Enterprise asset management (EAM) software helps organizations maintain and repair physical infrastructure and equipment more efficiently. EAM solutions allow real-time visibility into asset performance and maintenance schedules to better control costs and extend lifespan. They provide a centralized platform to manage workflows across departments and gain actionable insights.
The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased adoption of cloud-based EAM solutions is one of the key trends driving the market growth. Cloud delivery offers scalability, flexibility and easy access to asset records from any location. It eliminates upfront capital expenditures and enables pay-as-you-go pricing. Several vendors are investing in R&D to integrate advanced technologies like IoT, AI and analytics into their cloud offerings. This is allowing organizations to derive deeper insights about asset performance patterns and predict maintenance requirements, thereby improving operational efficiency through improved visibility and control over assets.
Segment Analysis
The global Enterprise Asset Management market size can be segmented based on component, deployment, organization size and verticals. The solutions sub-segment within the component segment dominated the market in 2023 with a share of around 60%. This is mainly because EAM solutions help organizations optimize asset maintenance costs and increase equipment uptime and productivity.
Key Takeaways
The global Enterprise Asset Management market is expected to witness high growth. The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
The market in Asia Pacific region is expected to grow at the fastest CAGR during the forecast period. This is attributed to growing infrastructure development activities and increasing adoption of EAM solutions by organizations to optimize assets costs in the region. Rapid industrialization, growing construction activities and increasing investments in infrastructure development projects are some of the key factors driving the demand for EAM solutions in Asia Pacific countries like China and India. Organizations in Asia Pacific are actively adopting EAM to digitize asset information and streamline maintenance processes to maximize asset value.
Key players
Key players operating in the Enterprise Asset Management market are Bentley Systems, Incorporated, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., and ConstructConnect, Odoo S.A. Bentley Systems and Oracle hold a major share of the market.
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