Infrastructure Asset Management Market Size Is Expected To Reach At USD 41.04 Billion By 2025
The global infrastructure asset management market size is expected to reach at USD 41.04 billion by 2025, registering a CAGR of 8.9% from 2019 to 2025, 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.
Federal and municipality governments across various cities have been focusing on developing planned smart cities through PPP funding. This has led to the high adoption of latest technologies with an emphasis on the development of intelligent transportation systems and smart parking system.
Access Research Report of Infrastructure Asset Management Market @ https://www.grandviewresearch.com/industry-analysis/infrastructure-asset-management-market
Further key findings from the report suggest:
- 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
- Key players in the Infrastructure Asset Management (IAM) market are WSP Global Inc.; RPS Group Plc.; Brookfield Asset Management Inc.; Macquarie Group Limited; SIMCO Technologies; Pitney Bowes Inc.; and WS Atkins Limited
Access Press Release of Infrastructure Asset Management Market @ https://www.grandviewresearch.com/press-release/global-infrastructure-asset-management-market