Enterprise Asset Management Market is Estimated to Witness High Growth Owing to Rising Infrastructure Investment
Enterprise asset management (EAM) is an information system that helps organizations to manage, maintain, repair and renew physical assets throughout their lifecycle. EAM supports organizations to optimize asset utilization, maintenance cost and reliability by efficiently tracking asset inventory, performance, budgeting and maintenance activities. The global enterprise asset management market is majorly driven by rising investments towards infrastructure development across the globe. Governments of various countries are investing heavily on building new infrastructure as well as renovating aging infrastructure to drive economic growth. For instance, the US government had allocated $1 trillion under the Infrastructure Investment and Jobs Act towards repairing aging infrastructure including roads, bridges and electric grid.
The global enterprise asset management market is estimated to be valued at US$ 4.2 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising infrastructure investment is a major driver fueling the growth of enterprise asset management market. Governments across the globe are increasingly investing in new infrastructure projects as well as upgrading and maintenance of existing infrastructure assets which is creating significant demand for EAM solutions to efficiently manage these assets. According to World Bank, the global infrastructure investment need is estimated to be $94 trillion by 2040. EAM solutions help infrastructure owners and managers to optimize their asset performance, utilization and maintenance costs over asset lifecycle. This is driving various governments and public infrastructure agencies to adopt EAM solutions. Moreover, growing digital transformation of industries is another factor augmenting the adoption of EAM as digitally advanced EAM platforms offer capabilities like IoT connectivity, AI and analytics to derive deeper insights from asset data.
SWOT Analysis
Strength: Enterprise asset management solutions allow organizations to improve asset utilization and reduce maintenance costs. These solutions help track the location, maintenance history, and other vital details of physical assets in real-time. They also facilitate predictive maintenance to prevent unexpected breakdowns.
Weakness: Implementing an enterprise asset management system requires significant investments and the transition process may disrupt existing workflows. Additionally, lack of integration with other legacy systems can limit the benefits of these solutions.
Opportunity: The rising need among organizations to optimize asset performance and reduce maintenance expenses is driving the demand for asset-intensive EAM solutions. Further, the post-COVID focus on remote asset monitoring presents opportunities for EAM vendors.
Threats: Open-source and low-cost EAM alternatives threaten the market leader position of established vendors. Additionally, macroeconomic uncertainties could impact the IT budgets of potential customers.
Key Takeaways
Global Enterprise Asset Management Market Size is expected to witness high growth over the forecast period owing to rising spends on industrial assets and focus on predictive maintenance.
Regional analysis: North America currently dominates the EAM market with the largest share owing to early technology adoption. Furthermore, manufacturing industries in the US and Canada are intensifying asset optimization initiatives. The Asia Pacific region is anticipated to be the fastest growing market led by China, India, and other Southeast Asian countries. Rapid industrialization and growing investments in digital transformation are fueling EAM adoption across industries.
Key players: Key players operating in the Enterprise Asset Management market are IBM, SAP, Oracle, Infor, ABB, Aptean, CGI, IPS, Maintenance Connection, and AVEVA. IBM leads the market with its extensive asset management portfolio and global clientele. However, Infor and Oracle are gaining market share with their industry-specific EAM solutions targeting discrete and process manufacturing sectors.
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