Asset Management Software Industry | Forecast 2030
Asset Management Software Industry Data Book – Asset Performance Management, Enterprise Asset Management, Infrastructure Asset Management Market
Grand View Research’s asset management software industry databook is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Asset Management Software Industry Data Book Coverage Snapshot
| Markets Covered | ||
| Asset Management Software Industry USD 56.76 billion in 2022 11.1% CAGR (2023-2030) | ||
| Asset Performance Management Market Size USD 19.32 billion in 2022 12.0% CAGR (2023 to 2030) | Enterprise Asset Management Market Size USD 5.74 Billion in 2022 16.9% CAGR (2023 to 2030) | Infrastructure Asset Management Market Size USD 31.70 Billion in 2022 9.2% CAGR (2023 to 2030) |
Access the Global Asset Management Software Industry Data Book, 2022 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Asset Performance Management Market Growth & Trends
The global asset performance management market size is expected to reach USD 47.18 billion by 2030, registering a CAGR of 12.0% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The Asset Performance Management market has evolved during time in response to technological advancements and the changing needs of the incumbents in many end-use industries and sectors, particularly small and medium businesses.
The market for asset performance management is predicted to increase due to the growing usage of APM solutions to achieve operational excellence. Companies are becoming more capable of maximizing the use and upkeep of their operational assets, such as plants, equipment, and infrastructure. Heavy machinery, heavy equipment, turbine engines, power transformers, and other possessions are among the assets that firms adopting APM systems regularly monitor.
The market witnessed significant growth during the COVID-19 outbreak. Growth in the adoption of the work-from-home model by organizations created the need for secure, scalable, reliable, and cost-effective off-premises and virtual technology services. Organizations from all sectors invested considerably in cloud computing solutions to facilitate their operations and engage clients and employees effortlessly. Thus, asset performance management provided several growth opportunities to marketers during the pandemic.
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Enterprise Asset Management Market Growth & Trends
The global enterprise asset management market size is estimated to reach USD 19.68 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 16.7% from 2022 to 2030. Several companies use enterprise asset management (EAM) systems to improve work productivity, streamline processes, increase company agility, and manage facilities. Cloud-based EAM solutions and services optimize critical enterprise assets and gather business intelligence for decision-making. Furthermore, these solutions allow businesses to reduce their overhead costs. Technical support and services, such as managed services with integrated debugging and performance monitoring tools, are better with cloud-based EAM systems. EAM solutions will continue to rise as more businesses invest in their IT infrastructure.
Organizations are discovering new ways to improve consumer interactions due to digitization in several industries. Many asset-intensive firms focus on investing in innovative and groundbreaking technology to restructure and improve their operational processes drastically. Asset–intensive organizations prosper or fail in today’s highly competitive business environment based on how they handle complications in the face of growing competition. The next big thing in industrial services would be to accurately foresee the future of physical assets; therefore, many enterprises comprise emerging technologies such as digital twins, AR, AI, IoT, predictive maintenance, and telematics. Moreover, EAM solutions have a far more significant impact than simply increasing profits, and organizations are quickly adopting current EAM solutions to boost asset longevity.
Go through the table of content of Asset Management Software Industry Data Book to get a better understanding of the Coverage & Scope of the study
Infrastructure Asset Management Market Growth & Trends
The global infrastructure asset management market size is expected to reach at USD 41.04 billion by 2025, registering a CAGR of 8.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. Technological advancements such as Internet of Things (IoT) and automation for infrastructure have resulted in application of analytical and business intelligence tools for infrastructure management solutions.
Government agencies across the globe are emphasizing more on infrastructure management solutions by replacing traditional methods with technologies that use internet services such as GPS and cloud computing. Moreover, growing awareness pertaining to the benefits of IoT-based asset management solutions are further expected to drive the infrastructure asset management market growth.
Investments for road infrastructure management is expected to increase owing to the deployment of various smart city projects such as traffic management and parking management, among others in the upcoming years. Rapid adoption of technologically advanced systems in road infrastructure such as license plate recognition systems, traffic signal systems, and smart parking systems are further expected to drive the infrastructure asset management (IAM) market. Moreover, investments for energy sector grew significantly since 2016 due to the growing initiatives by governments for development of renewable energy generation projects, thus encouraging sustainable development.
Competitive Landscape
The market is competitive with the presence of major players AVEVA Group plc, Aspen Technology, Inc., ABB Ltd, Aptean, Pitney Bowes Inc., CGI, Inc., IFS AB, WSP Global Inc., RPS Group Plc., Brookfield Asset Management Inc. among others. The companies are adopting several growth strategies, such as partnerships, mergers & acquisitions, and product launches, to stay afloat in the competitive industry. For instance, in July 2022, Pitney Bowes Inc. expanded its designed delivery services to the Canadian market. The tailored services would enable Canadian retailers to optimize customer order experience. The services facilitate sortation facilities in populated coastal areas to offer transit times across Canada, leveraging various delivery provider partnerships to improve performance and cost with a single invoice and customized tracking application with no additional charge. By combining proprietary market and consumer insights with advanced modelling technology, Pitney Bowes provided its clients with the Designed Delivery service that customized the solution based on each shipper’s need.
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