Market Highlights
Enterprise Asset Management Market Size was valued at USD 3.8 billion in 2022. The Enterprise Asset Management market is projected to grow from USD 4.1534 Billion in 2023 to USD 8.45989 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.30% during the forecast period (2023 - 2032).
Enterprise Asset Management (EAM) is the process of managing the lifecycle of physical assets to maximize their use, save money, improve quality, and compliance with industry standards. EAM typically involves managing the maintenance, repair, and replacement of physical assets such as machinery, equipment, and vehicles used in the daily operations of a business.
EAM software offers a suite of tools and processes to aid in the management of these assets, including asset tracking, work order management, preventive maintenance scheduling, calibration and testing management, inventory and purchasing management, and equipment lifecycle planning. The use of EAM software can result in increased efficiency, improved productivity, reduction of equipment downtime and maintenance costs, and better asset performance.
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The implementation of enterprise asset management systems increases the usage and efficiency of assets resulting in a reduction in the cost of capital and asset-related operating costs, which provides momentum for enterprise asset management solutions in the global market. The global market for company asset management is expanding because of the increasing demand for EAM Because of its beneficial factors such as mobile inspection and calibration, monitoring of asset conditions, alignment with business strategies, improved project management and others.
The high cost of EAM solutions and lack of knowledge, however, are likely to hinder the growth of the global asset management market during the forecast period.
Segmentation:
The global market for the management of company assets was segmented based on vertical deployment, type of organization, and application. The demand for the EAM is segmented into on-cloud and on-premise based on implementation. The on-cloud segment is expected to grow at the fastest rate due to increasing preference globally for cloud-based solutions.
The global EAM market was segmented into SMEs and large organisations, based on the type of organization. Between these two, the SME segment is expected to grow rapidly due to the increased adoption by SMEs of enterprise asset management solutions as demand for skilled labor and domain-specific technical personnel is growing.
The global enterprise asset management market, based on application verticals, is segmented into business, manufacturing, health care , transportation, oil and gas, aerospace and defense, and others. Among these, the government application segment is expected to account for the largest market share on the global EAM market during the forecast period due to the wide range of application management of enterprise assets in different government sectors.
Regional Outlook
The global enterprise asset management market has been analyzed in four major regions such as Europe, North America, Asia-Pacific (APAC) and the rest of the world.
The North America region is projected to account for the largest market share on the global enterprise asset management market due to the organizations' rapid adoption of EAM solutions and the strong economic conditions in this region.
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In terms of market shares the Europe region ranks second after North America.
Whereas the Asia-Pacific region is expected to project the fastest growth in the global asset management market due to the improvement of the economic conditions in this region's developing countries.
Competitive Dashboard
The major players in the market of Enterprise Asset Management are- Mintek Mobile Data Solutions (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Infor (U.S.), IBM (U.S.), Schneider Electric (France), AssetWorks LLC (U.S.), ABB Group (Switzerland), IFS AB (Sweden), Ramco Systems (India) among others. Through incorporating new technology innovations and strategic mergers and acquisitions among the players on the global EAM market, the competitive edge of the global enterprise asset management business continues.
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