Asset Management Software Industry Data Book - Asset Performance Management, Enterprise Asset Management, Infrastructure Asset Management Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030
The global Asset Management Software Industry was valued at USD 56.76 billion in 2022 and is anticipated to increase at a significant 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 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. Customers can utilize this information to improve asset management processes and prioritize maintenance activities.
The integration of the APM system with complementary solutions such as mobile solutions and geographic information system (GIS) solutions is enabling more efficient use cases of the APM system, thereby contributing towards steady market growth. Furthermore, APM systems in the market leverage industrial internet of things (IIoT) to provide equipment reliability. As equipment reliability is fundamental capability of the APM systems, there is an increasing attraction towards the systems from industrial sector.
APM is an integrated suite of solutions and services, which includes various software that are used to monitor aspects such as asset health and asset reliability. They are also used to plan strategies for asset maintenance and divestment. For instance, the Predix solution by General Electric includes different products such as APM Health, APM Reliability, APM Strategy, and APM Integrity. APM system provides various insights at the point of action to increase asset life, minimize unplanned repair work, decrease downtime; lower maintenance costs, and reduce the risk of equipment failure.
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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 EAM market is undergoing a substantial transformation with supplemental and new technologies. The Internet of Things (IoT), real-time analytics, augmented reality, Artificial Intelligence (AI), digital twins, and telematics are integrated with EAM deployments to assist with more profound insights into asset management. As a result, EAM is increasingly becoming an intelligent program capable of ingesting real-time data, interacting with devices, and providing sophisticated insights to engineers and operators. A maturing market and broad usage of cloud and micro-enterprise size architectures in EAM and facility management software are offering new potential for market growth.
Severalpublic sector organizations, such as government entities, municipalities, and public institutions, use EAM software to manage public infrastructure, facilitate predictive maintenance, ensure compliance, save costs, and improve citizen services. For instance, in August 2022, Infor, a cloud software company, upgraded Infor Public Sector (IPS) asset and work management software in the city of Calgary in Alberta, Canada. The upgrade allows mobility businesses in the city to capitalize on functionalities, including GIS data integration, mobile applications, and improved performance.
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
The companies are adopting several growth strategies, such as partnerships, mergers & acquisitions, and product launches, to stay afloat in the competitive industry.
Key players operating in the Asset Management Software Industry are:
- AVEVA Group plc
- Aspen Technology, Inc.
- ABB Ltd
- Aptean
- Pitney Bowes Inc.
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