Global Enterprise Asset Management Market

Enterprise Asset Management Market Size, Share, Growth Analysis, By Component(Service, Solution), By Application(Asset Lifecycle Management, Inventory Management), By Deployment Mode(On-premises, On-Cloud), By Organization size(Small, Medium-sized Enterprises (SMEs)), By Industry Vertical(Energy and Utility, Manufacturing) - Industry Forecast 2024-2031


Report ID: SQMIG45F2098 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 149 | Figures: 78

Enterprise Asset Management Market Insights

Global Enterprise Asset Management Market size was valued at USD 3.92 Billion in 2022 and is poised to grow from USD 4.21 Billion in 2023 to USD 7.74 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).

Enterprise Asset Management (EAM) solutions play a crucial role in optimizing and overseeing assets across their entire lifecycles, encompassing design, operation, and replacement, thereby enhancing business operations by ensuring better reliability, availability, and utilization of assets. The ease of gathering, centralizing, and analyzing both physical assets like infrastructure and human assets such as personnel expertise has fueled market growth. Automation of asset lifecycles through streamlined workflows enables enterprises to make informed decisions regarding capacity and vendor management.

The landscape of the Enterprise Asset Management (EAM) market is experiencing significant changes propelled by the integration of emerging and supplementary technologies. The incorporation of technologies such as the Internet of Things (IoT), real-time analytics, augmented reality, Artificial Intelligence (AI), digital twins, and telematics into EAM systems is revolutionizing asset management practices. This evolution is enabling EAM solutions to evolve into intelligent platforms capable of processing real-time data, engaging with connected devices, and delivering advanced insights to engineers and operators. Additionally, the market is witnessing maturation, with widespread adoption of cloud-based and micro-enterprise architectures in EAM and facility management software, paving the way for new growth opportunities.

The public sector entities including the government agencies, municipalities, and the public institutions use this software to manage and trace public infrastructure, predict the maintenance, and follow the regulatory compliance, and thus to save the cost and provide better services to their citizens. For example, in August 2022, Infor, a leading cloud software provider, upgraded their Infor Public Sector (IPS) asset and work management software, which is being used in Calgary, a city in Alberta, Canada. This upgrade gives mobility for business a great benefit as they can adopt features like GIS data integration, mobile applications, and operate better than before with enhanced performance.

An emerging trend involves the integration of Internet of Things (IoT) technology with EAM solutions, facilitating the provision of real-time data to both the EAM system and consumers. IoT connectivity empowers businesses to monitor and manage assets in real-time, offering potential enhancements in process control, risk identification, and asset replacement to meet evolving consumer demands.

US Enterprise Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 3.92 Billion

Largest Segment

On Premises

Fastest Growth

On Cloud

Growth Rate

8.2% CAGR

Global Enterprise Asset Management Market ($ Bn)
Country Share for North America Region (%)
Global Enterprise Asset Management Market By Deployment mode ($ Bn)
Global Enterprise Asset Management Market By Deployment mode (%)

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Enterprise Asset Management Market Segmental Analysis

The Global Enterprise Asset Management Market is segmented on the basis of Component, Deployment mode, Organization size, Application, Industry Vertical and region. By Component, the market is segmented into Service and Solution. By Deployment mode market is segmented into On Cloud, On-Premises. By Organization size market is segmented into SME’s and Large Enterprises. By Application market is segmented into Asset Lifecycle Management, Inventory Management, Work Order Management, Predictive maintenance, Others. By Industry vertical market is segmented into Energy and Utility, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, Public Administration, Retail, IT and Telecom, Oil and gas, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Application

Asset lifecycle management is projected to be the dominant force in the market from 2024 to 2031, focusing on optimizing profits throughout the lifecycle of assets. This comprehensive approach involves various inter-management processes such as effective asset portfolio management, efficient asset practices, and meticulous project execution, all crucial for delivering desired organizational outcomes. By aiding in organizational productivity and empowering end-users to make informed decisions regarding IT needs and services, asset lifecycle management plays a vital role in streamlining processes and reducing maintenance costs. Most enterprise asset management (EAM) vendors provide solutions tailored to seamlessly manage asset lifecycles, ultimately enhancing the quality of IT services. 

Analysis By Deployment mode

In the projected period, the On-Premise segment is poised to maintain its dominance in the market. This deployment model is particularly favored by organizations prioritizing customer and company information security control. On-Premise solutions are installed and operated within organizations' own IT infrastructure, overseen by their internal IT teams. Although the initial investment for implementing On-Premise EAM solutions is substantial, it eliminates incremental costs over the ownership period, unlike cloud deployment options. The emphasis on safeguarding private customer data drives the preference for On-Premise deployments over cloud alternatives.

Global Enterprise Asset Management Market By Deployment mode, 2022 (%)

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Enterprise Asset Management Market Regional Insights

The North American market dominated the global market share in 2023, accounting for over 32.97%. This significant presence can be attributed to the stronghold of major EAM players such as AssetWorks, LLC, Aptean, CGI Inc., and Infor in the region. Additionally, factors like early adoption of cutting-edge technologies, widespread adoption of cloud-based deployments, a robust IT infrastructure, government investments in advanced tech, and organizations' heightened focus on regulatory compliance further bolstered the region's market share.

The Asia-Pacific region is poised for substantial growth in the enterprise asset management (EAM) market in the coming years, driven by various factors including macroeconomic uncertainties, escalating cost pressures, shifting product margins, increasing demand for cross-border products, and the ongoing wave of digitization. Both domestic and foreign companies are intensifying their focus on the region, drawn by the promise of robust growth opportunities. A survey by McKinsey of leading asset managers in Asia provided valuable insights into market trends and effective management strategies, reinforcing the importance of understanding regional dynamics. Asia is becoming an increasingly significant source of capital for fund managers, with foreign investors showing a persistent preference for locally focused funds and viewing the region as a pivotal investment destination. The rapid economic expansion of India and China positions them as key growth engines, while Japan and South Korea remain highly attractive investment destinations for global marketers.

Meanwhile, the European region is poised to offer substantial growth prospects for industry expansion. Manufacturers and transport operators across Europe are increasingly embracing sophisticated asset management solutions and technologies, including the Internet of Things (IoT) and predictive analytics. These innovations enable the anticipation of machinery and equipment failures and optimize asset maintenance processes. For instance, in December 2022, Asset Lifecycle Intelligence, a division of Hexagon AB, unveiled HxGN EAM v12, a new iteration of its SaaS-based enterprise asset management product. Notably, this product features an Asset Performance Management (APM) module with Root Cause Analysis (RCA) capabilities, facilitating Asset Investment Planning (AIP) visualization using EcoSys.

Global Enterprise Asset Management Market By Region, 2024-2031
  • Largest
  • Fastest

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Enterprise Asset Management Market Dynamics

Enterprise Asset Management Market Driver

Increase Demand for Cloud-based EAM Solutions Among Enterprises

  •  

    Enterprises worldwide are increasingly adopting enterprise asset management (EAM) systems to enhance productivity, streamline processes, bolster agility, and effectively manage facilities. Cloud-based EAM software and services play a pivotal role in optimizing vital corporate assets and leveraging business analytics for informed decision-making. These solutions not only enable cost savings on overheads but also offer superior technical support and services, including managed services featuring integrated debugging and performance monitoring tools. Additionally, they alleviate the need for enterprises to incur extra expenditures on asset management. Consequently, the escalating demand for cloud-based EAM solutions among enterprises is propelling the expansion of the enterprise asset management industry.

Adoption of technologies such as the Industrial Internet of Things (IIoT) is driving the market

  •  

    The Global Enterprise Asset Management Market is undergoing notable evolution, propelled by the emergence of innovative technologies like the Industrial Internet of Things (IIoT). This transformation is accompanied by a swift surge in market demand for EAM systems. IoT plays a pivotal role in facilitating efficient tracking and gathering insightful procurement data from remote locations. Integrating this collected data with EAM systems proves invaluable, serving as a rich source of information for informed decision-making.

Enterprise Asset Management Market Restraint

Lack of Understanding of EAM systems

  • In recent years, Enterprise Asset Management (EAM) systems have evolved as pivotal operational platforms. Despite successful adoption by several organizations, some have yet to fully integrate EAM systems, revealing a notable disparity between customer expectations and actual outcomes. Implementing EAM, especially for organizations spanning various functional domains, presents significant complexity. To mitigate these challenges, asset managers must comprehensively grasp the intricacies of asset workflows susceptible to modification during implementation. Given its impact on people, processes, and technologies, a thorough understanding of these facets is crucial for successful EAM implementation. Achieving this necessitates cross-functional coordination due to the system's broad-reaching influence on multiple systems and processes.

High Cost of Software and Lack of Awareness in Developing Economies

  •  

    EAM software is integral to sustaining essential business operations, representing a worthwhile investment. Nonetheless, its installation and upkeep come with substantial expenses, deterring its uptake among SMEs. Additionally, limited awareness among enterprises in developing nations serves as a significant obstacle to the Global Enterprise Asset Management Market. Consequently, these firms, sensitive to costs, rely on traditional asset management methods. Consequently, the high cost of software and insufficient awareness in developing regions impede the expansion of the enterprise asset management industry.

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Enterprise Asset Management Market Competitive Landscape

The Global Enterprise Asset Management Market is highly competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by the increasingly adopting enterprise asset management (EAM) systems to enhance productivity, streamline processes, bolster agility, and effectively manage facilities. The Global Enterprise Asset Management Market is undergoing notable evolution, propelled by the emergence of innovative technologies like the Industrial Internet of Things (IIoT). Some of the prominent players operating in the Enterprise asset management market include IBM Corporation, SAP SE, Oracle Corporation, Infor, IFS AB, ABB Group.

Enterprise Asset Management Market Top Players Company Profiles

  • IBM Corporation
  • SAP SE
  • Oracle Corporation
  • Infor
  • IFS AB
  • ABB Group
  • Schneider Electric SE
  • Siemens AG
  • GE Digital
  • AssetWorks LLC
  • AVEVA Group plc
  • Archibus, Inc.
  • Maintenance Connection, Inc.
  • eMaint Enterprises, LLC
  • UpKeep Maintenance Management
  • Accruent LLC
  • Dude Solutions, Inc.
  • Fingent Corporation
  • Fiix Inc.
  • MPulse Maintenance Software.

Enterprise Asset Management Market Recent Developments

  • In April 2024, Arcwide and IFS Ultimo collaboratively initiated a strategic partnership aimed at enhancing the efficiency and effectiveness of asset management operations for their clientele. Through this alliance, both entities seek to leverage their respective expertise and resources to innovate and refine asset management solutions, thereby providing enhanced value and service to their customers. 
  • In February 2024, LLumin, a provider of enterprise asset management and predictive maintenance CMMS+ software, has partnered with eschbach, a global software provider of the Shiftconnector® manufacturing enterprise platform. Together, they aim to deliver an innovative CMMS solution that integrates seamlessly with Shiftconnector, enhancing plant process management for manufacturers. 
  • In March 2023, OpenGov released its newest software suite, Cartegraph Asset Management. It has implemented potent new product features and connectors throughout its suites.

Enterprise Asset Management Key Market Trends

  • Cloud-Based EAM Solutions in Facilitating Asset Management: Amid the prevalence of remote work, cloud-based EAM solutions are alluring enterprises by enabling the management of assets from remote locations. These systems facilitate the seamless execution of customary operations from a distance, leading to a surge in demand for EAM due to their effectiveness in asset management. With many enterprises adopting the work-from-home model to prioritize employee wellness and safety, thereby maintaining operational efficiency, there's a consequential increase in demand for cloud-based solutions. As more enterprises seek to enhance their IT infrastructure, the demand for EAM solutions is poised to continue its upward trajectory.

  • Focus on Sustainability: Organizations are placing a growing emphasis on sustainability initiatives, seeking out EAM solutions capable of aiding them in monitoring and mitigating their environmental footprint. These solutions are instrumental in enabling organizations to streamline energy consumption, minimize waste generation, and prolong the lifespan of their assets.

Enterprise Asset Management Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis of the Global Enterprise Asset Management Market, ongoing efforts to establish enterprise asset management and the increasing introduction of technology-driven products and services are creating diverse avenues for development. The emergence of innovative solutions driven by data analytics and cloud-based systems is fueling market expansion. The transition to a more advanced era of asset management, spurred by digital trends and the adoption of cutting-edge data-driven technologies, is projected to significantly propel the Enterprise Asset Management Market during the forecast period.

Report Metric Details
Market size value in 2022 USD 3.92 Billion
Market size value in 2031 USD 7.74 Billion
Growth Rate 8.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Service, Solution
  • Application
    • Asset Lifecycle Management, Inventory Management, Work Order Management, Predictive Maintenance
  • Deployment Mode
    • On-premises, On-Cloud
  • Organization size
    • Small, Medium-sized Enterprises (SMEs), Large Enterprises
  • Industry Vertical
    • Energy and Utility, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, Public Administration, Retail, IT and Telecom, Oil and gas, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • IBM Corporation
  • SAP SE
  • Oracle Corporation
  • Infor
  • IFS AB
  • ABB Group
  • Schneider Electric SE
  • Siemens AG
  • GE Digital
  • AssetWorks LLC
  • AVEVA Group plc
  • Archibus, Inc.
  • Maintenance Connection, Inc.
  • eMaint Enterprises, LLC
  • UpKeep Maintenance Management
  • Accruent LLC
  • Dude Solutions, Inc.
  • Fingent Corporation
  • Fiix Inc.
  • MPulse Maintenance Software.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Enterprise Asset Management Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Enterprise Asset Management Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Enterprise Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Enterprise Asset Management Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Enterprise Asset Management Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Enterprise Asset Management Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Enterprise Asset Management Market size was valued at USD 3.92 Billion in 2022 and is poised to grow from USD 4.21 Billion in 2023 to USD 7.74 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).

The Enterprise Asset Management Market is highly competitive and characterized by the presence of several key players. These players compete based on factors such as product portfolio, technological advancements, pricing strategies, and market reach. The market is driven by the increasingly adopting enterprise asset management (EAM) systems to enhance productivity, streamline processes, bolster agility, and effectively manage facilities. The Enterprise Asset Management Market is undergoing notable evolution, propelled by the emergence of innovative technologies like the Industrial Internet of Things (IIoT). Some of the prominent players operating in the Enterprise asset management market include IBM Corporation, SAP SE, Oracle Corporation, Infor, IFS AB, ABB Group. 'IBM Corporation', 'SAP SE', 'Oracle Corporation', 'Infor', 'IFS AB', 'ABB Group', 'Schneider Electric SE', 'Siemens AG', 'GE Digital', 'AssetWorks LLC', 'AVEVA Group plc', 'Archibus, Inc.', 'Maintenance Connection, Inc.', 'eMaint Enterprises, LLC', 'UpKeep Maintenance Management', 'Accruent LLC', 'Dude Solutions, Inc.', 'Fingent Corporation', 'Fiix Inc.', 'MPulse Maintenance Software.'

  Enterprises worldwide are increasingly adopting enterprise asset management (EAM) systems to enhance productivity, streamline processes, bolster agility, and effectively manage facilities. Cloud-based EAM software and services play a pivotal role in optimizing vital corporate assets and leveraging business analytics for informed decision-making. These solutions not only enable cost savings on overheads but also offer superior technical support and services, including managed services featuring integrated debugging and performance monitoring tools. Additionally, they alleviate the need for enterprises to incur extra expenditures on asset management. Consequently, the escalating demand for cloud-based EAM solutions among enterprises is propelling the expansion of the enterprise asset management industry.

Cloud-Based EAM Solutions in Facilitating Asset Management: Amid the prevalence of remote work, cloud-based EAM solutions are alluring enterprises by enabling the management of assets from remote locations. These systems facilitate the seamless execution of customary operations from a distance, leading to a surge in demand for EAM due to their effectiveness in asset management. With many enterprises adopting the work-from-home model to prioritize employee wellness and safety, thereby maintaining operational efficiency, there's a consequential increase in demand for cloud-based solutions. As more enterprises seek to enhance their IT infrastructure, the demand for EAM solutions is poised to continue its upward trajectory.

The North American market dominated the market share in 2023, accounting for over 32.97%. This significant presence can be attributed to the stronghold of major EAM players such as AssetWorks, LLC, Aptean, CGI Inc., and Infor in the region. Additionally, factors like early adoption of cutting-edge technologies, widespread adoption of cloud-based deployments, a robust IT infrastructure, government investments in advanced tech, and organizations' heightened focus on regulatory compliance further bolstered the region's market share.

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