In terms of revenue, the Global Enterprise Asset Management Market is expected to reach USD 5,374.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 8.5% from 2022 to 2028.
The growing usage of Internet of Things (IoT) platforms, devices to manage enterprise assets, and a surge in demand for cloud-based Enterprise Asset Management (EAM) solutions & services are expected to drive future market growth.
Key Highlights from Report:
- The Asset Lifecycle Management sub-segment held a considerable share in the market in 2021. The Asset Lifecycle Management sub-segment optimizes profits generated by various assets throughout the asset's lifecycle. It includes a few inter-management operations, such as rigorous project execution, comprehensive asset portfolio management, and effective and efficient asset management practices, helping deliver decided outcomes. It helps increase organizational productivity by assisting end-users in making final decisions on IT needs and services.
- Based on Industry Verticals, the Energy & Utility sub-sector accounted for the largest share in 2021. This is due to the rising digitalization in the Energy & Utility industry, the increasing need to prevent machine malfunctions, and the advent of industry 4.0. Additionally, the Automotive & Transportation sector is poised to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributed to the surge in demand for connected automated vehicles, a growing number of electronics contents per vehicle, reinforcement of mandates by regulatory bodies for vehicle data protection, and the increasing number of cloud-based applications.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is owing to the technology adoption and the demand for digitization driven by various initiatives by governments and large firms in the region. Countries such as Japan, Australia, China, Singapore, India, and Indonesia are leading in technology adoption, including new-age technologies such as AI, edge, and IoT, to name a few. In addition, the growing adoption of cloud technologies and increase in the amount of data leads to manual application and the complexity of managing workloads, which is expected to act as an essential factor driving the adoption of EAM among enterprises in this region.
The market is undergoing a significant transition with supplementary and new technologies. The Industrial Internet of Things (IIoT) evolution has increased the demand for Enterprise Asset Management (EAM) systems. IoT helps in monitoring and procuring data from remote sites. When used with Enterprise Asset Management (EAM) systems, this data is helpful since it enables the inference of meaningful information. Many businesses worldwide implement EAM systems to increase company agility, streamline operations, and manage buildings.
Additionally, crucial company assets are optimized, and business intelligence is obtained for decision-making using cloud-based EAM solutions and services. Additionally, these solutions help businesses lower their overhead expenses. Better technical assistance and services, such as managed services with integrated debugging and performance monitoring tools, are provided by cloud-based EAM systems. In 2020, the AP team, a global provider of mission-critical enterprise software solutions, acquired DIN Solutions to provide enterprise management software for food and beverage organizations worldwide.
Asia Pacific held the largest market share in 2021. The large share of this region is attributed to the presence of major Enterprise Asset Management (EAM) players along with various emerging start-ups in the area, early adoption of the latest technology, and government investments in advanced technologies, the company of a highly developed IT infrastructure, and increasing focus on organizations towards meeting regulatory and compliance requirement.