Global Annual Revenue for Utility Asset Management Solutions Is Expected to Double by 2028
Utilities look to maximize value of their grid assets while lowering management costs
A new report from Navigant Research provides an overview of the global asset management market, including a forecast of asset management solutions from 2019 through 2028.
Asset management is one of the most complex elements of the utility business. With the emergence of asset performance management (APM) technologies, utilities are using static data in new ways to create actionable intelligence around asset life cycle management. Click to tweet: According to a new report from @NavigantRSRCH, global annual revenue for asset management software is expected to double to $2.4 billion by 2028.
“Utilities are interested in applying cross-departmental approaches to gathering information that can help to develop a more holistic and data-driven asset management strategy,” says Michael Kelly, research analyst with Navigant Research. “The new use of information also enables them to develop a predictive—as opposed to responsive—risk-based management strategy.”
Vendors and utilities alike are thinking more creatively than ever about how to improve operational efficiencies while reducing costs. Though technology and operational barriers still exist, utilities are generally embracing more integrated asset management solutions within the context of their digitization and business transformation plans.
The report, Market Data: Utility Asset Management Systems and Analytics, offers an overview of the global asset management market by covering current and emerging technologies, market drivers, trends, challenges, and key industry players. Forecasts, segmented by region, of asset management solutions including asset management systems and APM extend through 2028. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Utility Asset Management Systems and Analytics, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant - a Guidehouse company undertakes any obligation to update any of the information contained in this press release or the report.