Chicago, Feb. 05, 2024 (GLOBE NEWSWIRE) -- The Enterprise Asset Management Market is expected to grow from USD 4.7 billion by 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, according to a new report by MarketsandMarkets™.
The compatibility of SaaS-based solutions with new technologies such as AI, IoT, and analytics is the primary factor for the inclination of end users toward SaaS-based enterprise asset management.
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Enterprise Asset Management Market Dynamics:
Drivers:
- Predictive and preventive maintenance to extend life of assets.
- Emergence of technologies to offer competitive advantage.
- Rise in need for 360-degree view of assets
- Need to overcome unplanned downtime to prevent losses.
Restraints:
- Regulatory compliance issues
- Concerns over data security & confidentiality
Opportunities:
- Data-driven asset management
- Inclination of organizations toward cloud-based systems
- Need for remote asset management with outbreak of COVID-19
List of Key Players in Enterprise Asset Management Market:
- IBM (US)
- SAP (Germany)
- Oracle (US)
- Hexagon (Sweden)
- IFS (Sweden)
- Hitachi Energy (Switzerland)
- IFS Intelligent Process Solutions (Germany)
- Accruent (US)
- AVEVA (UK)
- Aptean (US)
- eMaint (US)
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Based on the offering, the services segment will grow at the highest CAGR during the forecast period. Services in the Enterprise Asset Management (EAM) market play a vital role in ensuring the successful implementation, operation, and continuous improvement of asset management solutions. Professional services, including consultancy, implementation, and training, are essential for organizations looking to tailor EAM systems to their specific needs and industry requirements. Experienced consultants guide businesses through the intricacies of integrating EAM solutions, enabling a smooth and effective deployment. Meanwhile, managed services provide ongoing support and maintenance, ensuring the EAM system operates optimally and remains aligned with evolving business needs. In the dynamic landscape of asset management, where technology evolves and organizational requirements change, these services become crucial for keeping EAM solutions up-to-date, secure, and efficient.
Based on the deployment model, the cloud segment will grow at a higher CAGR during the forecast period. Cloud-based Enterprise Asset Management (EAM) solutions represent a modern and scalable approach to asset management, where the software and data are hosted on remote servers and accessed over the internet. Unlike traditional on-premises solutions, cloud-based EAM eliminates the need for organizations to invest in and maintain their physical infrastructure. This model enables seamless and cost-effective scalability, allowing businesses to adapt their EAM capabilities according to changing needs. Cloud-based EAM solutions offer the advantage of accessibility from anywhere with an internet connection, promoting collaboration among geographically dispersed teams. These solutions often incorporate advanced analytics, artificial intelligence, and machine learning capabilities, providing organizations with valuable insights to optimize asset performance, reduce downtime, and enhance overall operational efficiency.
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Based on vertical, the manufacturing vertical will hold the largest market share in 2023. EAM systems enable manufacturers to manage their diverse physical assets effectively throughout their entire lifecycle, from procurement, installation, maintenance, and eventual decommissioning. In the manufacturing industry, where precision and reliability are paramount, EAM solutions play a pivotal role in streamlining maintenance schedules, minimizing equipment failures, and extending the lifespan of critical machinery. Implementing EAM also facilitates predictive maintenance practices, leveraging data analytics and IoT sensors to predict and prevent potential issues before they disrupt operations. This proactive approach reduces maintenance costs and ensures a smoother production process, thereby contributing to overall cost savings and increased competitiveness. As manufacturers increasingly recognize the value of data-driven decision-making, integrating EAM solutions has become a cornerstone for achieving operational excellence and gaining a competitive position in the market.
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