Global Enterprise Asset Management Market – Industry Trends and Forecast to 2030

Enterprise Asset Management Market Analysis and Size

The global enterprise asset management market is segmented on the basis of component, organization size, deployment mode, application and vertical. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Data Bridge Market Research analyses that the global enterprise asset management market which was USD 11,700 million in 2022, is expected to reach USD 26,700 million by 2030, and is expected to undergo a CAGR of 11.00% during the forecast period 2022-2030. Solution” dominates the component segment of the global enterprise asset management market due to its comprehensive features, robust functionality, scalability, and user-friendly interface, which effectively streamline asset management processes, improve operational efficiency, optimize maintenance schedules, minimize downtime, and ultimately maximize the lifespan and value of assets for businesses across various industries. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Enterprise Asset Management Market Scope and Segmentation

Market Definition

Enterprise Asset Management (EAM) is a set of systems, software, and services that can be used to manage and control operational assets as well as the operating system. It is the process of dealing with the lifecycle of physical assets and systems in order to extend their lifespan, improve quality and efficiency, reduce costs, and improve environmental safety. Asset maintenance, scheduling and planning, work management, and supply chain management are all examples of enterprise asset management.

Global Enterprise Asset Management Market Dynamics

Drivers

• Increasing Need for Asset Optimization

Organizations across various industries are recognizing the importance of optimizing their assets to improve operational efficiency and reduce costs. Enterprise asset management solutions provide tools and functionalities to track, manage, and maintain assets throughout their lifecycle, enabling organizations to maximize asset performance, minimize downtime, and extend asset lifespan.

• Growing Adoption of IoT and Connected Devices

The proliferation of Internet of Things (IoT) devices and connected technologies is driving the demand for enterprise asset management solutions. IoT sensors embedded in assets generate real-time data, providing valuable insights into asset performance, health, and usage patterns.

• Regulatory Compliance and Risk Management

Compliance with industry regulations and adherence to safety standards are critical for many organizations. Enterprise asset management solutions help ensure compliance by enabling accurate record-keeping, maintenance scheduling, and documentation of inspections and audits. Additionally, EAM systems support risk management initiatives by identifying potential risks, implementing preventive measures, and facilitating proactive maintenance to prevent failures or accidents.

Opportunity

• Increasing Adoption of Cloud-Based Solutions

Cloud technology offers numerous advantages, including scalability, flexibility, and cost-effectiveness. By leveraging cloud-based enterprise asset management systems, organizations can easily access and manage asset data from anywhere, streamline collaboration among teams, and reduce the need for on-premises infrastructure. This opportunity allows businesses to harness the power of cloud computing to enhance their asset management capabilities and drive operational efficiency.

Restraint/Challenge

• Complexity of Integrating Multiple Systems and Data Sources

Many organizations have diverse and fragmented IT landscapes, with various legacy systems, databases, and data formats. Integrating these systems and consolidating data from different sources into a unified asset management platform can be a complex and time-consuming process. It requires robust data integration capabilities, seamless interoperability, and standardized data formats. Overcoming this challenge is essential for organizations to achieve a comprehensive and holistic view of their assets and ensure smooth and efficient asset management operations.

This global enterprise asset management market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Enterprise asset management market contact Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Recent Developments

• In April 2021, SAP SE and Siemens Digital Industries Software have expanded their partnership to deliver new solutions for Service and Asset Lifecycle management. By leveraging SAP's cloud applications and Siemens' software and services, the collaboration aims to increase operational efficiency, shorten design cycles, and enable new collaborative processes for industrial equipment manufacturers. The integration of IT and OT systems through a digital thread facilitates real-time business information and performance data, supporting digital transformation in the industrial sector and offering new business models and insights for improved asset utilization
• In February 2018, SAP SE strengthened its enterprise asset management portfolio with the release of SAP Asset Strategy and Performance Management. This new application leverages SAP Leonardo IoT technology to connect assets and provide real-time monitoring of performance data, enabling organizations to define, plan, and monitor optimal maintenance strategies for physical assets. The suite, which includes other cloud solutions for asset management, offers unparalleled insight and integration with core business functions, facilitating streamlined operations and successful digital transformation strategies

Global Enterprise Asset Management Market Scope

The global enterprise asset management market is segmented on the basis of component, organization size, deployment mode, application and vertical. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Services

Organization Size

• Small and Medium-Sized Enterprises
• Large Enterprises

Deployment Mode

• Cloud
• On-Premise

Application

• Assets MRO
• Non Linear Assets
• Linear Assets
• Field Service Management

Vertical

• IT and Telecom
• Healthcare and Life Sciences
• Manufacturing
• Transportation and Logistics
• Government and Defence
• Energy and Utilities
• Others

Global Enterprise Asset Management Market Regional Analysis/Insights

The global enterprise asset management market is analysed and market size insights and trends are provided by region, component, organization size, deployment mode, application and vertical as referenced above.

The countries covered in the global enterprise asset management market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the enterprise asset management market because North America has a strong presence of established industries such as manufacturing, oil and gas, healthcare, and transportation, which extensively rely on asset management solutions to optimize their operations and maintain their assets effectively.

The Asia-Pacific (APAC) region is considered the fastest-growing region in the global enterprise asset management market. The APAC region has witnessed significant economic growth, industrialization, and infrastructure development in recent years, leading to an increased focus on asset management to optimize operations and ensure asset performance. Rapid urbanization, expanding manufacturing sectors, and the adoption of advanced technologies in countries such as China, India, Japan, and South Korea have fuelled the demand for enterprise asset management solutions. Additionally, initiatives such as Industry 4.0 and digital transformation programs in various industries are driving the growth of the enterprise asset management market in the APAC region.

The regional section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Enterprise Asset Management Market Share Analysis

The global enterprise asset management market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global enterprise asset management market.

Some of the major players operating in the global enterprise asset management market are:

• IBM (United States)
• SAP SE (Germany)
• Oracle Corporation (United States)
• Infor (United States)
• IFS AB (Sweden)
• ABB Ltd. (Switzerland)
• Schneider Electric SE (France)
• CGI Inc. (Canada)
• Siemens AG (Germany)
• Aveva Group plc (United Kingdom)
• Bentley Systems, Incorporated (United States)
• AssetWorks LLC (United States)
• UpKeep Technologies Inc. (United States)
• Ultimo Software Solutions BV (Netherlands)
• Ramco Systems Limited (India)

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