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