|Status : Published
|Published On : Jan, 2023
|Report Code : VRICT5128
|Industry : ICT & Media
|Available Format :
|Page : 181
The global Enterprise Asset Management (EAM) Market is projected to reach USD 9.8 billion by 2030, registering a CAGR of 13.8% during the forecast period. Increasing adoption of EAM for effective utilization of assets, and reduced maintenance and procurement expenses, propelling the growth of the market.
Insight by Component
On the basis of components, the global enterprise asset management market is categorized into software, service, and solution, wherein the software category accounted for the largest share in 2020. The category is expected to lead throughout the forecast period owing to the mounting need for effective capital planning processes, asset maintenance, and operations.
Further, the software category is sub-segmented into linear assets, field service management, non-linear assets, assets maintenance, repair, and operations.
Further, the service category is sub-categorized into managed and professional.
Further, the solution category is sub-segmented into planning and forecasting, logistics and inventory, network field operations, asset transfer and retirement, and procurement of material.
Insight by Deployment Type
On the basis of deployment type, the global enterprise asset management market is divided into on-premises and cloud-based EAM. Among the two categories, the cloud-based category is expected to witness faster growth during the forecast period owing to its beneficial features such as no additional investments required for hardware and also offers improved accessibility to organizations.
Insight by Enterprise Size
Based on enterprise size, the global enterprise asset management market is categorized into large enterprises and small and medium enterprises (SMEs). Of all, the SME category is expected to witness the fastest growth during the forecast period.
Insight by Industry
On the basis of industry, the global enterprise asset management market can be segmented into manufacturing, oil & gas, energy and utilities, government, transportation and logistics, healthcare, and others. Of all, the retail, metal, and mining sector is expected to witness the fastest growth during the forecast period owing to growing retail business worldwide, with the opening of more supermarkets, stores, and hypermarkets in developing nations, and moreover, to speed up the store activities, new players are adopting EAM solutions.
Global Enterprise Asset Management (EAM) Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. 9.8 Billion
Segments Covered in the Report
By Component, By Deployment Type, By Enterprise Size, and By Industry
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
The Enterprise Asset Management (EAM) market has a global geographical coverage. EAM solutions are utilized by organizations across various industries and sectors around the world. Some of the key regions where EAM solutions are commonly implemented include:
North America: This region, comprising the United States and Canada, has a mature EAM market. Many large enterprises across industries such as manufacturing, energy, utilities, and transportation have implemented EAM systems to manage their assets effectively.
Europe: European countries, including the United Kingdom, Germany, France, and the Nordic countries, have a significant presence in the EAM market. Industries such as oil and gas, manufacturing, and infrastructure management rely on EAM solutions to optimize asset performance and maintenance.
Asia Pacific: The Asia Pacific region, with countries like China, Japan, India, and Australia, is witnessing rapid growth in the EAM market. Expanding industries such as manufacturing, energy, and utilities are adopting EAM solutions to enhance operational efficiency and asset utilization.
Middle East and Africa: The Middle East and Africa have a growing EAM market, driven by industries such as oil and gas, utilities, and construction. Countries like Saudi Arabia, United Arab Emirates, and South Africa are witnessing increased adoption of EAM solutions to optimize asset performance.
It's important to note that the geographical coverage of the EAM market is not limited to these regions alone. EAM solutions are implemented worldwide, as organizations across different sectors recognize the value of effectively managing their assets to improve operational efficiency and reduce costs.
The Global enterprise asset management market has been driven by several key factors, predominantly increasing adoption of EAM for effective utilization of assets, reduced maintenance and procurement expenses, and improved return on assets.
Increasing demand for cost optimization and asset performance: Organizations across various industries are looking to maximize the lifespan and productivity of their assets while minimizing maintenance costs. EAM solutions help companies achieve these goals by enabling proactive maintenance planning, optimizing resource allocation, and reducing unplanned downtime.
Integration of EAM with other business systems: EAM software is being integrated with other enterprise systems such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems. This integration enables seamless data exchange and provides a holistic view of asset-related information, enabling better decision-making and resource allocation.
Rise of cloud-based EAM solutions: Cloud-based EAM solutions are gaining popularity due to their scalability, flexibility, and cost-effectiveness. These solutions eliminate the need for on-premises infrastructure and allow remote access to asset information, enabling real-time collaboration and decision-making.
Focus on regulatory compliance and risk management: Industries such as manufacturing, energy, and utilities are subject to strict regulations and compliance requirements. EAM systems help organizations meet these regulatory standards by providing documentation, audit trails, and maintenance records.
Increasing adoption of enterprise asset management by enterprises to efficiently manage assets, machines, IT, buildings, and others. EAM also helps in reducing machine downtime by preventing the malfunction of machines or equipment, with the timely maintenance of assets.
The robotic process automation (RPA) market is a rapidly growing industry that involves the use of software robots or "bots" to automate repetitive and rule-based tasks typically performed by humans. RPA technology allows organizations to streamline their business processes, improve operational efficiency, reduce costs, and enhance overall productivity.
Key factors hindering the growth of the enterprise asset management market are high deployment costs for SMEs, frequent changes in technology, and lack of expertise.
Market players in the global enterprise asset management industry are majorly focusing on mergers & acquisitions to expand their customer base. For example, in November 2018, Bentley Systems Incorporated acquired ACE Enterprise Slovakia. With this acquisition, the company aims to increase the scope of knowledge that can be accessed through AssetWise. In April 2017, ABB Ltd., and International Business Machines (IBM) Corporation collaborated to expand and upgrade ABB’s existing asset and analytics implementation with IBM Watson’s cognitive abilities and ABB Agility.
Some of the key players operating in the global enterprise asset management market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for the estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising consumers are also conducted to understand consumer behavior.
The Enterprise Asset Management (EAM) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Source: VynZ Research
Source: VynZ Research