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Worldwide Asset Life-Cycle Management Applications Forecast, 2023–2027

Publisher IDC
Published Jun 30, 2023
Length 15 Pages
SKU # IDC18029813

Description

Worldwide Asset Life-Cycle Management Applications Forecast, 2023–2027


This IDC study analyzes the market for asset life-cycle management applications, which is expected to grow to $5.8 billion in revenue by 2027 from $3.9 billion in 2022, an 8.5% CAGR. Demand has been driven by increased post-pandemic enterprise spending. Future growth will be driven by enterprises' increasing concern with sustainable reporting requirements, which ALM vendors can increasingly provide, in addition to the related movement to both cloud and mobile solutions. Cloud migration offers enterprises the added benefit of reduction in the need for servers, IT manpower, and security requirements needed for on-premises solutions. "Maintenance organizations expect to see growth based on the needs of enterprises, and they are ready with organizational structures that have been honed by a needed reevaluation of procedures and support systems during the global pandemic. Now these organizations are planning to upgrade or replace systems to react to changing business conditions," says Brian O'Rourke, research manager, Asset Life-Cycle Management and Smart Facilities at IDC. "In addition, trends to the cloud, mobile solutions, and AI and ML and increasing corporate interest in sustainability should contribute to growth for the ALM software market. However, economic conditions are a wild card as executives look to trim costs and study potential investments more carefully."

Please Note: Extended description available upon request.

Table of Contents

15 Pages
IDC Market Forecast Figure
Executive Summary
Advice for Technology Suppliers
Market Forecast
Market Context
Drivers and Inhibitors
Drivers
Sustainability
Increased Use of Drones and Robots
Inhibitors
Economic Uncertainty Negatively Affects Short-Term Outlook
The Skills Shortage Is Here and Will Remain
Funding for Technology Innovation
Significant Market Developments
Changes from Prior Forecast
Market Definition
Methodology
Related Research

Pricing

Currency Rates
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