Worldwide Asset Life-Cycle Management Applications Market Shares, 2021: Vendor Consolidation Changes the Landscape

Worldwide Asset Life-Cycle Management Applications Market Shares, 2021: Vendor Consolidation Changes the Landscape

This IDC study provides market share data for the asset life-cycle management (ALM) applications market in 2021. The worldwide ALM applications market attained 8.6% growth in 2021, achieving a mark of $3.5 billion compared with $3.3 billion and 4.1% growth in 2020. Several factors affected the market in 2021 including a disruption in the global supply chain. Availability of key parts and materials, and extended lead times, affected asset management operations as these organizations scrambled to source critical parts to keep assets running and well maintained. The "Great Resignation" has had an impact on key craft and skilled labor availability as many workers sought out career advancement opportunities. And in addition, many seasoned, highly skilled workers are retiring, and their knowledge is not being aggressively retained. "Sustainability saw an increased focus for maintenance organizations in 2021. Although still dealing with pandemic-related unpredictable labor availability, and supply chain issues, many organizations began planning and investing for their move to the cloud. Some organizations have considered upgrades, while others surveyed the ALM software marketplace focusing on the future with next-generation asset life-cycle management applications. And still other organizations deferred maintenance as assets had been overhauled during prolonged downtime in 2020, or when production "catch up" scheduled were introduced," says Bob Stallard, research manager, Enterprise Asset Management and Smart Facilities at IDC. "All of these aspects create additional opportunities for organizations to invest in asset life-cycle management applications, as long as vendors continue to enhance the products."

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