Fort Collins, Colorado, April 03, 2024 (GLOBE NEWSWIRE) -- The Infrastructure Asset Management Market size was valued at USD 41.6 Billion in 2023 and is anticipated to grow CAGR at 8.2% to reach USD 84.7 Billion by 2032.
Infrastructure Asset Management (IAM) software manages and sustains the entire lifecycle of infrastructural projects, from design to disposal. IAM software is beneficial for managing infrastructure projects such as bridges, railways, wastewater treatment, roads, and other public service infrastructures.
Infrastructure asset management is largely driven by infrastructure growth due to the growing development and investment in public utility sectors such as wastewater management, energy, transportation, and manufacturing. These industries have witnessed heavy investments in assets like land, buildings, and machinery to obtain long-term service life and also require a large amount of capital to manage a bulky infrastructural project. For a business, IAM offers multiple benefits to the stakeholders.
For heavy returns, IAM benefits by managing the project complexity and aligning resources accordingly. To develop and manage these businesses, these organizations deploy infrastructure asset management solutions to efficiently use their existing facilities and ensure that these assets are properly maintained.
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Segmentation Overview:
The global infrastructure asset management market has been segmented into component, service, application, and region. The infrastructure asset management market segmentation, based on service, includes strategic, operational, and tactical asset management. Operational Asset Management holds a significant share of the service segment of the infrastructure asset management market.
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Infrastructure Asset Management Market Report Highlights:
- The global infrastructure asset management market growth is anticipated at a CAGR of 8.2% by 2032.
- Investment at the state and national levels and adoption of this software by larger organizations are leading to an increased demand for infrastructure asset management software. In recent years, governments across various countries have been focusing on developing smart cities and solar energy infrastructure. This has led to the high adoption of the latest technologies, emphasizing the development of intelligent transportation and smart parking systems.
- Based on the service, operational asset management holds a significant share of the service segment of the infrastructure asset management market. It refers to strategically choosing which infrastructure needs to be renovated or disposed of, which one needs maintenance, and when to implement the maintenance activities. It also helps understand the challenging factors in projects.
- North America accounts for a major share of the infrastructure asset management market, with the United States having a substantial share in this region. According to the U.S. Department of the Treasury, the government spending on infrastructure projects.
- Some prominent players in the infrastructure asset management market report include Siemens Corporation, Oracle Corporation, IBM Corporation, Schneider Electric, ABB Ltd., Bentley Systems, Infor Inc., WSP Global Inc., Atkins Realis, SIMCO Technologies Inc., and others.
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Infrastructure Asset Management Market Segmentation:
By Component: Solution and Services
By Service: Strategic Asset Management, Operational Asset Management, and Tactical Asset Management
By Application: Transportation Infrastructure, Energy Infrastructure, Water & Waste Infrastructure, Critical Infrastructure, Mining, and Others
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
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