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Equipment Management Software Market Trends

Report ID: GMI11212
Published Date: Sep 2024
Report Format: PDF

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Equipment Management Software Market Trends

Equipment management software is witnessing significant technological advancements in IoT and AI for advanced analytics. Technological advancements in IoT and AI are significantly driving market growth. IoT devices facilitate real-time monitoring of equipment performance by collecting extensive data from sensors. AI-powered analytics then process this data to provide actionable insights. As these technologies continue to evolve, they are creating more sophisticated and valuable equipment management solutions, driving market expansion.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of equipment management software was worth over USD 9.4 billion in 2023 and will expand at 8.3% CAGR between 2024 and 2032, propelled by the increasing need for efficient asset tracking and maintenance in industries, such as construction, manufacturing, and logistics.

Equipment management software market from the cloud deployment mode segment held 64% revenue share in 2023, fueled by its scalability, flexibility, and cost-effectiveness.

North America equipment management software industry will exceed USD 7.1 billion by 2032, owing to advanced technological infrastructure and high adoption rates of digital solutions across various industries.

Key players operating in the equipment management software industry are Oracle Corporation, IBM Corporation, Microsoft Corporation, SAP SE, Siemens AG, IFS AB, Cisco Systems, Infor, ManageEngine, and Accruent, among others.