According to a new report published by Allied Market Research, titled, “Enterprise Asset Management Market,” The enterprise asset management market was valued at $3.4 billion in 2021, and is estimated to reach $9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.
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.
Increase in use of IoT devices across almost all industrial verticals, integration of drone & AI-based asset management, and surge in need for cloud-based enterprise asset management system solutions are propelling the global enterprise asset management market trends. Furthermore, increase in acceptance of advanced technologies for asset lifespan extension, the advent of disruptive digital technologies across industrial verticals, and technological advancements in asset management contribute toward the growth of enterprise asset management market. However, one of the key restraints for the EAM industry is finding effective and exact solutions for an organization’s business demands.
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Covid-19 scenario:
- The COVID-19 pandemic has posed major problems for the global economy and a variety of economic sectors. Organizations throughout the world have accelerated the usage of cloud-based solutions and services to construct robust and disaster-averse systems to meet the needs of remote workers.
- The need for public cloud services for industry-specific applications, such as collaboration and other productivity and business continuity solutions, has risen as a result of this. Multiple businesses, including manufacturing, BFSI, automotive, and transportation, have faced major hurdles as a result of the pandemic.
- The majority of EAM platforms offer modules for facilities management, reporting & analytics, and inventory control, which assist businesses prevent costly network downtime. Businesses have suffered tremendous losses as a result of the lockdowns implemented to contain the pandemic. Several major EAM businesses see this crisis as a chance to restructure and reassess their present strategies and sophisticated product portfolio.
- Assets, machines, structures, IT, and other project resources are being managed using EAM solutions and services to avoid system failure downtime, increase efficiency, and manage assets, machines, structures, IT, and other project resources. During the pandemic, several firms began implementing cloud-based EAM solutions and incorporating predictive analytics into EAM solutions.
Enterprise Asset Management Market Segmentation Review:
The report segments the global enterprise asset management market on the basis of component, deployment model, enterprise size, application, industry vertical, and region.
Based on component, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the services segment is projected to register the highest CAGR of 13.8% during the forecast period.
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Depending on deployment model, the on-premise segment holds the largest market share, as large organizations with a vast amount of assets or organizations with sensitive data may prefer to use an on-premise enterprise asset management set-up to meet compliance requirements or relevant legislation.
However, the cloud segment is expected to grow at the highest rate during the enterprise asset management market forecast period, as most cloud-based enterprise asset management software offers state-of-the-art security tools and supports General Data Protection Regulation compliance. Vendors have experts in place to combat cyber-attacks, and many provide 24/7 security monitoring, which reduces the negative impact on the asset management for enterprises. Therefore, these factors are the major drivers of cloud-based enterprise asset management industry.
Region-wise, the enterprise asset management market size was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to the introduction of additional and new technologies.
Furthermore, the demand for EAM software has increased as the penetration of industrial Internet of Things (IIoT) has grown. IoT helps with data monitoring and retrieval from remote sites. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to increased need for strict regulatory compliance pertaining to asset management, increase in number of EAM suppliers, and reduced government aid towards asset management are all contributing to the market growth in the region.
The global enterprise asset management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 14.7% during the forecast period.
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The global enterprise asset management industry includes an in-depth analysis of the prime market players such as EAM market are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the enterprise asset management market forecast from 2022 to 2031 to identify the prevailing enterprise asset management market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the enterprise asset management market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global enterprise asset management market trends, key players, market segments, application areas, and enterprise asset management market growth strategies.
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