Global Enterprise Asset Management Market Insights Forecasts to 2032
- The Global Enterprise Asset Management Market Size was valued at USD 4.97 Billion in 2022.
- The Market Size is Growing at a CAGR of 13.2% from 2022 to 2032
- The Worldwide Enterprise Asset Management Market Size is expected to reach USD 17.3 Billion by 2032
- Aisa Pacific is expected to Grow the fastest during the forecast period
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The Global Enterprise Asset Management Market Size is expected to reach USD 17.3 Billion by 2032, at a CAGR of 13.2% during the forecast period 2022 to 2032.
Enterprise asset management (EAM) is an ensemble of software, systems, and services that are deployed to manage and control physical assets and infrastructure. The goal of EAM is to improve asset quality and efficiency throughout their lifespans, increase productive serviceability, and lower operating expenses. Enterprise asset management is most commonly employed in businesses that rely extensively on costly and complicated physical assets such as vehicles, facilities, and heavy machinery. The shipbuilding, mining, energy, government, utilities, aerospace, and defense industries are among the most notable enterprise asset management consumers. Enterprise asset management software assists businesses in planning, optimizing, executing, and tracking the activities, desired outcomes, skills, materials, equipment, and information related with an asset. Enterprise asset management software is frequently used in conjunction with enterprise resource planning (ERP) software. In these circumstances, enterprise asset management software is integrated with the procurement, human resource management, logistics, and environment, health, and safety components of an ERP system. The enterprise asset management market is transforming from conventional asset management and toward asset performance management, prompting suppliers to offer software that facilitates the complete product lifecycle. Furthermore, the introduction of a cloud-based deployment strategy and the integration of big data with enterprise asset management are projected to generate new opportunities for businesses over the forecast period.
Global Enterprise Asset Management Market Report Coverage
|Market Size in 2022:
|USD 4.97 Billion
|Forecast Period 2022-2032 CAGR:
|2032 Value Projection:
|USD 17.3 Billion
|Historical Data for:
|No. of Pages:
|Tables, Charts & Figures:
|By Deployment, By End Use, By Region and COVID-19 Impact Analysis.
|AVEVA, Aptean, eMaint, CGI, UpKeep, RFgen Software, AssetWorks, Ramco Systems, IBM, SAP, Hexagon, Hitachi Energy, IFS Intelligent Process Solutions, Accruent, Oracle Corporation, PcsInfinity, AssetWorks, LLC, CGI, Inc., and other key vendors.
|Pitfalls & Challenges:
|COVID-19 Empact, Challenge, Future, Growth, & Analysis
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The global enterprise asset management market will likely grow rapidly as a result of the rising demand for operational efficiency, technological developments, and increased awareness of the economic advantages of EAM solutions across different industries. Enterprise asset management systems often include asset tracking, maintenance planning and scheduling, work order administration, inventory management, and analytics and reporting features. They may also include IoT (Internet of Things) technologies for real-time asset surveillance and maintenance forecasting. To maintain compliance and avoid repercussions, stringent rules in many industries such as healthcare, aviation, and energy demand comprehensive asset management procedures. Asset management and maintenance get more complex as firms grow. Enterprise asset management is a structured method of managing these assets to ensure optimal performance. Additionally, firms are increasingly focusing on boosting their utilization and productivity of their assets in order to minimize operational costs and boost competitiveness in the marketplace.
Modern enterprise asset management solutions are frequently cloud-based and mobile, allowing them to be more scalable and flexible. In addition, combining enterprise asset management with IoT devices and AI could contribute to predictive maintenance, in which the system can predict when an asset will fail and offer preventive measures. Because of its scalability, flexibility, and cost-effectiveness, cloud-based business asset management solutions are gaining appeal. The emergence of smart cities, combined with the advent of Industry 4.0 and an increasing emphasis on sustainability, are all expected to boost the demand for advanced enterprise asset management solutions market over the forecast period.
By Deployment Insights
The on-premise segment is dominating the market with the largest revenue share over the forecast period.
On the basis of deployment, the global enterprise asset management market is segmented into the cloud and on-premise. Among these, the on-premise segment is dominating the market with the largest revenue share of 58.6% over the forecast period. In order to comply with legal obligations and relevant regulations, large organizations with enormous assets and highly confidential data prefer to adopt an on-premise EAM infrastructure. Concerns about data security are one of the primary drivers for on-premise EAM software deployment. Enterprises require on-premise asset management implementations when there is limited internet access, particularly in distant locations.
By Enterprise Insights
The large enterprise segment is expected to hold the largest share of the Global Enterprise Asset Management Market during the forecast period.
Based on the application, the global enterprise asset management market is classified into small & medium enterprise and large enterprise. Among these, the large enterprise segment is expected to hold the largest share of the enterprise asset management market during the forecast period. Major organizations rely heavily on EAM software to improve operational efficiency and acquire a competitive advantage. The increasing demand for large enterprises to track key performance indicators (KPIs) related to asset performance, fleet, and other facilities, as well as the increasing trend to integrate multiple functions such as maintenance activities, inventory management, work order management, and reporting into a unified system, are being considered as critical factors driving the expansion of the segment. Furthermore, by deploying EAM software, heavy machinery manufacturing firms can comply with safety norms and industry laws while avoiding costly penalties. This aspect is also credited with increasing the rate of EAM adoption in the heavy machinery industry's vertical.
By End Use Insights
The manufacturing segment accounted for the largest revenue share of more than 27.2% over the forecast period.
On the basis of end-uses, the global enterprise asset management market is segmented into healthcare, education, manufacturing, facility management, energy & utilities, transportation & logistics, government, and others. Among these, the manufacturing segment is dominating the market with the largest revenue share of 27.2% over the forecast period. By incorporating digital technologies into commercial activities, the manufacturing industry has made considerable progress. Enterprise asset management (EAM) solutions are becoming increasingly popular in the market as a result of organizations' rising demand to manage and lower maintenance costs, extend the functional lifespan of their business assets and equipment, streamline workflow, and increase production efficiency.
North America dominates the market with the largest market share over the forecast period.
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North America is dominating the market with more than 36.4% market share over the forecast period. This is due to the rapid implementation of cutting-edge technologies, a rising number of cloud-based deployments, a highly established IT infrastructure, public investment in emerging technologies, and organizations' rising emphasis on adhering to regulatory and legal standards, all of which lead to the region's large share. The demand for enterprise asset management systems has increased significantly in the North American region because of the availability of new technology; the market is expected to continue growing strongly over the forecast period as a result of the increasing use of the Internet of Things across different industry verticals. The region's emphasis on preserving and maximizing existing resources and infrastructure fuels demand for EAM solutions.
Asia Pacific, on the contrary, is expected to grow the fastest during the forecast period. The Asia Pacific region is rapidly industrializing and urbanizing, which is driving up expenditures in infrastructure and industry. As a result, there is an increasing demand for effective EAM solutions. Manufacturing elongation, rise in the energy and utilities sector, and increased awareness of the benefits of EAM in boosting operational efficiency are driving the Asia Pacific EAM market.
The Europe market is expected to register a substantial CAGR growth rate during the forecast period. The Europe EAM market is largely influenced by considerations such as an effort to decrease operational costs, improve asset dependability, and conform with environmental and safety laws. Manufacturing, energy, and transportation constitute key users of EAM solutions.
List of Key Market Players
- RFgen Software
- Ramco Systems
- Hitachi Energy
- IFS Intelligent Process Solutions
- Oracle Corporation
- AssetWorks, LLC
- CGI, Inc.
Key Market Developments
- On April 2023, Trimble Inc., an industrial technology company, has announced the release of Trimble Unity AMS, an enterprise asset management solution for electric utilities. The solution is built on the Cityworks platform from the corporation. The system enables utilities to manage asset infrastructure throughout its lifecycle, including development, maintenance, and replacement.
- On March 2023, Valsoft Corporation Inc. has announced the acquisition of Professional Computing Resources' ("PCR") assets, a leading producer of software solutions for enterprise IT departments. This will be the company's first foray into the IT Service and Asset Management (ITSM/ITAM) portfolio. This acquisition assures that PCR's clients and partners continue to receive the high-quality solutions and support that they have come to expect from the company's current management team.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Enterprise Asset Management Market based on the below-mentioned segments:
Enterprise Asset Management Market, Deployment Analysis
Enterprise Asset Management Market, Enterprise Analysis
- Small & Medium Enterprise
- Large Enterprise
Enterprise Asset Management Market, End Use Analysis
- Facility Management
- Energy & Utilities
- Transportation & Logistics
Enterprise Asset Management Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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