Asset Management Software Industry to Rise with IoT and AI Trends - Grand View Research, Inc.
SAN FRANCISCO, April 19, 2023 /PRNewswire/ -- The global asset management software industry size stood at USD 56.76 billion in 2022 and will depict a healthy CAGR of 11.1% during the forecast period 2023 to 2030, according to the "Asset Management Software Industry Data Book, 2023 – 2030," published by Grand View Research. Technology leaders have sought automation products to streamline tasks, asset tracking, foster organization's performance and bolster decision-making. Software tools have become trendier to prevent breakdown and downtime. Some other attributes, such as sustainability concerns, aging assets and climate issues, have compelled incumbent players to inject funds into asset management tools.
Companies across industry verticals, including healthcare, retail, construction, oil & gas, mining, manufacturing and telecom, have exhibited an inclination for software asset management. For instance, a healthcare organization can use tools to track major devices and equipment, thereby fostering patient care. These trends have fueled the demand for enterprise asset management (EAM), asset performance management (APM) and infrastructure asset management (IAM) software.
Asset-intensive industries have banked on enterprise asset management to optimize the quality of operational assets. Industry players are bullish on the foray of artificial intelligence and IoT in EAM. These state-of-the-art technologies have witnessed an exponential demand to help organizations optimize, track, manage and assess assets. For instance, AI-built remote monitoring devices have gained popularity in providing inputs on assets' condition. The enterprise asset management market size was valued at USD 5.74 billion in 2022 and will witness a strong CAGR of 16.9% during the assessment period. The growth is partly attributed to the rising footprint of cloud-based EAM solutions on the back of growing smartphone penetration and internet services.
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An uptick in the infrastructural development plans across advanced and emerging economies has expedited the demand for infrastructure asset management systems. IAM can help governments and other stakeholders to spearhead sustainable development. The United Nations infers that more than 90% of the Sustainable Development Goals are pegged to infrastructure. Asset management has become invaluable to augment workforce safety, minimize risks and boost economic practices across railways, ports, waterways, bridges, electric grids and water supplies. The infrastructure asset management market size logged USD 31.70 billion in 2022 and could exhibit a 9.2% CAGR through 2030.
Trends and opportunities that are poised to bring a paradigm shift in the global landscape are highlighted below:
- Asset performance management software has received an impetus to optimize asset reliability and operation. The solution can underpin risk management, asset strategy and predictive maintenance.
- Stakeholders will likely invest in software tools to automate asset management and make them auditable. Organizations are expected to seek these tools to enhance KPIs and boost asset availability.
- North America could contribute notably towards the global market with buoyant investments in bespoke solutions, including AI, analytics and IoT.
Incumbent players are poised to inject funds into the Asia Pacific market, largely due to an exponential rise in digitization and automation across China, Japan, India and Australia. Predominantly, predictive maintenance, remote monitoring and computer vision have become paramount to reduce equipment failure, augment asset life and manage risk. Well-established and emerging companies are slated to count on advanced tools and digital twins to optimize asset health using AI and IoT platforms. It is worth mentioning that digital twins create virtual replicas of physical assets (airplane, bridge or a building).
Cloud-based solutions have become instrumental in EAM to automate approvals, manage work orders, conduct mobile compliance inspections and track spare parts inventory. In essence, the expanding footfall of cloud-based tools has led to the prevalence of data, furthering the need for cloud-based asset management solutions across the region.
Industry players are expected to invest in organic and inorganic strategies, such as technological advancements, product offerings, innovation, R&D activities, geographical expansion, mergers & acquisitions and partnerships. To illustrate, in September 2022, WSP announced the acquisition of John Wood Group's Environment & Infrastructure business to foster penetration in the environmental and water sectors. Meanwhile, in October 2022, Oracle included an asset-based service solution in its cloud applications suite. The software company asserts the launch will help boost revenue, minimize costs and foster customer satisfaction by optimizing asset's service lifecycle management.
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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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