by Enterprise Asset Management (EAM) systems help organizations manage their physical assets and equipment more effectively. EAM software provides asset lifecycle management capabilities that enable enterprises to optimize maintenance strategies, streamline procurement processes, and extend asset lifespans. Key features of EAM solutions include inventory management, preventive maintenance scheduling, work order management, procurement, and asset performance monitoring. EAM software automates maintenance tasks and eliminates paperwork, allowing maintenance workers to spend more time on productive work. Furthermore, integrating EAM systems with other enterprise systems facilitates data-driven decision making around asset utilization and replacement.
The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising adoption of cloud-based EAM solutions is a major trend in the market. Cloud EAM provides organizations ease of implementation, flexible subscription models, and seamless scaling as compared to on-premise systems. Furthermore, cloud-based EAM enables remote asset monitoring through IoT integration and mobile accessibility of the system. This facilitates work from any location and makes asset information available anytime on any internet-enabled device. Cloud computing reduces upfront capital investments and shifts operational costs to pay-as-you-go models, helping organizations better manage EAM budgets. As cloud technology continues to mature with robust security features, more enterprises are embracing cloud-based EAM to gain agility and optimize total costs of ownership over the long run.
Porter’s Analysis
Threat of new entrants: The enterprise asset management market requires high initial investments and R&D which acts as a barrier for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of different solutions in the market.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the presence of several established players offering similar products.
Threat of new substitutes: Alternatives such as project management software pose a moderate threat as substitutes.
Competitive rivalry: The market has the presence of both global and regional players offering diversified products intensifying the competitive rivalry.
Key Takeaways
The global Enterprise Asset Management market size is expected to witness high growth. The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the market currently due to high adoption of asset management solutions across various industries. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by growing construction activities and increasing spending on infrastructure development projects. China, Japan, and India are generating high demand for EAM solutions owing to the growth of their manufacturing and industrial sectors.
Key players: Key players operating in the Enterprise Asset Management market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A. Bentley Systems and Oracle hold a majority share in the market.
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