by The Enterprise Asset Management (EAM) Market is estimated to be valued at US$ 3,736.7 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Enterprise Asset Management refers to the management of an organization’s physical assets, such as equipment, machinery, and infrastructure, throughout their lifecycle. EAM solutions enable companies to optimize maintenance activities, increase asset lifespan, and reduce operational costs. These solutions offer various functionalities including asset tracking, work order management, preventive maintenance, and inventory management.
Market Dynamics:
The Enterprise Asset Management Market is mainly driven by the increasing demand for maintenance optimization and asset tracking solutions among various industries. With the advancement in technology, companies are increasingly adopting EAM solutions to enhance operational efficiency and reduce downtime. Additionally, the rising focus on extending asset lifespan and minimizing asset failure is further fueling market growth. Moreover, the integration of advanced technologies such as IoT and AI in EAM solutions is expected to create substantial opportunities for market players to offer innovative and more efficient solutions.
Segment Analysis:
The Enterprise Asset Management Market Growth can be segmented based on component, deployment model, organization size, and industry vertical. Based on component, the software segment is dominating the market due to the increasing adoption of advanced software solutions for managing assets in organizations efficiently. The software segment offers features such as predictive maintenance, inventory management, and asset tracking, which enhance productivity and reduce operational costs. The deployment model segment is dominated by the cloud-based segment because of its benefits such as scalability, cost-effectiveness, and ease of implementation. In terms of organization size, the small and medium-sized enterprises (SMEs) segment is the dominating sub-segment as these organizations are increasingly adopting asset management solutions to streamline their operations and improve productivity. In the industry vertical segment, the manufacturing sector is the dominating sub-segment due to the high requirement for asset management solutions to effectively manage and maintain production equipment.
PEST Analysis:
Political: The political factors influencing the Enterprise Asset Management market include government regulations and policies regarding asset management, data security, and privacy.
Economic: The economic factors influencing the market include economic growth, disposable income, and investment in infrastructure development by various industries.
Social: The social factors influencing the market include the increasing adoption of digital technology, changing consumer behavior, and the need for efficient asset management practices.
Technological: The technological factors influencing the market include advancements in IoT, cloud computing, artificial intelligence, and data analytics, which have led to the development of advanced asset management solutions.
Key Takeaways:
The global Enterprise Asset Management market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, due to increasing demand for efficient asset management practices. The market is driven by factors such as the need to optimize asset utilization, reduce maintenance costs, and minimize downtime. The manufacturing sector is expected to be the fastest-growing and dominating region in the market due to the high requirement for asset management solutions in this industry. Key players operating in the Enterprise Asset Management market include IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo Software Solutions BV, CARL International SA, eMaint Enterprises, LLC, Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc. These key players are focusing on product innovation, strategic partnerships, and mergers and acquisitions to maintain their market position and gain a competitive edge.
