Global Enterprise Asset Management Market

Global Enterprise Asset Management Market Size, Share, Growth Analysis, By Component(Solution, Services), By Application(Asset Lifecycle Management, Inventory Management), By Deployment(On-premises, Cloud), By Verticals(Energy, Utilities), By Organization size(Small, Medium-sized Enterprises (SMEs)) - Industry Forecast 2023-2030

Report ID: SQMIG45F2098 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 155 | Figures: 78

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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 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.'

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

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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