Infrastructure Asset Management Market Size, Share, Growth, and Industry Analysis, By Type (Strategic Asset Management, Operational Asset Management, and Tactical Asset Management), By Application (Transportation, Energy Infrastructure, Water and waste Infrastructure, Critical Infrastructure, and Others), and by Regional Insights and Forecast to 2031

Updated On: 08 April 2024

Infrastructure Asset Management Market REPORT OVERVIEW

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The global infrastructure asset management market size was USD 27500 million in 2021 and will touch USD 44000 million by 2027, exhibiting a CAGR of 8.15% during the forecast period. 

Infrastructure asset management involves the use of technology with systematic and strategic management of physical assets to achieve specific organizational objectives, such as optimal performance, cost-effectiveness, and sustainability. The market for infrastructure asset management has been expanding for the past few years majorly due to the aging infrastructure around the world. A number of countries are grappling with aging infrastructure, such as roads, bridges, and utilities. The need for maintenance, rehabilitation, and replacement of these assets boosts the demand for asset management solutions. Additionally, governments worldwide, recognizing the importance of robust infrastructure have initiated projects and increased funding that are attributed to aid market expansion significantly. Also, the Public-Private Partnerships (PPPs) and private sector involvement bring expertise and funding to infrastructure projects which is likely to foster the need for comprehensive asset management.

COVID-19 Impact:  Market Faced Setbacks Due to Delays & Postponements in Infrastructure Projects 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels. During the pandemic, lockdowns, social distancing measures, and workforce disruptions led to delays or postponements in infrastructure projects which immensely affected the implementation of asset management initiatives. Consequently, the market experienced a decrease in demand and revenue during the pandemic. While the industry may eventually recover as the situation improves, the immediate impact of COVID-19 was predominantly negative for the global market.

LATEST TRENDS

"Integration of Advanced Analytics and AI Boost Market Scope"

The increasing use of advanced analytics and artificial intelligence (AI) in infrastructure asset management represents a transformative shift toward data-driven decision-making. Advanced analytics involves the application of sophisticated statistical methods, machine learning algorithms, and data processing techniques to extract meaningful insights from large datasets. The integration of advanced analytics and AI not only enhances the efficiency of asset management but also contributes to cost savings, improved reliability, and increased overall operational effectiveness. On the other hand, the adoption of digital twin technology enhances asset management by providing a comprehensive, real-time understanding of physical assets that foster proactive decision-making, and ultimately improve the reliability and performance of infrastructure systems. As a result, these trends are anticipated to amplify new opportunities for this market development.            

Infrastructure Asset Management Market SEGMENTATION

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• By Type

Based on type the global market can be categorized into Strategic Asset Management, Operational Asset Management, and Tactical Asset Management.

Strategic Asset Management: Strategic asset management involves the high-level, long-term planning and decision-making processes related to an organization's assets. It focuses on aligning asset management practices with overall business goals and objectives.

Operational Asset Management: Operational asset management involves the day-to-day activities and processes required to manage and maintain physical assets effectively. It focuses on optimizing asset performance and ensuring reliable and efficient operations.

Tactical Asset Management: Tactical asset management bridges the gap between strategic planning and day-to-day operations. It helps in making short to medium-term decisions that align with strategic goals and optimize asset performance within operational constraints.

• By Application

Based on application the global market can be categorized into Transportation, Energy Infrastructure

Water & Waste Infrastructure, Critical Infrastructure, and Others

In transportation applications, asset management focuses on the systematic oversight of assets like roads, bridges, airports, and railways, incorporating strategies for maintenance planning, traffic management, and real-time monitoring to enhance efficiency and safety. Energy infrastructure includes the management of assets associated with power generation, transmission, and distribution, including power plants and grids.

On the other hand, water and waste infrastructure asset management revolves around water supply, wastewater treatment, and waste management systems, incorporating practices for water quality management, infrastructure resilience, and sustainability.

DRIVING FACTORS

"Aging of Infrastructure Accelerates the Demand for Asset Management Solutions"

One of the main driving factors of infrastructure asset management market growth is the aging of infrastructure assets in many regions. This phenomenon of aging infrastructure has increased the need for effective asset management solutions to address maintenance, rehabilitation, and replacement requirements which is attributed to propel the growth of this market.

"Rising Government Investment in Infrastructure Development to Drive Market Growth"

As well as government investments in infrastructure development and modernization projects are also expected to drive market growth. Economic stimulus packages and long-term infrastructure plans contribute significantly to the demand for asset management solutions. The integration of advanced technologies, including IoT sensors, data analytics, and artificial intelligence, enhances the capabilities of asset management solutions, anticipated to augment adoption in the market.

RESTRAINING FACTOR

"Lack of Standardization Can Hamper Market Potential"

Despite the market progress, the lack of standardization can restrain the market growth. This lack of standardization can lead to inefficiencies, increased costs, and difficulties in aggregating and analyzing data across different platforms. Also, interoperability challenges may hinder the exchange of critical information, can potentially limit the effectiveness of asset management efforts, and prevent stakeholders from achieving a holistic view of the infrastructure landscape.

Infrastructure Asset Management Market REGIONAL INSIGHTS

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"North America Likely to Dominate the Market with Advanced Technological Infrastructure"

As per market research, around one-third of the infrastructure asset management market shares are occupied by North America. The region has been a prominent market for infrastructure asset management solutions due to advanced technological infrastructure, aging infrastructure challenges, government initiatives, private sector involvement, and stringent regulatory standards. Furthermore, 

a focus on sustainability and resilience, robust research and development activities, smart city initiatives, and a high level of awareness and education are also attributed to the region’s dominance in the industry of information and technology.

KEY INDUSTRY PLAYERS

"Key Players Influence the Market Dynamics by Providing Innovative Technology Solutions to Application Sectors"

Key industry players play a pivotal role in advancing the industry by providing innovative technology solutions for asset management. Whether it's through software platforms, IoT devices, or advanced analytics tools, these offerings enhance the efficiency of managing infrastructure assets. Additionally, consulting and advisory services from firms like WS Atkins Limited and RPS Group Plc. contribute to the strategic planning and implementation of asset management practices. Companies with a global presence, such as Macquarie Group Limited, stimulate market growth by participating in international infrastructure projects and forming partnerships with organizations worldwide.

List of Market Players Profiled

• WS Atkins Limited (U.K.)
• Pitney Bowes Inc. (U.S.)
• SIMCO Technologies (Canada)
• RPS Group Plc. (U.K.)
• Macquarie Group Limited (Australia)
• Aabasoft (India)

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.