Enterprise Asset Management Market

Market Synopsis:

The Global Enterprise Asset Management Market was valued at USD 3,294.1 Million in the year 2021 and is expected to reach a value of USD 5,374.1 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.20% over the forecast period.

Enterprise Asset Management (EAM) is the ideal lifecycle management solution that addresses an organizations enterprise asset management benefits (EAM). Furthermore, the subjects secured by EAM include tasks, structure, and disposal of production plants, among other things. As a result, businesses can reduce production and maintenance cost and maximizes an enterprise management system. However, apart from that, the rise of EAM has lowered production costs and labor costs, supported profitability, and reduced hardware breakdowns. For these advantages, the Global Enterprise Asset Management (EAM) market is expected to expand gradually during the forecast period. As a result, major players are investing significantly in efforts to perform better traditional asset management for their businesses. As a result, companies are looking for additional benefits from Enterprise Asset Management solutions.

The latest industry trend includes Enterprise Asset Management solutions that include several other important factors, such as energy usage, lifecycle costs, maintenance histories, warranty catalogs, purchase orders, audit records, and others. In addition Enterprise Asset Management (EAM) helps in providing access to organizational asset information to every department and employee at every location.

Market Segmentation:

The Enterprise Asset Management Market is segmented on the basis of Component, Application, Deployment Model, Organization Size, Verticals, and Region. Based on the Component, the market is further sub-segmented into Solutions and Services. Furthermore, based on the segment Application, the market is sub-segmented as Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Predictive Maintenance, and Facility Management. Based on Deployment Model, the market is sub-segmented as On-Premises and Cloud. In addition, based on the Organization category, the market is further sub-categorized into Small & Medium-sized Enterprises (SMEs) and Large Enterprises. Finally, based on the component Verticals, the market is sub-components as Energy & Utilities, Transportation & Logistics, Government & Public Sector, IT & Telecommunications, Manufacturing, Healthcare & Life Sciences, Education, and Other Verticals.

Based on Component:

Based on the segment Components, the Solutions sub-segment is expected to account for the largest share of the Enterprise Asset Management Market. The growing demand for advanced Solutions for robust & cost-effective EAM systems, the increasing need for innovative technologies to help predict, report, & prevent system errors, and the growing inclination of companies to control costs with less maintenance is driving the large share of this sub-segment. On the other hand, the Services segment is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period, owing to the rising demand for managed and professional services in SMEs for smooth operations.

Based on Deployment:

Based on the segment Deployment, in the forecast period, the On-Premises sub-segment is expected to report the highest share. This contribution can be attributed to the increasing security concerns associated with Cloud-based deployment, the customization capabilities provided by On-Premises Deployment, and the growing need for improved organizational control and data security. On the other hand, the Cloud-Based sub-category is expected to grow at the fastest Compound Annual Growth Rate (CAGR) owing to rising digitization, adoption of Cloud-Based Enterprise Asset Management (EAM) solutions, and an increasing number of large enterprises using cloud platforms.

Asia Pacific is projected to Grow at the Fastest CAGR during the Forecast Period

The Asia Pacific is one of the fastest-growing regions, and demand for digitalization is fuelled by various government and large-scale company efforts in the region. China, Japan, Australia, Singapore, India, and Indonesia are at the forefront of technology adoption, embracing cutting-edge technologies like AI, edge, IoT, analytics, and cloud. The difficulty of manually managing workloads and applications has increased due to the increasing usage of cloud technologies and the growing volume of data, which will be a significant driver driving the adoption of Enterprise Asset Management (EAM) among organizations in this region. In addition, the cost-effectiveness and ease of Deployment of cloud services will be essential drivers in enterprise adoption of cloud technologies. IBM, Infor, IFS, and SAP are some of the top vendors in the region.

Competitive Landscape:

The key players in the Global Enterprise Asset Management Market include- IBM (US), and others.

Segmentation of the Global Enterprise Asset Management Market: