Enterprise Asset Management Market
The Enterprise Asset Management Market Share was valued around USD 3,000 Million in 2019 and is projected to expand at a CAGR of 8.7% over the forecast period (2020-2027).
The factors driving the growth of Enterprise Asset Management Market includes growing adoption of modern asset management methods by enterprises, increasing demand for 360-degree view of assets and proliferation of IoT enabled devices around the world. According to the report published by Statista, the number of Internet of Things (IoT) based devices globally, were estimated around 11.3 billion in 2021 and are projected to reach more than 29 billion by the end of 2030, which will boost the market growth in the approaching years. Moreover, the integration of Artificial Intelligence (AI), data analytics and Big Data in the business processes, rising digitalization around the world and increasing penetration of smartphones and laptops, are some of the additional factors supplementing the market growth. In addition, the increasing number of smart cities, emerging need for improving the lifecycle performance of assets, growing investments on research and development by the leading players, advancement in technological infrastructure, rapid urbanization and rising disposable incomes, are further propelling the Enterprise Asset Management Market size.
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However, the growth of Enterprise Asset Management Market is hindered due to growing concerns related to data breaches.
The leading players operating in the Enterprise Asset Management Market are IBM, IPS, ABB, eMaint, Aptean, Oracle, Infor, IFS, AVEVA Group plc and SAP among others.
Component: Segment Analysis
Based on component, the solution segment is projected to grow at a significant CAGR during the forecast period. The increasing adoption of advanced technologies such as Artificial Intelligence, Big Data and Internet of Things (IoT) by the organizations along with its low maintenance cost, are some of the factors responsible for the growth of the segment.
Organization Size: Segment Analysis
Based on the organization size, the small & medium-sized enterprises segment is predicted to capture a sizeable market share over the forecast period attributed to rise in the number of SMEs across the globe along with its increasing application of asset management systems for maintaining the operational assets and equipment’s.
Regional: Segment Analysis
As per the Enterprise Asset Management Market Trends, the North American region is anticipated to expand at a remarkable CAGR during the forecast period. The presence of the leading players such as IBM and Oracle, digitalization of the manufacturing industry, growing adoption of cloud-based EAM solutions by the major corporations and high per capita incomes, are some of the factors influencing the growth of North American region.
Global Enterprise Asset Management Market by Component
- Inventory Management
- Asset Lifecycle Management
- Labor Management
- Work Order Management
- Facility Management
- Predictive Maintenance
- Reporting & Analytics
- Managed Services
- Professional Services
Global Enterprise Asset Management Market by Deployment Mode
Global Enterprise Asset Management Market by Organization Size
- Small & Medium-Sized Enterprises
- Large Enterprises
Global Enterprise Asset Management Market by Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Transportation & Logistics
- Energy & Utilities
- Government & Defense
Global Enterprise Asset Management Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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