New York, United States , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Enterprise Asset Management Market Size is to Grow from USD 4.97 Billion in 2022 to USD 17.3 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 13.2% during the projected period. The rising adoption of EAM in various applications such as asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, and other applications in several industries including healthcare, education, manufacturing, facility management, energy & utilities, transportation & logistics, government, and others is expected to boost the demand for the enterprise asset management market during the forecast period.
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Enterprise asset management (EAM) refers to a collection of software, systems, and services used to manage and control physical assets and infrastructure. The purpose of EAM is to improve asset quality and efficiency over time, boost productive serviceability, and reduce operating costs. Enterprise asset management is most typically used in firms that rely heavily on expensive and complex physical assets including vehicles, facilities, and heavy gear. The global enterprise asset management market is expected to expand fast due to rising demand for operational efficiency, technological advancements, and increased awareness of the economic benefits of EAM solutions across various industries. Asset management and maintenance get increasingly complicated as a company grows. Enterprise asset management is a means of managing these assets in an organized manner to ensure optimal performance. Furthermore, organizations are increasingly focusing on increasing asset utilization and productivity in order to reduce operational costs and increase market competitiveness. The expansion of smart cities, as well as the introduction of Industry 4.0 and a greater emphasis on sustainability, are all projected to drive demand for advanced enterprise asset management solutions over the projection period.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Enterprise Asset Management Market Size, Share, and COVID-19 Impact Analysis, By Deployment (Cloud, On-premise), By Enterprise (Small & Medium Enterprise, Large Enterprise), By End Use (Healthcare, Education, Manufacturing, Facility Management, Energy & Utilities, Transportation & Logistics, Government, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The on-premise segment is dominating the market with the largest revenue share over the forecast period.
On the basis of deployment, the global enterprise asset management market is segmented into the cloud and on-premise. Among these, the on-premise segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Large enterprises with massive assets and highly confidential data choose to use an on-premise EAM infrastructure to comply with legal duties and appropriate regulations.
The large enterprise segment is expected to hold the largest share of the Global Enterprise Asset Management Market during the forecast period.
Based on the application, the global enterprise asset management market is classified into small & medium enterprise and large enterprise. Among these, the large enterprise segment is expected to hold the largest share of the enterprise asset management market during the forecast period. EAM software is heavily used by large enterprises to improve operational efficiency and gain a competitive advantage. Furthermore, by implementing EAM software, heavy machinery manufacturing companies may comply with industry safety standards and avoid hefty penalties.
The manufacturing segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-uses, the global enterprise asset management market is segmented into healthcare, education, manufacturing, facility management, energy & utilities, transportation & logistics, government, and others. Among these, the manufacturing segment is dominating the market with the largest revenue share of 27.2% over the forecast period. Enterprise asset management (EAM) solutions are becoming more popular in the market as organizations seek to manage and reduce maintenance costs, extend the functional lifespan of their business assets and equipment, streamline workflow, and increase production efficiency.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 36.4% market share over the forecast period. This is due to the region's large share being driven by the rapid implementation of cutting-edge technologies, an increasing number of cloud-based deployments, a well-established IT infrastructure, public investment in emerging technologies, and organizations' increasing emphasis on adhering to regulatory and legal standards. Demand for EAM solutions is fueled by the region's emphasis on maintaining and optimizing existing resources and infrastructure. On the contrary, Asia Pacific is predicted to grow the fastest during the forecast period. The Asia Pacific region is quickly industrializing and urbanizing, which is pushing higher infrastructure and industrial spending. As a result, there is a growing need for efficient EAM solutions. During the forecast period, the Europe market is expected to rise at a significant CAGR.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Major vendors in the Global Enterprise Asset Management Market include AVEVA, Aptean, eMaint, CGI, UpKeep, RFgen Software, AssetWorks, Ramco Systems, IBM, SAP, Hexagon, Hitachi Energy, IFS Intelligent Process Solutions, Accruent, Oracle Corporation, PcsInfinity, AssetWorks, LLC, CGI, Inc., and among others.
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Recent Market Developments
- On February 2023, Yotta Data Services (previously Yotta Infrastructure) has collaborated with Melbourne-based Hardcat Pty Ltd to offer Hardcat Lebosi, an enterprise asset management platform, in India. Hardcat will use Yotta's infrastructure platforms and service delivery capabilities to assist a wide range of enterprise and government organizations with the simplified management of their complex high-value asset footprint throughout its lifecycle.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Enterprise Asset Management Market based on the below-mentioned segments:
Enterprise Asset Management Market, Deployment Analysis
- Cloud
- On-premise
Enterprise Asset Management Market, Enterprise Analysis
- Small & Medium Enterprise
- Large Enterprise
Enterprise Asset Management Market, End Use Analysis
- Healthcare
- Education
- Manufacturing
- Facility Management
- Energy & Utilities
- Transportation & Logistics
- Government
- Others
Enterprise Asset Management Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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