A Comprehensive Review of Asset Management Systems: Trends, Technologies, and Future Directions

Abstract

The focus of this review covers the history, application, and technological advancement of Asset Management Systems (AMS) with further emphasis on their contribution to operational efficiency, organizational agility, and predictive maintenance within asset-heavy industries. The integration of core digital technologies, including the IoT, AI, cloud computing, and blockchain, into AMS modern frameworks is the key focus of this paper. This narrative review study consolidates more than 65 peer-reviewed journal articles, industry reports, and conference proceedings published from 2005 to 2023, with the use of a systematic narrative literature review approach. The literature was processed through pre-established inclusion and exclusion criteria and processed through thematic analysis to categorize the findings into a defined set of technological trends, cross-industry applications, identified gaps, challenges, and untapped prospects for solution-oriented research. This review finds that AMS are no longer static data repositories; alongside IoT, AI, cloud, and blockchain technologies, they are active responsive data ecosystems. Van der Meer et al. assert that these technologies allow for real-time and predictive analytics, secure custodianship of records, and multi-platform data accessibility. Advanced technologies enable proactive monitoring and analytics at different levels, yet barriers such as legacy system integration, high costs of implementation, available cybersecurity risks, and gaps in skilled personnel pose challenges. These sector-specific case studies show that enhanced uptime of assets and accurate cost control while maintaining regulatory compliance are the main advantages of AMS. This paper also highlights limited existing research on standardization, human-centered design, and longitudinal assessment of performance evaluation as critical gaps. This paper does an extensive integration of the development of AMS systems and technology from multiple disciplines. It fills a void between knowledge and practical use in industry, providing practical recommendations to modern business operators for use by engineers, IT managers, or even policymakers seeking to optimize asset operations. These findings are important for both discourse in the academic world and strategy development in the real world regarding digital asset management.

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