Enterprise Asset Management Market worth $7.6 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO , Jan. 23, 2024 /PRNewswire/ -- The market for enterprise asset management (EAM) will grow as a result of closer integration with cutting-edge technologies like blockchain, artificial intelligence (AI), and the Internet of Things. This will improve cybersecurity and enable more sophisticated predictive maintenance as well as sustainable asset management techniques. A wider use of EAM across industries, a rising emphasis on collaborative ecosystems and industry standards for interoperability, cloud-based solutions, mobile applications for field operations, and an emphasis on user-friendly interfaces are anticipated.

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% during the forecast period, according to a new report by MarketsandMarkets™.

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264 - Tables
51 - Figures
230 - Pages

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Scope of Report

By offering, the solutions segment will hold a larger market size during the forecast period.

Enterprise Asset Management (EAM) solutions are comprehensive software systems designed to manage and optimize the entire lifecycle of an organization's physical assets. These solutions offer a robust framework for asset tracking, maintenance planning, and performance optimization. Core functionalities of EAM systems typically include a Computerized Maintenance Management System (CMMS), which enables organizations to schedule and track maintenance activities, reducing downtime and extending asset lifespan. For instance, Sund & Baelt partnered with IBM to develop an AI-driven IoT solution named IBM Maximo for Civil Infrastructure. This innovative system utilizes sensors and algorithms to extend the operational life of aging infrastructure, including bridges, tunnels, highways, and railways. Through the automation of inspection processes, the company aims to boost productivity by 14-25% and achieve a significant reduction of over 30% in time-to-repair for these critical assets. Asset performance management (APM) is another integral component, focusing on monitoring and enhancing the reliability and efficiency of assets. EAM solutions often incorporate predictive maintenance capabilities, leveraging data analytics and IoT sensors to anticipate equipment failures before they occur, minimizing unplanned downtime and reducing maintenance costs.

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By Application, the facility management segment holds the second-largest market share during the forecast period.

Facility management software supports companies in optimizing the human and material resources required for facility maintenance. This type of software is used by maintenance teams in industries such as construction, real estate, retail, and manufacturing. Companies use facility management software to maintain buildings, properties, plants, warehouses, or infrastructure; this software allows companies to ensure the safety and well-being of their tenants and employees while monitoring maintenance activities and productivity.

By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific (APAC) region is witnessing a significant uptick in the adoption of Enterprise Asset Management (EAM) solutions, propelled by substantial IT investments, widespread cloud adoption, and robust economic growth. Organizations across diverse sectors in APAC recognize the pivotal role of EAM in optimizing asset lifecycle management and operational efficiency. The region's strong economic growth, particularly in manufacturing, utilities, and infrastructure, translates to a growing dependence on high-value assets; this, in turn, fuels the demand for sophisticated EAM tools to ensure optimal asset performance and uptime, maximizing returns on investment. In addition, China, with its burgeoning IoT landscape and ambitious infrastructure plans, is predicted to host over 7.7 billion connected devices by 2030, driving EAM demand. Likewise, India's rapid manufacturing expansion and focus on smart cities act as potent catalysts. Thus, Asia Pacific is at the forefront of the EAM revolution, with its tech-savvy businesses recognizing the immense value these solutions offer in propelling them towards operational excellence and sustainable growth.

Top Key Companies in Enterprise Asset Management Market:

Some of the key players operating in the Enterprise Asset Management Market are – 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).

Recent Developments:

• In June 2023, American racing team AJ Foyt Racing announced a multi-year partnership with IFS to utilize IFS Ultimo's asset management solution for parts management, lifting, and maintenance.
• In October 2022, Hexagon expanded its customer base in Asia Pacific through organic growth and partnerships to optimize digital asset management with the help of HxGN EAM.
• In October 2022, Oracle introduced a new asset-based service solution for Oracle Fusion Cloud Applications Suite. It would help businesses predict and prevent asset downtime by reducing costs, optimizing service efficiency, and enhancing the overall customer experience.
• In September 2022, Hitachi Energy announced that Energinet accelerated its digital transformation by utilizing the Lumada APM solution. The collaboration between the companies would support TSO in better assessing the grid reinvestments needed to achieve their 2030 carbon neutrality goals.
• In January 2021, IBM collaborated with Atos to accelerate digital transformation in enterprises with AI and RedHat Open Shift technologies. The collaboration offers asset life cycle management solutions, asset monitoring and MRO optimization solutions, SMART waste/energy monitoring and optimization solutions, and packaging, transportation, and logistics optimization solutions to end users.

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Enterprise Asset Management Market Advantages:

• EAM solutions facilitate the optimisation of an organization's asset lifespan, encompassing asset procurement, installation, maintenance, repairs, and final disposal. This results in a longer-lasting asset and a lower overall cost of ownership.
• Access to the location, state, and status of assets is possible in real time using EAM systems. Organisations can more easily track asset utilisation, availability, and performance thanks to these improved tracking capabilities.
• EAM solutions use predictive maintenance algorithms and data analytics to enable proactive maintenance planning. This reduces unwanted downtime and increases asset longevity by helping organisations schedule maintenance tasks more effectively.
• Systems for Enterprise Asset Management (EAM) enhance operational efficiency by optimising asset-related workflows and processes. This results in increased productivity overall and includes better scheduling, resource allocation, and work order management.
• EAM solutions serve as a single source of truth for all pertinent data by centralising asset data and documentation. By doing this, errors are decreased, data accuracy is increased, and stakeholders are guaranteed access to current asset information.
• Field personnel and maintenance teams may access vital asset information, update records, and finish work orders while on the go thanks to EAM systems' frequent mobile access features. This results in enhanced teamwork and quicker reaction times.

Report Objectives

• To define, describe, and forecast the Enterprise Asset Management Market based on offerings, applications, deployment models, organization sizes, industry verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 concerning growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the Enterprise Asset Management Market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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