Global Enterprise Asset Management Market, By Component (Solution, Services), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Deployment Mode (Cloud, On-Premise), Application (Assets MRO, Non Linear Assets, Linear Assets, Field Service Management), Vertical (IT and Telecom, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Government and Defence, Energy and Utilities, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
In line with the thriving global economy, the number of start-ups and fast-growing businesses is also on the rise. As the number of business establishments grows, so does the demand for effective asset management of valuable organisational assets. Furthermore, start-up companies have recently received government funding for new ventures and the development of enterprise asset management software. Small and large businesses alike continue to choose enterprise asset management software for cost-effective asset lifecycle optimization and a modular, fully scalable solution that meets organisational needs.
Data Bridge Market Research analyses that the 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.
Enterprise Asset Management (EAM) is a set of systems, software, and services that can be used to manage and control operational assets as well as the operating system. It is the process of dealing with the lifecycle of physical assets and systems in order to extend their lifespan, improve quality and efficiency, reduce costs, and improve environmental safety. Asset maintenance, scheduling and planning, work management, and supply chain management are all examples of enterprise asset management.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Component (Solution, Services), Organisation Size (Small and Medium-Sized Enterprises, Large Enterprises), Deployment Mode (Cloud, On-Premise), Application (Assets MRO, Non Linear Assets, Linear Assets, Field Service Management), Vertical (IT and Telecom, Healthcare and Life Sciences, Manufacturing, Transportation and Logistics, Government and Defence, Energy and Utilities, Others)
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America
Market Players Covered
General Electric (US), IBM (US), PTC (US), Microsoft (US), Siemens AG (Germany), ANSYS, Inc (US), SAP SE (Germany), Oracle (US), Robert Bosch GmbH (Germany), Swim.ai, Inc. (US)., Atos SE (France), ABB (Switzerland), KELLTON TECH (India), AVEVA Group plc (UK), DXC Technology Company (US), Altair Engineering, Inc (US), Hexaware Technologies Limited (India), Tata Consultancy Services Limited (India), Infosys Limited (Bengaluru), NTT DATA, Inc. (Japan), TIBCO Software Inc. (US)
Enterprise Asset Management Market Dynamics
- Adoption of advanced technologies and rising demand for cloud-based EAM
The emergence of IoT devices in almost all industry verticals, the integration of drone and AI-based asset management, and rising demand for cloud-based EAM solutions are the primary factors driving the enterprise asset management systems market growth. Furthermore, the increasing adoption of advanced technologies for asset lifecycle extension, the emergence of disruptive digital technologies across industry verticals, and technological developments are all contributing to the market's growth. One of the major challenges for the EAM systems market is selecting effective and precise solutions for an organization's business needs.
- Low running cost and better information on capital investment decision
Maintenance costs can be reduced by closely tracking operations, providing better information on capital investment decisions, and integrating maintenance solutions for effective equipment control. Furthermore, this helps to reduce operating costs by lowering material procurement costs, lowering maintenance costs, and increasing project return on investment (ROI). Businesses are lowering their operating costs by implementing the necessary software. With the increasing need for businesses to reduce their maintenance and procurement costs by a significant amount, the enterprise asset management market is expected to grow significantly.
Digitization in various industries opens up new opportunities for businesses to improve customer relationships. Many asset–intensive organisations are focusing their efforts on investing in cutting–edge technologies that will radically transform and improve their operational processes. Asset–intensive businesses succeed and fail in today's highly competitive business environment based on how they manage complexities in the face of increased competition. The next big thing in industrial services would be to accurately forecast the future of physical assets, so best–in–class organisations are embracing emerging technologies such as AR, IoT, AI, predictive maintenance, digital twin, and telematics. The impact of EAM solutions extends beyond simply increasing the bottom line.
Asset–intensive organisations are finding it more difficult to select the right mix of solutions due to increased awareness of EAM utilities and the increased presence of major vendors and specialist solution providers. Despite the fact that some EAM service providers provide free demonstrations of their solutions, there are no specific criteria for selecting the best solution. Organizations prioritise data security because data loss can result in both tangible and intangible losses.
This enterprise asset management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the enterprise asset management market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Enterprise Asset Management Market
The COVID-19 outbreak has posed significant challenges to the global economy and various industry sectors. To meet the needs of the remote workforce, organisations around the world have accelerated the use of cloud-based solutions and services to build resilient and disaster-resistant systems. This has increased demand for public cloud services for industry-specific applications such as collaboration, productivity, and business continuity tools. This outbreak has also caused significant problems in a variety of industries, including manufacturing, BFSI, automotive, and transportation. The majority of EAM platforms include modules for facility management, reporting and analytics, and inventory control, which aid organisations in avoiding costly network downtime.
- Innovapptive Inc. announced the release of mobile solutions for IBM Maximo EAM and Warehouse Management Suite in October 2021. Innovapptive provides IBM Maximo users with three primary products: mWorkOrder (a mobile plant maintenance app), mInventory (a mobile warehouse management app), and mAssetTag (a mobile fixed asset tracking solution).
- In July 2021, Hexagon AB paid USD 2.7 billion in cash and equity for the EAM division of Infor Inc., a cloud technology company. The agreement also establishes ties between Hexagon and Koch Industries, which owns Infor, via a memorandum of understanding, which will result in increased use of Hexagon's solutions in Koch businesses and cross-selling opportunities between customers. Furthermore, this acquisition would assist customers in increasing operational efficiency and driving their digital transformation.
Global Enterprise Asset Management Market Scope
The enterprise asset management market is segmented on the basis of component, organisation size, deployment mode, application and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Small and medium sized enterprises
- Large Enterprises
- Assets MRO
- Non Linear Assets
- Linear Assets
- Field Service Management
- IT and Telecom
- Healthcare and Life Sciences
- Transportation and Logistics
- Government and Defence
- Energy and Utilities
Enterprise Asset Management Market Regional Analysis/Insights
The enterprise asset management market is analysed and market size insights and trends are provided by country, component, organisation size, deployment mode, application and vertical as referenced above.
The countries covered in the enterprise asset management market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.
North America is expected to account for the largest share of the enterprise asset management systems market, followed by Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The region's large share is primarily attributed to the presence of major EAM players as well as several emerging start-ups in the region, early adoption of latest technologies and government investments in advanced technologies, the presence of a highly developed IT infrastructure, the proliferation of cloud-based solutions, and organisations' increasing focus on meeting regulatory and compliance requirements.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Enterprise Asset Management Market Share Analysis
The enterprise asset management market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to enterprise asset management market.
Some of the major players operating in the enterprise asset management market are:
- General Electric (US)
- IBM (US)
- PTC (US)
- Microsoft (US)
- Siemens AG (Germany)
- ANSYS, Inc (US)
- SAP SE (Germany)
- Oracle (US)
- Robert Bosch GmbH (Germany)
- Swim.ai, Inc. (US)
- Atos SE (France)
- ABB (Switzerland)
- KELLTON TECH (India)
- AVEVA Group plc (UK)
- DXC Technology Company (US)
- Altair Engineering, Inc (US)
- Hexaware Technologies Limited (India)
- Tata Consultancy Services Limited (India)
- Infosys Limited (Bengaluru)
- NTT DATA, Inc. (Japan)
- TIBCO Software Inc. (US)
Research Methodology: Global Enterprise Asset Management Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
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, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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