The enterprise asset management market(EAM) has been on a robust growth trajectory, estimated at US$ 3.21 billion in 2022. Projections indicate that this industry is poised for significant expansion, with expectations of reaching a valuation of US$ 4.86 billion by the year 2028. This impressive growth is anticipated to be driven by a (CAGR) of 7.1% between 2022 and 2028.
Organizations increasingly recognize the importance of efficient asset management to optimize operations and reduce costs, the demand for EAM solutions is expected to surge, further solidifying its pivotal role in modern business strategies.
Asset visibility is an important component of implementing an EAM system that provides accurate information about identities, materials, and consumables. Effective asset management can help control or eliminate excess inventory and stockpiles and reduce fixed capital investments. EAM software provides a more powerful analytics system for asset management, preventive maintenance, and workflow analysis.
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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 to enable 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.
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 components, the global enterprise asset management market is segmented into Software and 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.
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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 and gas, Banking and 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.
Competitive landscape:
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
- ABB Ltd.
- MRI Software LLC
- CGI Inc.
- Industrial and Financial Services (IFS) AB
- Infor Inc.
- Ramco Systems Limited
- Rockwell Automation Inc.
- Bentley Systems Incorporated
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Enterprise Asset Management Market Segmentation:
By Deployment:
- On-premise Enterprise Asset Management
- Cloud Enterprise Asset Management
By Industry:
- Government
- Healthcare
- Manufacturing
- Transportation & Logistics
- Oil & Gas
- Banking & Finance
- Retail
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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