USD 3295.7 million
Report ID: SQSG45F2011 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 155 | Figures: 78
Global Enterprise Asset Management Market size was valued at USD 3295.7 million in 2021 and is poised to grow from USD 3564.11 million in 2022 to USD 6695.29 million by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).
The alteration from legacy asset management proceduresto modern asset management by enterprises along with the rising popularity of SaaS-based EAM solutions, growing need for a holistic view of assets, increased usage of IoT platforms and devices to manage enterprise assets, elimination of overheads caused due to adherence to compliance, the blend of technologies such as AI, IoT, and analytics, and increase in mobile usage among end-users is driving the global enterprise asset management market.
During the COVID-19 period, enterprises employed designated cloud-based EAM systems to manage assets since they enabled for remote execution of day-to-day operations. The demand for EAM surged in 2020 as it offers effective management of assets. Many enterprises across verticals have adopted the work-from-home model to safeguard employee well-being and maintain operational efficiency, surging the demand for cloud-based solutions. As more enterprises would turn to advance their IT infrastructure, the demand for EAM solutions will continue to grow.
US Enterprise Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3295.7 million
Asset Lifecycle Management
Asset Lifecycle Management,
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Enterprise Asset Management Market segmentation is based on component, application, deployment, organization size, verticals and region. Based on component the Enterprise Asset Management Market is segmented as solutions and services. Based on the application the Enterprise Asset Management Market is segmented as asset lifecycle management, inventory management, work order management, labor management, predictive maintenance and facility management. Based on deployment the Enterprise Asset Management Market is segmented as On-premises, cloud. Based on Vertical the Enterprise Asset Management Market is segmented as energy and utilities, transportation and logistics, government and public sector, IT & telecommunications, manufacturing, healthcare and life sciences, education, and others. Based on Organization size the Enterprise Asset Management Market is segmented as Small and Medium-sized Enterprises (SMEs), Large Enterprises. On the basis of region, the market is segmented as North America, Europe, Asia-Pacific, South America, and MEA.
Asset lifecycle management is leading the enterprise asset management market in the application segment
Application Asset lifecycle management is estimated to dominate the market in the forecast period (2022-2028). Asset Lifecycle management involves the process to optimize profits generated by assets throughout their lifecycle. Few inter-management processes, such as comprehensive asset portfolio management, effective and efficient asset management practices, and rigorous project execution, help in delivering desired outcomes for the organization and thus is an integral part of asset life cycle management. Aiding organizational productivity by helping end-users to make significant decisions for IT-related needs and services. It also helps increase organizational productivity by helping organizations to make informed decisions on IT needs and services. Most of the EAM vendors offer the asset lifecycle management solution to efficiently-seamless asset lifecycle processes, reduce maintenance costs, and improve the quality of IT services.
On-Premise Deployment is preferred owing to data and information security concerns
On-Premise segment is expected to dominate the market in the forecast period. On-Premise is majorly favored by organizations that work for controlling the information security of customers and companies. This type of deployment is installed and hosted on organizations’ IT infrastructure and is managed by their internal IT professionals. The initial investment for the deployment of on-premises EAM solutions is high. However, it does not involve any incremental costs along the ownership period as in the case of cloud deployment. Security concerns associated with the private data of customers are an integral part for the adoption of on-premises deployments over cloud deployments.
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Asia Pacific Region is anticipated to register highest CAGR in the forecasted period (2022-2028). Fast-paced growth in adapting to technological progressions is attributed to the market growth. The rise in digitization is driven by various initiatives by different governmental organizations and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoration along with skillfully embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. A large amount of data available needs the effectiveness of management which is served by insightful ways leveraged from cloud technologies. The affordability and convenience of distribution over cloud services act as significant reasons for the adoption of cloud technologies among enterprises. Some of the major vendors operating in the region, Infor, IFS, and SAP have bought innovative methods to provide high-quality services to enterprises.
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Enterprise Asset Management Market Driver
The global enterprise asset management market is witnessing a significant transcend with the advent of new technologies such as the Industrial Internet of Things (IIoT). There has been rapid market demand for EAM systems. IoT aids success in tracking and insightful procurement data from remote sites. Such gatherer's data proves to be crucial when integrated with EAM systems and becomes a valuable source of information inference.
Digitization across domains is leveraging opportunities for organizations to boost their relationships with customers. Ground-breaking technologies are potentially capable of radically transforming and improving their operational processes. High tech-induced competitiveness in the business environment, asset-concentrated businesses envision to succeed and withstand posed challenges and complexities by embracing them best–in–quality technologies, such as Augmented Reality, IoT, Artificial Intelligence, predictive modelling, digital twin, and telematics which is causing great opportunities for development and hence pave way for high market share in the forecasted period.
Enterprise Asset Management Market Restraint
Enterprise Asset Management systems have progressed as an operational platform in recent years. However, despite several organizations’ successful implementation of EAM systems, there are a few organizations that have not completely devised EAM systems. There has been a considerable gap between customer expectations and the solutions delivered. For organizations with different functional domains, the implementation of EAM can be a difficult and complex task. To avoid complexities, asset managers should have a proper understanding of the work processes of assets or components that might get altered during the implementation process. An EAM system affects people, processes, and technologies. Therefore, it is important to have a proper understanding of all these entities while implementing the EAM system. The implementation of the EAM system requires cross-functional coordination as it impacts multiple systems and processes.
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The global enterprise asset management market is fairly concentrated, with big and medium-sized market participants accounting for a large portion of market revenue. Major players are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of enterprise asset management softwares.
Enterprise Asset Management Market Top Players Company Profiles
Enterprise Asset Management Market Recent Developments
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, current initiatives to build an enterprise asset management, as well as rising product launches of tech-driven products and services is paving for various opportunities for development. rising innovations attributed to data analytics and cloud-based systems are igniting the market growth.
The shift to the advanced era of asset management amid digital traction and the adoption of newer date-steered technologies is expected to boost the Enterprise Asset Management Market over the forecast period.
|Market size value in 2021||USD 3295.7 million|
|Market size value in 2030||USD 3564.11 million|
|Forecast Unit (Value)||USD Million|
|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)|
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Parent Market Analysis
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For the Global 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 Global 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.
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