This IDC study examines the market for enterprise asset management software, which is forecast to grow at a solid pace (at a 4.4% CAGR, it is expected to reach $2.04 billion by 2020) driven by demand for public cloud offerings and industrial Internet of Things. Demand for public cloud (11.8% CAGR) is clearly outpacing demand for on-premises/other software (2.3% CAGR). However, the on-premises/other segment remains significant as medium-sized and large enterprises are choosing to maintain existing software rather than disrupt the critical business processes surrounding the management of equipment, facilities, fleets, and other strategic assets.
"Enterprise asset management solutions will continue moving into the cloud as companies increasingly focus on asset-centric networks and the collection of network information. Asset-intensive organizations continue to leverage the industrial Internet of Things to manage risk, strategy, and the performance of the equipment, fleets, and facilities critical to running their business," says Mickey North Rizza, program vice president, Enterprise Applications.