The global enterprise asset management (EAM) market revolves around comprehensive systems, software, and services designed to optimize operational assets and their lifecycles. EAM aims to enhance asset longevity, quality, efficiency, cost-effectiveness, and environmental safety. It encompasses tasks such as asset maintenance, scheduling, planning, work management, and supply chain coordination. As industries prioritize asset optimization and sustainable practices, the EAM market experiences steady growth. The adoption of advanced technologies and cloud-based solutions further fuels market expansion, empowering businesses to achieve improved asset performance and streamlined operations.
According to Data Bridge Market Research, the Global Enterprise Asset Management Market was valued at USD 11.33 billion in 2021 and is expected to reach the value of USD 26.11 billion by 2029, at a CAGR of 11.00% during the forecast period of 2022-2029.
“Widespread adoption of advanced technologies and the growing demand for cloud-based solutions facilitate market growth”
The global enterprise asset management market is driven by the widespread adoption of advanced technologies and the growing demand for cloud-based solutions. Organizations are embracing technologies such as IOT, AI, and predictive analytics to enhance asset monitoring, maintenance, and performance optimization. Cloud-based EAM solutions offer scalability, flexibility, and real-time accessibility, enabling businesses to efficiently manage assets across various locations. This trend towards tech-driven and cloud-enabled EAM solutions is propelling market growth, helping organizations streamline operations, improve asset utilization, and achieve cost savings.
What restraints the growth of the global enterprise asset management market?
“Increased awareness of enterprise asset management (EAM) utilities could”
The increased awareness of enterprise asset management (EAM) utilities could act as a restraint on the global market. As organizations become more informed about the benefits of EAM, they might prioritize internal development and customization, limiting the demand for external EAM solutions. Additionally, heightened awareness may lead to higher expectations, making it challenging for EAM providers to meet diverse and evolving needs. This could result in a more competitive landscape and require EAM providers to continually innovate to meet rising customer expectations.
Segmentation: Global Enterprise Asset Management Market
The enterprise asset management market is segmented on the basis of component, organization size, deployment mode, application, and vertical.
- On the basis of component, the enterprise asset management market is segmented into solution, and services.
- On the basis of organization size, the enterprise asset management market is segmented into small and medium-sized enterprises, and large enterprises.
- On the basis of deployment mode, the enterprise asset management market is segmented into cloud, and on-premise.
- On the basis of application, the enterprise asset management market is segmented into assets MRO, nonlinear assets, linear assets, and Field Service Management.
- On the basis of vertical, the enterprise asset management market is segmented into IT and telecom, healthcare and life sciences, manufacturing, transportation and logistics, government and defense, energy and utilities, and others.
Regional Insights: North America is expected to dominate the Global Enterprise Asset Management Market
North America is set to lead the enterprise asset management systems market due to its mature economy, technological advancements, and a strong emphasis on optimizing asset utilization. The region's established industries, stringent regulatory standards, and high adoption of cloud-based solutions contribute to its significant market share.
Asia-Pacific is poised for substantial growth in the enterprise asset management systems market owing to rapid industrialization, urbanization, and modernization initiatives. Increasing investments in infrastructure, manufacturing, and energy sectors, coupled with the adoption of digital technologies, position the region as a promising hub for EAM system adoption and expansion.
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Recent Developments in Global Enterprise Asset Management Market
- In October 2021, Innovapptive Inc. introduced mobile solutions for IBM Maximo EAM and Warehouse Management Suite. The offerings include mWorkOrder, mInventory, and mAssetTag, enhancing plant maintenance, warehouse management, and fixed asset tracking for IBM Maximo users.
- In July 2021, Hexagon AB acquired Infor Inc.'s EAM division for USD 2.7 billion. This strategic move strengthens ties with Koch Industries and expands Hexagon's solutions into Koch's businesses. The acquisition is set to improve operational efficiency, bolster digital transformation, and enable cross-selling opportunities, benefitting customers and industry growth.
The Prominent Key Players Operating in the Global Enterprise Asset Management Market Include:
- General Electric (U.S.)
- IBM (U.S.)
- PTC (U.S.)
- Microsoft (U.S.)
- Siemens AG (Germany)
- ANSYS, Inc (U.S.)
- SAP SE (Germany)
- Oracle (U.S.)
- Robert Bosch GmbH (Germany)
- Swim.ai, Inc. (U.S.)
- Atos SE (France)
- ABB (Switzerland)
- KELLTON TECH (India)
- AVEVA Group plc (U.K.)
- DXC Technology Company (U.S.)
- Altair Engineering, Inc (U.S.)
- Hexaware Technologies Limited (India)
- Tata Consultancy Services Limited (India)
- Infosys Limited (Bengaluru)
- NTT DATA, Inc. (Japan)
- TIBCO Software Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global enterprise asset management market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Enterprise Asset Management Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
