target audience: TECH SUPPLIER Publication date: Jun 2023 - Document type: Market Share - Doc Document number: # US50270423
Worldwide Asset Life-Cycle Management Applications Market Shares, 2022: Acquisitions Continue to Drive the Market
This IDC study provides market share data for the asset life-cycle management applications market in 2022. The worldwide ALM applications market grew at a 5.4% rate in 2022, increasing to $3.9 billion from 2021's $3.7 billion. The growth rate was lower than 2021, likely due to a 2021 boost coming right out of the pandemic, as well as a slightly more uncertain economic environment in 2022, with inflation proving stubborn, skilled labor shortages as technicians are increasingly retiring and replacement technicians taking advantage of low unemployment rates to pursue new work opportunities more readily than their predecessors.
"The pandemic is mostly in the rearview mirror, and organizations are investing in ALM solutions as the overall 5.4% increase in worldwide ALM software revenue in 2022 demonstrates. Sustainability and ESG concerns that were once an afterthought for companies are now emerging as a factor in their own right," says Brian O'Rourke, research manager, Enterprise Asset Management and Smart Facilities at IDC. "However, economic conditions have created a challenging environment for asset life-cycle management vendors trying to chart a stable future course."