Enterprise Asset Management Market Size, Share, Industry, Forecast and outlook (2024-2031)

Enterprise Asset Management Market is segmented By Deployment (Cloud, On-Premise), By Component (Software, Services, Solution), By Vertical (Energy and Utilities, Manufacturing, Healthcare & Life sciences, IT and Telecom, Government and Defense, Transport and Logistics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Enterprise Asset Management Market Overview

The enterprise asset management (EAM) market is expected to grow at a CAGR of over 10% during the forecast period (2024-2031). Factors such as increased accuracy in data analysis and increasing demand for cloud-based EAM solutions are expected to drive the global market over the forecast period. The global enterprise asset management market has been segmented based on region, deployment, solution, and vertical.

Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. EAM is mostly used in industries that heavily rely on expensive and complex physical assets, such as vehicles, plants and heavy equipment. Prominent users include the energy and utilities, government and defense, manufacturing, among others.

The report covers all the major trends and drivers playing a vital role in the growth of the enterprise asset management market.

Enterprise Asset Management Market Summary

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Enterprise Asset Management Market Growth Trends

The global enterprise asset management market growth is primarily driven by the rising need to gain a 360-degree view of assets and increasing adoption of EAM solutions in North America and APAC regions. Enterprise asset management can both minimize risks and costs and optimize business value by helping to ensure that high-value assets operate the way they are designed to. For instance, EAM software might alert operations managers about a failure of a machine part, and provide the information and scheduling tools needed to dispatch a repair person. Timely maintenance can also avoid the risk of improperly operating equipment injuring workers or reducing machine downtime.

Therefore, the need for effective utilization of assets, controlling maintenance and procurement expenses, and to improve the return on assets is further expected to boost growth in the global enterprise asset management market over the forecast period.

In addition, EAM is rapidly integrating with Internet of Things (IoT). The integration of IoT with EAM provides the identification of performance and control modifications. IoT applications allow better asset utilization tracking and better data management, as well as streamline data in a manner in which asset lifecycle and maintenance can be analyzed.

However, concerns of organizations related to data security and confidentiality coupled with integration of EAM with third-party ERP systems might hinder the market growth over the forecast period.

Enterprise Asset Management Market Segmentation Analysis

By deployment, the global enterprise asset management market is segmented into Cloud (public, private, and hybrid) and On-Premise. In 2018, On-premise deployment segment accounted for the largest market share in the global market. However, cloud deployment segment is expected to witness higher CAGR over the forecast period. Cloud technology enables developers to adopt agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates.

For instance, in April 2019, Infor - announced that First Bus, part of FirstGroup plc, the leading transport operator in the UK and North America, has selected Infor EAM (CloudSuite Enterprise Asset Management) for its UK bus operations. As part of an 18-month deployment, Infor EAM will be rolled out in three phases, fully serviced and hosted by Infor partner Sapphire Systems for 2,000-plus users.

By vertical, the global enterprise asset management market is segmented into Energy and Utilities, Healthcare & Life sciences, IT and Telecom, Government and defense, and others. Healthcare & life sciences segment is expected to exhibit higher CAGR over the forecast period. Rapid adoption of enterprise applications in this sector can be attributed to increasing demand for real-time data transparency, which provides patient-centric healthcare solutions and systems with changing business models. Software vendors such as Infor, Oracle, and SAP provide solutions that improve overall performance, cost efficiency, patient safety, and quality of care.

Enterprise Asset Management Market Geographical Share

By geography, the global enterprise asset management market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in global market over the period.

APAC enterprise asset management market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). In addition, changing business models with a more customer-centric approach and organizations concentrating on decreasing operational costs will further boost growth in the market.

Enterprise Asset Management Market Companies

Global enterprise asset management market is moderately fragmented with the presence of global and regional players in the market with key players accounting for majority share in the market. Key prominent players in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market shares and profitability.

Some key players in the market are Oracle, IBM Corporation, SAP, Aptean, AVEVA-Schneider Electric, eMaint (Fluke Corporation), IFS, ABB, Infor, Ramco Systems, and among others. These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the global enterprise asset management market further.

In April 2019, IBM collaborated with Sund & Bælt to design and develop an AI-powered IoT solution and extends the IBM Maximo portfolio.