Global utilities are expected to double their annual spending on asset management solutions to $2.4 billion by 2028, according to a new study published by Navigant Research.
Michael Kelly, a research analyst with Navigant Research, said: “Utilities are interested in applying cross-departmental approaches to gathering the information that can help to develop a more holistic and data-driven asset management strategy.
“The new use of information also enables them to develop a predictive—as opposed to responsive—risk-based management strategy.”
According to the study:
- Asset management is one of the most complex elements of the utility business.
- The emergence of asset performance management technologies is enabling utilities to use static data in new ways to create actionable intelligence around asset life cycle management.
- Both vendors and utilities are thinking more creatively than ever about how to improve operational efficiencies while reducing costs.
- Utilities are adopting new asset management solutions as part of digital transformation initiatives
Technology and operational barriers are still hindering the market growth.
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