USD 3.8 billion
Report ID: SQSG45E2042 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 149 | Figures: 78
Global Enterprise Asset Management Systems Market size was valued at USD 3.8 billion in 2021 and is poised to grow from USD 4.2 billion in 2022 to USD 10.31 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).
The market for enterprise asset management systems is expanding as a result of the proliferation of IoT devices across almost all business verticals, integration of drone & AI-based asset management, and rising demand for cloud-based EAM solutions. Additionally, the market is expanding as a result of technical advancements, the growing acceptance of sophisticated technologies for extending asset life cycles, and the appearance of disruptive digital technologies across industrial verticals. One of the biggest issues facing the industry for EAM systems is choosing precise and effective solutions for an organization's business goals.
In line with the booming global economy, there are more start-ups and businesses that are expanding quickly than ever before. A growing requirement for efficient asset management of important organizational assets is being caused by expanding business establishments. Additionally, recently, start-up businesses have been given government funding for new endeavors including the creation of corporate asset management software. Small and large businesses alike continue to choose enterprise asset management software for flexible, fully scalable asset lifecycle optimization that meets organizational objectives.
US Enterprise Asset Management Systems Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.8 billion
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The global enterprise asset management systems market is segmented on the basis of type, end-user organizational size, vertical, and region. Based on component, the Enterprise Asset Management Systems Market is segmented into solution and services segments. On the basis of application, the Enterprise Asset Management Systems Market is segregated into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance and facility Management. Based on the deployment model, the Enterprise Asset Management Systems Market is segmented into on-premises and cloud sub segments. Based on organizational size, the Enterprise Asset Management Systems Market is segmented into SMEs and Large enterprises. Based on vertical, the Enterprise Asset Management Systems Market is segmented into Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics, IT and telecommunications, manufacturing, healthcare and life science, education, and others. Based on region, the global management systems market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Enterprise Asset Management Systems Market Analysis by component
In terms of offerings, the enterprise asset management systems market is estimated to be dominated by the solutions segment. The significant market share of this sector is primarily fueled by the rising demand for sophisticated solutions for reliable and affordable EAM systems, the growing demand for cutting-edge technologies to predict, report, and prevent system errors, and the rising tendency of businesses to control costs with less maintenance. However, due to the increasing need for managed and professional services in SMEs for efficient operations, the services category is expected to develop at the quickest CAGR during the projection period.
Enterprise Asset Management Systems Market Analysis by deployment model
Organizations that require control over the security of consumer and company information typically prefer the on-premises version of EAM. The internal IT personnel of the organizations manage this deployment, which is deployed and hosted on their IT infrastructure. Organizations must make a significant initial investment in EAM systems for them to be deployed on-premises, but unlike cloud adoption, there are no ongoing charges. The prevalence of on-premises installations over cloud deployments is largely due to security concerns regarding customers' sensitive data. IT teams find it difficult to regularly upgrade on-premises systems. Operations of numerous functional departments are also impeded in the event of a malfunction.
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According to estimates, North America will dominate the market for enterprise asset management systems, followed by Asia-Pacific, Europe, Latin America, the Middle East, and Africa. The significant market share of this region is primarily attributable to the region's concentration of major EAM players as well as several emerging start-ups, early adoption of cutting-edge technologies and government investments in these fields, presence of a highly developed IT infrastructure, proliferation of cloud-based solutions, and growing emphasis on regulatory and compliance compliance among organizations.
In terms of technology adoption, Asia-Pacific is one of the fastest-growing areas, and the region's huge businesses and diverse governments are responsible for the demand for digitalization. Leading this technology adoption are nations like China, Japan, Australia, Singapore, India, and Indonesia, which embrace cutting-edge technologies like AI, edge, IoT, analytics, and cloud. The complexity of managing workloads and apps manually is a major reason driving the use of EAM among businesses in this region as a result of the growing use of cloud technologies and the volume of data. Enterprise adoption of cloud technology would be significantly influenced by cloud services' accessibility and pricing.
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Enterprise Asset Management Systems Market Driver
Enterprise Asset Management Systems Market Restraint
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The most recent industry trend includes enterprise asset management solutions that also take into account a number of other significant factors, such as energy usage, lifecycle costs, maintenance histories, warranty catalogs, purchase orders, audit records, and others. This is in addition to providing access to organizational asset information to every department and employee at every location.
Enterprise Asset Management Systems Market Top Players Company Profiles
Enterprise Asset Management Systems 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, the global enterprise asset management systems market is segmented based on component, application, deployment model and regions. In terms of offerings, the enterprise asset management systems market is estimated to be dominated by the solutions segment. Organizations that require control over the security of consumer and company information typically prefer the on-premises version of EAM. Additionally, cloud-based corporate asset management solutions offer greater technical assistance and services, including managed services with built-in performance monitoring and debugging tools.
|Market size value in 2021||USD 3.8 billion|
|Market size value in 2030||USD 4.2 billion|
|Forecast Unit (Value)||USD Billion|
|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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For the Global Enterprise Asset Management Systems 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 Systems 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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