Enterprise Asset Management Market Outlook
According to the report by Expert Market Research (EMR), the global enterprise asset management market size reached a value of USD 5.10 billion in 2023. Aided by the need for enhanced asset utilisation, operational efficiency, and the reduction of maintenance costs, the market is projected to further grow at a CAGR of 11.90% between 2024 and 2032 to reach a value of USD 13.96 billion by 2032.
Enterprise Asset Management involves the management of the lifecycle of physical assets to maximise their use, improve quality and efficiency, save money, and safeguard health and the environment. EAM solutions encompass the management of the maintenance of physical assets, their operations, and replacement, along with the handling of the related labour, inventory, and costs.
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The enterprise asset management market growth is propelled by several key factors. First, the increasing emphasis on sustainability and the need for efficient resource use have made effective asset management a priority for organisations across various sectors. Additionally, the advent of Industry 4.0 and the integration of Internet of Things (IoT) technologies have revolutionised asset management by enabling predictive maintenance and real-time monitoring of assets, thereby reducing downtime and extending asset life.
According to the enterprise asset management market analysis, regulatory compliance requirements across industries have become more stringent, necessitating robust asset management strategies to ensure compliance and avoid penalties. The complexity and scale of modern infrastructure and industrial operations also demand sophisticated EAM solutions that can manage assets efficiently across multiple locations and regulatory environments.
Technological advancements, including cloud computing, artificial intelligence (AI), and machine learning (ML), have further fuelled the adoption of EAM solutions. These technologies enhance the capabilities of EAM systems in terms of data analysis, decision-making support, and predictive maintenance, offering significant cost savings and operational efficiencies.
The trend towards cloud-based EAM solutions offers the advantages of lower upfront costs, scalability, and flexibility, making EAM more accessible to SMEs. Furthermore, the ongoing development of AI and ML technologies presents opportunities for enhancing the predictive capabilities of EAM systems, further improving asset utilisation and maintenance strategies.
The enterprise asset management market outlook is influenced by factors such as industrial activity, technological adoption rates, and regulatory environments. North America and Europe are leading in EAM adoption, driven by mature industrial sectors and stringent regulatory standards requiring efficient asset management. These regions are also at the forefront of technological innovation, which contributes to the adoption of advanced EAM solutions.
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Enterprise Asset Management Market Segmentation
The market can be divided based on deployment, enterprise size, end-use, and region.
Market Breakup by Deployment Mode
- Cloud
- On-Premise
Market Breakup by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises (SMEs)
Market Breakup by End-Use
- Manufacturing
- Facility Management
- Healthcare
- Education
- Government
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global enterprise asset management market. Some of the major players explored in the report by Expert Market Research are as follows:
- ABB Ltd
- CGI Inc.
- eMaint Enterprises, LLC.
- IBM Corporation
- IFS AB
- Hexagon AB
- Oracle Corporation
- Ramco Systems Limited
- SAP SE
- UpKeep Technologies, Inc.
- Others
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