The Global Enterprise Asset Management (EAM) Market Size accounted for USD 5.7 Billion in 2022 and is projected to achieve a market size of USD 25.9 Billion by 2032 growing at a CAGR of 16.3% from 2023 to 2032.
Enterprise Asset Management Market Key Highlights
Enterprise asset management (EAM) refers to the process of managing an organization's physical assets throughout its entire lifecycle, from acquisition to disposal. This includes tracking the assets' maintenance, repairs, upgrades, and replacements, as well as their location, usage, and performance. The primary goal of EAM is to maximize asset uptime, optimize its use, reduce costs, and ensure compliance with regulatory standards.
The EAM market has been growing steadily over the past few years, driven by the increasing demand for asset optimization, predictive maintenance, and regulatory compliance. The growth is driven by the increasing need for organizations to optimize their asset utilization, reduce maintenance costs, and improve return on investment (ROI). Furthermore, the rise of cloud-based EAM solutions, the growing adoption of the Internet of Things (IoT) in asset management, and the integration of Artificial Intelligence (AI) and Machine Learning (ML) are also contributing to the market growth.
The EAM market is also witnessing significant growth due to the increasing demand from industries such as manufacturing, energy and utilities, transportation and logistics, and healthcare. These industries require efficient management of their critical assets to ensure operational efficiency and reduce downtime, leading to increased demand for EAM solutions.
Global Enterprise Asset Management Market Trends
Enterprise Asset Management Market Report Coverage
|Market||Enterprise Asset Management Market|
|Enterprise Asset Management Market Size 2022||USD 5.7 Billion|
|Enterprise Asset Management Market Forecast 2032||USD 25.9 Billion|
|Enterprise Asset Management Market CAGR During 2023 - 2032||16.3%|
|Enterprise Asset Management Market Analysis Period||2020 - 2032|
|Enterprise Asset Management Market Base Year||2022|
|Enterprise Asset Management Market Forecast Data||2023 - 2032|
|Segments Covered||By Component, By Deployment Model, By Organization Size, By Application, By Industry Vertical, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||IBM Corporation, SAP SE, Oracle Corporation, Infor Inc., IFS AB, ABB Ltd., Schneider Electric SE, CGI Inc., Siemens AG, UpKeep Maintenance Management, Fingent Corporation, and Aptean.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Enterprise asset management aids companies and enterprises in minimizing their overall downtime as well as increasing the overall efficiency of their production through real-time monitoring of solutions. Owing to the increasing number of healthcare and government organizations adopting advanced enterprise asset management solutions, the global enterprise asset management market has witnessed a tremendous increase across all the crucial economies, globally. Moreover, rising infrastructural development across the globe coupled with increasing spending on information & communication technologies, especially in the field of asset management are some of the key factors driving the overall demand for enterprise asset management.
The enterprise asset management market is anticipated to witness a moderate pace of growth over the forecast period. In addition, North America is projected to account for the largest share of the global enterprise asset management market. It is also expected to register the highest adoption of enterprise asset management solutions over the forecast period. Furthermore, the long-term benefits of adopting enterprise asset management solutions can furnish and aid the enterprise and organizations to narrow down overall costs related to several business operations and processes and improve the maintenance and management control of their respective assets.
Some of the key factors supporting the market growth include a rapid paradigm shift towards cloud-based services and the rising trend of the internet of things. Also, organizations are gradually investing in software as a substitute for manual human labor which is a key factor expected to bolster the growth of the global enterprise asset management market over the forecast period. However, high initial costs associated with implementing and designing enterprise asset management solutions are a key factor hampering the growth of the global enterprise asset management market. In addition, the lack of strategic planning after the installation of enterprise asset management solutions coupled with the lack of skilled labor required to manage enterprise asset management processes is some other key aspects anticipated to hinder the growth of the global enterprise asset management market over the forecast period.
Enterprise Asset Management Market Segmentation
The global enterprise asset management market segmentation is based on component, deployment model, organization size, application, industry vertical, and geography.
Enterprise Asset Management Market By Component
According to enterprise asset management industry analysis, the solution segment held the largest market share in 2022. EAM software helps organizations manage their assets effectively by providing features such as asset tracking, maintenance management, and real-time monitoring. The increasing need for organizations to optimize their asset utilization and reduce maintenance costs is driving the demand for EAM software. Cloud-based EAM solutions offer several benefits, such as lower implementation costs, scalability, and the ability to access real-time data from anywhere. These solutions also provide better security and backup options, as well as automatic updates, reducing the need for manual maintenance. Additionally, cloud-based EAM solutions enable organizations to deploy the latest technologies, such as IoT and AI, for better asset tracking and maintenance.
Enterprise Asset Management Market By Deployment Model
In terms of the deployment model, the on-premises segment is dominating the market in 2022. On-premises EAM solutions involve the installation of the software on the organization's own servers and infrastructure and the management of the software and data in-house. This segment is expected to experience slower growth than cloud-based solutions due to the higher costs and limitations of on-premises solutions. However, some organizations still prefer on-premises EAM solutions due to data security and privacy concerns or because their IT infrastructure is not compatible with cloud-based solutions. On-premises solutions also offer more customization options and greater control over the software and data.
Enterprise Asset Management Market By Organization Size
According to the enterprise asset management market forecast, the SME (Small and Medium-sized Enterprises) segment is expected to witness significant growth in the coming years. The adoption of cloud-based EAM solutions is particularly attractive to SMEs due to their lower implementation costs and scalability. These solutions also offer SMEs the ability to access real-time data from anywhere, which can be particularly beneficial for remote workers. Additionally, cloud-based solutions provide SMEs with the latest technologies, such as IoT and AI, for better asset tracking and maintenance, without the need for costly in-house IT resources. Moreover, some EAM vendors are also offering more affordable solutions specifically designed for SMEs, with features and pricing that cater to their needs.
Enterprise Asset Management Market By Application
Based on the application, the asset lifecycle management segment is expected to witness significant growth in the coming years. This segment includes features such as asset tracking, maintenance planning, and inventory management. Asset lifecycle management solutions help organizations optimize their asset utilization, reduce maintenance costs, and improve overall operational efficiency. The asset lifecycle management segment is expected to grow at a significant rate during the forecast period, driven by the increasing need for organizations to manage their assets more efficiently. Asset lifecycle management solutions provide a comprehensive approach to asset management, enabling organizations to track and manage assets from the moment of acquisition until the end of their useful life. This approach includes maintenance planning and scheduling, monitoring asset performance, and determining the optimal time for disposal or replacement.
Enterprise Asset Management Market By Industry Vertical
In terms of industry verticals, the IT and telecommunications sector has been experiencing significant growth in recent years. This growth is driven by several factors, including the increasing adoption of cloud-based EAM solutions, the need for more efficient asset management in data centers, and the increasing use of IoT and AI technologies in asset tracking and maintenance. Cloud-based EAM solutions are particularly attractive to organizations in the IT and telecommunications sector due to their scalability, cost-effectiveness, and ease of access from anywhere. These solutions provide real-time data on asset performance, enabling organizations to make data-driven decisions about maintenance and replacement. Additionally, data centers require specialized asset management solutions to manage their complex infrastructure and optimize resource utilization.
Enterprise Asset Management Market Regional Outlook
The Middle East & Africa
Enterprise Asset Management Market Regional Analysis
North America is dominating the enterprise asset management (EAM) market due to several factors. The region has a well-established IT infrastructure and a large number of industries that require asset management solutions, including manufacturing, healthcare, and transportation. Additionally, North America has a highly developed economy with a high level of automation and digitalization, making it a mature market for EAM solutions. Furthermore, North America has a significant number of EAM vendors and service providers, which contribute to the region's dominance in the market. These vendors offer a wide range of solutions, from on-premises to cloud-based EAM solutions, providing organizations with a variety of options to choose from. The presence of large EAM vendors, such as IBM and Oracle, further strengthens the market's position in the region. Moreover, the increasing adoption of advanced technologies, such as IoT and AI, is driving the growth of the EAM market in North America.
Enterprise Asset Management Market Player
Some of the top enterprise asset management market companies offered in the professional report include IBM Corporation, SAP SE, Oracle Corporation, Infor Inc., IFS AB, ABB Ltd., Schneider Electric SE, CGI Inc., Siemens AG, UpKeep Maintenance Management, Fingent Corporation, and Aptean
The market size of enterprise asset management was USD 5.7 Billion in 2022.
The CAGR of Enterprise Asset Management is 16.3% during the analysis period of 2023 to 2032.
The key players operating in the global market are including IBM Corporation, SAP SE, Oracle Corporation, Infor Inc., IFS AB, ABB Ltd., Schneider Electric SE, CGI Inc., Siemens AG, UpKeep Maintenance Management, Fingent Corporation, and Aptean.
North America held the dominating position in enterprise asset management industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of enterprise asset management during the analysis period of 2023 to 2032.
The current trends and dynamics in the enterprise asset management industry include growing adoption of cloud-based EAM solutions, and integration of AI and ML in EAM software.
The solution component held the maximum share of the enterprise asset management industry.