Enterprise asset management involves software and systems used by companies to track, maintain, and optimize operational assets such as manufacturing equipment, vehicles, buildings, and IT infrastructure. It helps in reducing maintenance costs, downtime and risks of unplanned failures.
The global Enterprise Asset Management Market is estimated to be valued at US$ 4,069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the enterprise asset management market size is the growing adoption of cloud-based solutions. Cloud-based EAM solutions offer benefits such as low upfront costs, scalability, real-time data updates, and remote access to asset information. They help companies to improve asset utilization, enhance operational efficiencies and optimize maintenance costs. Moreover, the increasing penetration of IoT devices is also fueling the adoption of cloud-based EAM as IoT enables remote asset monitoring capabilities. This is expected to drive the enterprise asset management market growth over the forecast period.
Segment Analysis
The enterprise asset management market is segmented by component, deployment type, enterprise size, industry vertical, and region. In terms of component, solutions segment is expected to dominate the market during the forecast period. This is owing to the rising adoption of cloud-based asset management software and services by organizations to gain operational visibility and maximize asset utilization.
Key Takeaways
The global enterprise asset management market is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing need for optimized asset usage and lower operational costs.
Regional analysis - North America dominated the enterprise asset management market in 2023 and is expected to exhibit similar trends over the forecast period. This is attributed to presence of leading EAM solution providers and early adoption of advanced technologies across industries in the region. Asia Pacific is expected to witness fastest growth rate during the forecast period.
Key players - Key players operating in the enterprise asset management market are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo Software Solutions BV, CARL International SA, eMaint Enterprises, LLC, Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc. IBM Corporation and SAP SE captured dominant market share in 2023 owing to their diverse product portfolio and strong global presence.
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