London, June 22, 2021 (GLOBE NEWSWIRE) -- According to a new market research report “Enterprise Asset Management Market by Application (MRO, Linear Assets, FSM), Offering, Organization Size, Deployment, Industry Verticals (IT, Automotive, BFSI, Healthcare, Retail, Energy, Manufacturing), and Geography- Global Forecast to 2027”, published by Meticulous Research®, the enterprise asset management market is expected to reach $8.6 billion, at a CAGR of 9.5% during the forecast period of 2020 to 2027.
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Several organizations are switching to digital records and implementing new technologies such as cloud computing, IoT, and 5G among others. Organizations aim to maximize the efficiency and cost-effectiveness of their assets throughout their lifespan. Enterprise Asset Management (EAM) systems ensure that asset-intensive enterprises get a holistic view of assets across all locations, facilities, business units, or departments. This system comes with various benefits, including speedy maintenance routines, easier contract management, better organization, simplified asset tracking, and much more. EAM solutions & services serve every facet of an organization that has to do with asset management. It incorporates functions like investment strategies, portfolio planning, design & construction, maintenance, rehabilitation, replacement, and assets disposal. Besides, it helps eliminate the need for costly emergency repairs, increasing asset lifecycle and uptime through predictive maintenance, condition tracking, and preventative upkeep. Several organizations invest heavily to reap profits in highly dynamic and competitive market environments.
The growth of the overall enterprise asset management market is primarily attributed to the growing demand for cloud-based EAM solutions, the emergence of IoT devices in industry verticals, and the integration of drone & AI-based asset management. Furthermore, the rise in the adoption of advanced technologies for extending asset lifecycle and increasing integration of predictive analytics in EAM solutions are further contributing to the growth in the enterprise asset management market over the coming years. However, concerns regarding data security and confidentiality and the global impact of COVID-19 on different industry verticals may obstruct the growth of the enterprise asset management market growth during the forecast period. While developed economies offer technological growth opportunities through the proliferation of advanced technologies, the ongoing digital transformation initiatives by the government across emerging economies such as Asia- Pacific and Latin America are likely to offer high growth opportunities for vendors operating in the market.
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The enterprise asset management market is mainly segmented into application (assets maintenance, repair, & operations (MRO), non-linear assets, linear assets, field service management (FSM)), by offering ((solutions (labor management, predictive maintenance, facility management, reporting and analytics, asset lifecycle management, inventory management, work order management), services (managed services, professional services)), by organization size (small & medium enterprises (SMEs), large enterprises), by deployment mode (on premise, cloud-based), by industry verticals (IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, manufacturing), and geography.
Based on offering, the enterprise asset management market is segmented into solutions and services. The solutions segment is segmented into labor management, predictive maintenance, facility management, reporting and analytics, asset lifecycle management, inventory management, and work order management. The services segment is further segmented into managed services and professional services. The solutions segment held the largest share and fastest growth in 2020, owing to the increasing demand for advanced solutions for robust and cost-effective EAM systems, rising need for innovative technologies for predicting & preventing system errors, growing inclination of companies towards controlling cost with lesser maintenance, and procurement expenses.
Based on deployment mode, the enterprise asset management market is further classified into on premise and cloud-based deployment. In 2020, the on-premise segment dominated the overall enterprise asset management market. This segment is expected to dominate the market in the forecast period. This is mainly attributed to the growing security issues related to cloud deployment, customization abilities offered by on premise deployment, and the increasing need for better organizational control & data security. However, the cloud segment is expected to grow with the fastest CAGR during the forecast period. This is mainly driven by the increasing adoption of cloud-based solutions & services, the rising digitization across industry verticals, and the increasing number of large enterprises using cloud platforms.
Based on organization size, the enterprise asset management systems market is further classified into small & medium enterprises (SMEs) and large enterprises. In 2020, the small & medium enterprises segment dominated the overall enterprise asset management market. This segment is expected to dominate the market in the forecast period, mainly due to the increasing digitization and emergence of IoT devices in industry verticals, the proliferation of cloud-based solutions, the rising need for innovative technologies for predicting & preventing system errors, and the growing demand for SMEs in the coming years. Besides, the growing inclination of companies towards controlling cost with lesser maintenance, rising adoption of advanced technologies such as AI & IoT for extending the asset lifecycle is encouraging the fast growth of small & medium enterprises (SMEs) in the enterprise asset management market.
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Based on application, the enterprise asset management market is segmented into assets maintenance, repair, & operations (MRO), non-linear assets, linear assets, and field service management (FSM). In 2020, the linear assets segment dominated the enterprise asset management market. This is mainly attributed to the increasing demand for robust and cost-effective applications to strengthen IT infrastructure, rising adoption of advanced technologies for extending asset lifecycle, and increasing investment by organizations in enterprise asset management software. However, the assets maintenance, repair, & operations (MRO) segment is expected to grow with the fastest CAGR during the forecast period, driven by the increasing adoption of cloud-based EAM solutions and the increasing need to optimize work efficiency & save money.
Based on vertical, the enterprise asset management market is classified into IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, and manufacturing. In 2020, the energy & utilities segment dominated the overall enterprise asset management market. This segment is expected to dominate the market in the forecast period. This is primarily attributed to the rising digitalization in the energy & utilities industry, the advent of industry 4.0, and the increasing need to prevent machine malfunctions. However, the automotive & transportation sector is expected to grow with the fastest CAGR during the forecast period, mainly driven by surging demand for connected automated vehicles, the growing number of electronics contents per vehicle, reinforcement of mandates by regulatory bodies for vehicle data protection, and the increasing number of cloud-based applications.
Geographically, the enterprise asset management market is segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2020, North America was estimated to account for the largest share of the global enterprise asset management market, followed by Europe and Asia-Pacific. The large share of this region is primarily attributed to the presence of major players along with several emerging startups in the region, presence of IT infrastructure, the proliferation of cloud-based solutions, early adoption of latest technologies and government investments in advanced technologies, increasing focus of organizations towards meeting regulatory and compliance requirements, and the emergence of disruptive digital technologies. Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the rising consumption of connected IoT devices, adoption of advanced technology for predictive maintenance, rise in the number of EAM start-ups, with government funding and initiatives for new entrants, growing investments by private & public players for the better management of their assets & equipment, and rising demand for robust and cost-effective EAM solutions.
The key players operating in the global enterprise asset management market are SAP SE (Germany), IBM Corporation (U.S.), Oracle Corporation (U.S.), IFS AB (Sweden), UpKeep Maintenance Management (U.S.), Sage Group plc (U.K.), Ultimo Software Solutions (U.S.), eMaint Enterprises, LLC (U.S.), ABB Ltd. (Switzerland), Aptean (U.S.), CGI Inc. (Canada), IPS (Germany), Maintenance Connection (Accurent) (U.S.), AssetWorks, LLC (U.S.), Infor (U.S.), and SSG Insight Ltd (U.K.) among others.
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Scope of the Report:
Enterprise Asset Management Market by Application
- Assets Maintenance, Repair, and Operations (MRO)
- Non-linear Assets
- Linear Assets
- Field Service Management (FSM)
Enterprise Asset Management Market by Offering
- Solutions
- Labor Management
- Predictive Maintenance
- Facility Management
- Reporting and Analytics
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Services
- Managed Services
- Professional Services
Enterprise Asset Management Market by Organization Size
- SMEs
- Large Enterprises
Enterprise Asset Management Market by Deployment Mode
- On-premises
- Cloud
Enterprise Asset Management Market by Industry Vertical
- IT & Telecom
- Government & Defense
- Automotive & Transportation
- BFSI
- Healthcare
- Retail
- Energy & Utilities
- Manufacturing
Enterprise Asset Management Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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