Industries Study Report: Asset Management Software Industry

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Exploring the Latest Innovations in Asset Management Software Industry

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.

Order your copy of the Free Sample of “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” Data Book, published by Grand View Research

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.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Asset Management Software Industry: Driver, Restraint, Challenges and Opportunities Analysis

The global Asset Management Software Industry generated over USD 56.76 billion in 2022 and is expected to grow at a CAGR of 11.1% over the forecast period.

Access the Global Asset Management Software Industry Data Book, 2023 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.

Enterprise Asset Management Market Growth & Trends

The global enterprise asset management market size is estimated to reach a market size of USD 19.68 billion by 2030 and expand at a CAGR of 16.9% from 2023 to 2030, according to a new study by Grand View Research, Inc. The significant market growth can be attributed to the rising technical advancements, the growing acceptance of advanced technologies for developing asset lifecycles, and the advent of innovative digital technologies across industrial verticals, such as cloud-based EAM.

For instance, in April 2023, Ernst & Young LLP, a consulting company, announced a partnership with Asset Lifecycle Intelligence, a division of Hexagon AB, to offer asset performance management and enterprise asset management (EAM) technologies. Through the partnership, EY would help its customers track, monitor, and extract value from assets while mitigating risks such as unplanned costs and operational downtime to provide EAM and Asset Performance Management (APM) technologies as part of digital transformation and cloud migration initiatives through innovation and solution expertise.

For clients aiming to address business challenges and issues regarding assets, this alliance employs EAM and APM service offerings. To promote the sustainability of digital realities and promote autonomous futures, this partnership draws together technological expertise in sustainability, digital twin, cyber, supply chain, and manufacturing execution systems, along with installation and upgrade assistance.

Order your copy of the Free Sample of “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” Data Book, published by Grand View Research

Infrastructure Asset Management Market Growth & Trends

The global infrastructure asset management market size is expected to reach USD 74.53 billion by 2030, registering a CAGR of 9.2% from 2023 to 2030, 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.

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

Competitive Landscape

Key players operating in the Asset Management Software industry are:

IFS AB
WSP Global Inc.
RPS Group Plc.
Brookfield Asset Management Inc.

Check out more Industry Data Books, published by Grand View Research

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Asset Management Software Industry Top Players are ABB Ltd, Aptean, and Pitney Bowes Inc.

Asset Management Software Industry Data Book - Asset Performance Management, Enterprise Asset Management, and Infrastructure Asset Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030

Grand View Research’s asset management software industry data book 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.

Access the Global Asset Management Software Industry Data Book, 2023 to 2030, compiled with details like trade data, pricing intelligence, and competitive benchmarking.

Asset Performance Management Market Report Highlights

The global Asset Performance Management Market size was valued at USD 19.32 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 12.0% from 2023 to 2030.

The asset performance management market is gaining traction owing to the rapid industrial shift towards digitization of monitoring and maintenance activities. The companies are actively investing in digital solutions to manage their assets
The use of advanced processes and tools such as regression analysis, neural network analysis, Monte Carlo simulation, and so on in the APM systems is driving the growth of the predictive asset management segment
The public cloud segment is expected to register significant growth during the forecast period as it helps businesses in improving cost structures and setting up a control center to arrange, monitor, and coordinate various components of their businesses
The manufacturing industry segment held a significant share of the market owing to the presence of many small and large manufacturing plants across the globe
Asia Pacific is anticipated to register the highest growth rate during the forecast period owing to the increasing popularity of social media, growing investments by tech giants in establishing IT infrastructures in this region, and the rising preference for e-commerce and m-commerce, particularly in emerging economies such as India, Indonesia, and Thailand

Asset Management Software Market Trends Strategy by Participants

Enterprise Asset Management Market Report Highlights

The global Enterprise Asset Management Market size was valued at USD 5.74 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030.

The cloud deployment segment is anticipated to emerge as the fastest-growing segment during the forecast period. The software-as-a-service (SaaS) based models provide numerous benefits over on-premise software
The small and medium enterprise size segment is anticipated to emerge as the fastest-growing segment from 2022 to 2030. SMEs have started shifting to modernized solutions and are investing in cloud-based EAM software. It requires low initial investment and allows users to go mobile and manage assets remotely, thereby providing employees more flexibility in their work
The government end-use segment is anticipated to emerge as the fastest-growing segment during the forecast period. The deployment of EAM software helps government organizations extend the life of most critical assets and increase accountability and transparency across the entire organization
APAC is estimated to be the fastest-growing region during the forecast period, offering lucrative growth opportunities for the industry players. Businesses in developing APAC economies such as India are focusing on globalization for developing a regional business environment, thereby creating traction in the regional EAM market

Order your copy of Free Sample of “Asset Management Software Industry Data Book - Asset Performance Management, Enterprise Asset Management, and Infrastructure Asset Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Infrastructure Asset Management Market Report Highlights

The global Infrastructure Asset Management Market size was valued at USD 31.70 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030.

North American is expected to witness significant growth over the forecast period owing to the growing need to increase asset utilization while reducing operational costs
Vendors are focusing on establishing tie-ups with software development firms for developing infrastructure asset management solutions, hence companies that provide IAM services are facilitated by international water association
IAM solutions are becoming popular among municipalities as they combine features such as a systematic and combined, approach for managements of varied infrastructure in sectors such as energy, water, and waste
Transportation infrastructure segment has captured a large percentage of market share owing to the huge investments for the development of transportation infrastructure
City authorities across the globe are stressing on creating sustainable living standards by investing in the development of infrastructure asset management systems for energy and water infrastructure

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

Competitive Landscape

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.

Check out more Industry Data Books, published by Grand View Research

About Grand View Research

Contact:

Exploring the Latest Innovations in Asset Management Software Industry

Asset Management Software Industry: Driver, Restraint, Challenges and Opportunities Analysis

Asset Management Software Industry Top Players are ABB Ltd, Aptean, and Pitney Bowes Inc.

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