PUBLISHER: Grand View Research | PRODUCT CODE: 1404876
PUBLISHER: Grand View Research | PRODUCT CODE: 1404876
The global infrastructure asset management market size is expected to reach USD 74.53 billion by 2030, registering a CAGR of 8.9% from 2023 to 2030, 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.