Asset Management Software Industry To Rise As Of Growing Demand To Increase Productivity
Asset management software industry data book covers asset performance management, enterprise asset management, infrastructure asset management market.
The global asset management industry size was valued at USD 56.76 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030.
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 Performance Management Market Insights
The global asset performance management market size was valued at USD 19.32 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030. The market is anticipated to witness significant growth during the forecast period on account of the increasing demand for the digital solutions across various industries such as oil & gas, manufacturing, and chemical among others, for reducing operational expenses. APM system helps collect different kinds of data from all the assets such as machinery, heavy equipment, and so on, using sensors. Through the integration of disparate data sources, the APM system builds a data analytics platform that provides a comprehensive view of all operational assets across the industrial facility. Customers can utilize this information to improve asset management processes and prioritize maintenance activities.
North America dominated the global market with a share of above 30.0% in 2022. The increasing demand for high-speed data networks and the considerable presence of software vendors in the region are the factors contributing to the regional market growth. Furthermore, growing investments by the organizations in IT infrastructure, specifically for research and development of cloud infrastructure, is further fueling the regional market growth.
Asia Pacific is expected to register the highest CAGR during the forecast period. The regional market is witnessing growth due to the significant investments by large firms and the implementation of new technologies across industries and enterprises. Several companies have started migrating their workloads to the cloud as they are highly focused on the development of a digital transformation process through cloud technology.
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Enterprise Asset Management Market Insights
The global enterprise asset management market size was valued at USD 5.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030. The market's growth is driven by a stronger emphasis on improving asset availability and reducing asset breakdowns that impair business operations. The enterprise asset management (EAM) market is expected to grow more rapidly due to the rising demand for a 360-degree view of assets, the elimination of compliance-related overheads, the integration of technologies such as IoT, AI, and analytics, and the ongoing use of IoT platforms and devices to sustain enterprise assets. The demand for cloud-based EAM setups has been affected by increased internet enterprise size adoption, rising data security concerns, and cell phones that empower and inform users about using highly effective software.
The North American market accounted for over 33.3% of the global market share in 2022. The presence of major EAM players such as Aptean, AssetWorks, LLC, CGI Inc.; and Infor, among others in the region, are the key driving factors of the region. Moreover, early adoption of the latest technologies, the proliferation of cloud-based deployments, a highly developed IT infrastructure, government investments in advanced technologies, and the increasing focus of organizations on meeting regulatory and compliance requirements are all factors that contribute to this region's large share. The European region is expected to present significant opportunities for industry expansion. European manufacturers and transport operators are increasingly adopting advanced asset management deployments and technologies such as the Internet of Things and predictive analytics.
Infrastructure Asset Management Market insights
The global Infrastructure Asset Management market size was valued at USD 31.70 billion in 2022 and is expected to register a CAGR of 9.2% from 2023 to 2030. The market has witnessed considerable growth owing to the rapid adoption of IAM services to reduce the procurement and maintenance costs of infrastructure. The development of advanced wireless technologies and protocols such as High-Speed Downlink Packet Access (HSDPA) is expected to enable a rise in the adoption of technologies such as AI (Artificial Intelligence) and the Internet of Things (IoT), further driving the market growth.
Geographical segmentation for the infrastructure asset management (IAM) market comprises North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America accounts for a greater market share due to the rise in need to augment asset utilization simultaneously minimizing the operational costs. The U.S. Government encourages private investors to invest in infrastructure and promising fair returns, hence U.S. emerged as the most preferred destination for Greenfield investments in 2017.
The Asia Pacific is expected to emerge as the fastest-growing region, attributed to the major growth opportunities in the aviation industry. The regional spending on infrastructure gained traction in 2018, thereby opening new opportunities for market players. For instance, in India, the government plans to develop more than 100 smart cities by 2020 led by efficient telecommunications infrastructure that bodes well for market development.
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.
Asset Management Software Industry Data Book Competitive Landscape
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Key players operating in the Asset Management Software industry are –
• 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.
