The global enterprise asset management market is estimated at US$ 3.21 Bn in 2022, and is predicted to close in on a valuation of US$ 4.86 Bn by 2028, surging ahead at a CAGR of 7.1% from 2022 to 2028.
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EAM is rapidly integrating with IoT.
The proliferation of IoT in smartphones and laptops is driving the use of IoT-based applications. Integrating IoT with EAM allows you to identify performance and control modifications. IoT applications not only improve asset utilization tracking and data management, but also streamline data in a way that enables analysis of asset lifecycle and maintenance. Integrating IoT with EAM systems enables businesses to identify problems with their assets. The integration of IoT and EAM solutions is expected to play an important role in smart city development. A smart city monitors the health of all critical infrastructure.
With the growing need to ensure asset performance and advanced environmental sustainability, businesses are focusing on asset-intensive platforms to continuously track, evaluate, and manage reliability and technical and human assets. To enable asset-intensive systems to provide efficient data management and better asset utilization, the global enterprise asset management market is likely to register an increasing opportunity of approximately $55 million over the forecast period 2022-2028.
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In the Global Enterprise Asset Management report, FMI has segmented the global Enterprise Asset Management market by distribution, component, industry segment and region. In terms of component, the global enterprise asset management market is segmented into Software & Services. With the positive outlook for growing demand for next-generation tracking solutions, cloud-based deployments are estimated to create potential growth opportunities for enterprise asset management software providers. Additionally, the Software subsegment is also expected to witness a high CAGR during the forecast period. This growth may be due to the widespread adoption of these devices in IoT applications to reduce errors.
Hybrid cloud resiliency to monetize on-premises deployments
In terms of deployment, the global enterprise asset management market is segmented into on-premises and cloud. Owing to the strong adoption and penetration of cloud-based systems, the cloud-based sector is expected to create potential business opportunities in the enterprise asset management market. The on-premises sub-segment is projected to reach an approximate market opportunity of USD 42 million between 2022 and 2029. On-premises is said to be scalable, reliable, and resilient for hybrid cloud solutions. Due to these factors, the cloud-based subsegment will become a target area for asset maintenance application developers.
Additionally, based on industry vertical, the corporate asset management market is segmented into Healthcare, Manufacturing, Oil & Gas, Banking & Finance, Government, and others. While adoption of cloud-based systems, spending on new, innovative and advanced technologies is expected to increase between 2019 and 2029.
Also, geographically, the North American corporate wealth management market is expected to become a prominent player in the global corporate wealth management market owing to the advent of next-generation technological advancements in Canada and the United States. It is expected to create high potential in South Asia, especially the Chinese market. This growth potential can be attributed to the development of key ICT technology bases in South Asian countries. Additionally, the adoption of IoT-enabled EAM solutions is increasing due to free trade agreements between some countries in the Latin American region.
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Major EAM vendors are investing efforts beyond traditional asset management as businesses now seek additional benefits from enterprise asset management solutions.
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- AB Co., Ltd.
- MRI Software LLC
- CGI Co., Ltd.
- Industrial and Financial Services (IFS) AB
Key questions answered in the report
- What is the estimated value of the global EAM market?
- What are the key drivers of the EAM market?
- Which region has the highest share of the global EAM market?
- Who are the most prominent players in the Enterprise Asset Management Systems market?
- What are the main limitations facing enterprise asset management system providers?