Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The enterprise asset management market is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8%
The market study covers the enterprise asset management market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, application, deployment model, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Predictive and preventive maintenance to extend the life of assets and the emergence of technologies to offer competitive advantage will drive the demand for the enterprise asset management market. Integration of enterprise asset management systems with third-party ERP systems and cybersecurity concerns are significant challenges for the growth of the enterprise asset management market.
The adoption of Enterprise Asset Management (EAM) solutions in Europe reflects a region at the forefront of technological innovation and digital transformation. European organizations across diverse industries leverage advanced technical infrastructure to enhance asset management processes. Robust IT investments contribute to implementing sophisticated EAM solutions, enabling businesses to optimize asset lifecycles, improve maintenance strategies, and ensure regulatory compliance.
The adoption of cloud-based and Software-as-a-Service (SaaS) EAM solutions is gaining prominence, allowing organizations to leverage scalable and flexible platforms. This shift towards cloud and SaaS investments facilitates real-time data access, collaboration, and remote asset management capabilities. In addition, sustainability is becoming a top priority for European businesses. EAM solutions can contribute by optimizing resource utilization, reducing energy consumption, and minimizing waste generation; this aligns with evolving consumer preferences and corporate social responsibility goals.
Some of the significant vendors offering enterprise asset management software across the globe include 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), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).
As per the services, the managed services segment is expected to grow at a higher CAGR during the forecast period.
Security systems must be regularly upgraded to counter new threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies rapidly outsource their asset security concerns to specialized service providers such as Managed Security Service Providers (MSSPs). Managed services secure data generated from assets and provide confidentiality, integrity, and availability. Regulatory compliances are achieved, and the reduction in data breaches and protection of intellectual property is guaranteed.
In addition, maintenance outsourcing also plays a significant role in the enterprise asset management market by offering organizations a strategic approach to managing their assets efficiently. Outsourcing maintenance activities to specialized service providers allows companies to tap into external expertise, benefit from industry best practices, and focus on their core business functions. It provides a cost-effective solution, as organizations can access a pool of skilled professionals without requiring extensive in-house training and resource allocation.
As per vertical, the energy & utilities vertical to hold second largest market share in 2023
EAM solutions play a pivotal role in the energy & utilities sector by providing a comprehensive platform for managing diverse assets, including power plants, pipelines, grid infrastructure, and utility equipment. These solutions help organizations optimize asset lifecycle management, streamline maintenance processes, and implement predictive maintenance strategies to reduce downtime and enhance operational efficiency. In the context of renewable energy sources, EAM solutions aid in monitoring and maintaining assets like wind turbines and solar panels, contributing to the sustainability and reliability of the energy supply.
Integrating EAM with Internet of Things (IoT) technologies allows real-time equipment health monitoring, enabling proactive decision-making. Additionally, EAM solutions assist in compliance management, ensuring adherence to safety and environmental regulations. As the Energy and Utilities sector undergoes digital transformation, adopting EAM solutions becomes instrumental in achieving cost savings, maximizing asset performance, and ensuring the resilience of critical infrastructure.
The report provides insights on the following pointers:
- Analysis of key drivers (predictive and preventive maintenance to extend the life of assets, emergence of technologies to offer competitive advantage, growing need for a 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 towards cloud-based EAM, need for remote asset management with the outbreak of COVID - 19), and challenges (integration of enterprise asset management systems with third-party ERP systems, cybersecurity concerns) influencing the growth of the enterprise asset management market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the enterprise asset management market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the enterprise asset management market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the enterprise asset management market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden) among others in the enterprise asset management market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 259 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $4.7 Billion |
| Forecasted Market Value (USD) by 2028 | $7.6 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
Companies Featured
- IBM
- SAP
- Oracle
- Hexagon
- Ifs
- Hitachi Energy
- Ips Intelligent Process Solutions
- Accruent
- Aveva
- Aptean
- Emaint
- Cgi
- Upkeep
- Rfgen Software
- Assetworks
- Ramco Systems
- Asset Panda
- Ezofficeinventory
- Pazo
- Ezmaintain
- Innomaint
- Asset Infinity
- Fracttal
- Kloudgin
- Limble Cmms
- Fiix
- Cheqroom
- The Asset Guardian
- Fleetio
- Gocodes
- Redlist
- Aladdin
For more information about this report visit https://www.researchandmarkets.com/r/j8pl7s
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
