What is the global market size of Enterprise Asset Management Market?

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).

Who are the key vendors in the Global Enterprise Asset Management Market?

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. '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.'

What is the key driver of Global Enterprise Asset Management Market?

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

What is the key market trend for Global Enterprise Asset Management Market?

The cloud-based EAM solutions are enticing enterprises to manage assets during prevalence of work from home. These systems allow enterprises to remotely execute accustomed operations. The demand for EAM surges in 2020 as it offers effective management of assets. Many enterprises across the ambit have adopted the work-from-home model to safeguard wellness and safety standards for employee health hence maintaining operational efficiency theory by raising 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.

Which region accounted for the largest share in Global Enterprise Asset Management Market?

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.

Global 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

Global 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.

Global Enterprise Asset Management Market Report Snapshots

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FAQs

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. '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 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.

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