PUBLISHER: SkyQuest | PRODUCT CODE: 1270729
PUBLISHER: SkyQuest | PRODUCT CODE: 1270729
Global Enterprise Asset Management Market size was valued at USD 3295.7 million in 2021 and is poised to grow from USD 3564.11 million in 2022 to USD 6695.29 million by 2030, growing at a CAGR of 8.2% in the forecast period (2023-2030).
The global Enterprise Asset Management (EAM) market is a rapidly growing market due to the increasing demand for better management of assets across various industries. EAM software helps organizations in managing their assets, including physical and digital assets, by providing real-time information on asset health, utilization, and maintenance. This helps organizations optimize their asset utilization and reduce maintenance costs. The market is driven by the need to increase operational efficiency, reduce downtime, and improve asset reliability. Cloud-based EAM solutions are gaining popularity due to their flexibility, scalability, and cost-effectiveness.
Top-down and bottom-up approaches were used to estimate and validate the size of Enterprise Asset Management market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global enterprise asset management market segmentation is based on component, application, deployment, organization size, verticals and region. Based on component the market is segmented as solutions and services. Based on the application the market is segmented as asset lifecycle management, inventory management, work order management, labor management, predictive maintenance and facility management. Based on deployment the market is segmented as On-premises, cloud. Based on Vertical the market is segmented as energy and utilities, transportation and logistics, government and public sector, IT & telecommunications, manufacturing, healthcare and life sciences, education, and others. Based on Organization size the market is segmented as Small and Medium-sized Enterprises (SMEs), Large Enterprises. On the basis of region, the market is segmented as North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The global enterprise asset management market is undergoing a significant transformation due to the emergence of advanced technologies, such as the Industrial Internet of Things (IIoT). The rapid adoption of IoT is fueling the demand for EAM systems, which can efficiently track and acquire procurement data from remote locations. Integrating IIoT with EAM systems can provide valuable information and insights.
Restrain
Enterprise Asset Management (EAM) systems have become a critical operational platform, but implementing them can be challenging for organizations with diverse functional domains. It is crucial for asset managers to possess a thorough understanding of the work processes of assets or components that could be impacted during implementation. Successful implementation requires cross-functional coordination, as it impacts people, processes, and technologies.
Trend
Cloud-based EAM solutions have gained popularity among businesses as they navigate remote work and seek to maintain operational efficiency. The surge in demand for EAM in 2020 is attributed to the effective asset management capabilities of cloud-based systems. Many businesses have implemented work-from-home models to prioritize employee wellness and safety, which has fueled the need for cloud-based solutions. The demand for EAM solutions is expected to continue to rise as more businesses upgrade their IT infrastructure.