IT solutions.

In contrast, concerns over data security pose a major threat to the development of the asset management IT solutions market. “Asset management companies house critical data pertaining to the financials of leading companies and high net-worth individuals and the growing adoption of digitalization in the banking process has also brought to the fore the shortcomings of various technologies, such as cloud-based computing,” the lead analyst states. An alarming rise in the incidence of cybercrimes also hampers the widespread adoption of asset management IT solutions.

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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.

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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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