Enterprise Asset Management (EAM) Market: Introspective Market Research Uncovers the Reasons for Market Growth at a CAGR of 10.4% by Value to Reach $8.83 Billion by 2028
Market Overview:
Enterprise Asset Management (EAM) Market size is projected to reach USD 8.83 billion by 2028 from an estimated USD 4.42 billion in 2021, growing at a CAGR of 10.4% globally.
Enterprise Asset Management (EAM) is the process of directing the maintenance of physical assets and equipment of an organization throughout each asset’s lifecycle. Each asset goes through different main stages during its total life it’s known as the asset’s lifecycle and these five stages include plan, acquire, use, maintain, and dispose of. The majority of time is spent in the use and maintenance phases, but each stage is equally important in ensuring to get the most from the asset. The aim of EAM is to maximize asset or equipment lifespan, optimize the quality reduce costs and utilization of assets. Thus, there is an increase in the demand in various sectors boosts the growth of the market.
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Major Key Players for Enterprise Asset Management (EAM) Market:
- ABB (Switzerland)
- CGI Inc. (Canada)
- Dude Solutions Inc. (US)
- eMaint Enterprises LLC (US)
- IBM Corporation (US)
- IFS AB (Sweden)
- Infor (US)
- Oracle Corporation (US)
- Ramco Systems Ltd. (Chennai)
- SAP SE (Germany)
Market Dynamics and Factors:
Enterprise asset management (EAM) provides a set of tools, software, and practices that allow organizations to carry out productive facility management. Additionally, advanced analytics and artificial intelligence (AI) in enterprise asset management help in data collection from instrumented assets and evaluation of data using AI techniques help maintenance teams to make better decisions, perform preventive maintenance, add efficiency, and maximize investments in their physical assets. These factors are supporting the growth of the enterprise asset management market. Moreover, the risk of cyber-attacks and the high cost of this software hamper the growth of the market.
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Enterprise Asset Management (EAM) Market Report Highlight:
- By type, the solutions segment is expected to have the maximum market share in the enterprise asset management (EAM) during the projected period. The growing demand for advanced solutions for enterprise asset management propels the growth of the market.
- By application, the cloud-based segment is predicted to expand the most in the enterprise asset management (EAM) market during the forecast year. The cloud-based segment has low execution cost and provides the extended storage option as per need without any problem support to the increase in the demand for cloud-based services in EAM that propels the growth of the market.
- By enterprise size, the large enterprise segment is anticipated to dominate the enterprise asset management (EAM) Market during the forecast period. The adoption of EAM in large enterprises is high for productive facility management boosts the growth of the market.
- By function, the asset lifecycle management segment is expected to have the maximum market share in the enterprise asset management (EAM) during the projected period. It is the process of optimizing the profit that helps the organization to make an informed decision on services and increase the productivity of the organization to support the growth of the market over the forecast period.
- By end-user, the transportation segment is anticipating the growth of the enterprise asset management (EAM) market during the upcoming analysis year. With the growing number of transportation vehicles in various sectors so there is a need for EAM software to manage assets transportation which helps the growth of the market.
- By region, North America is expected to dominate the enterprise asset management (EAM) market, during the projected period. The increase in the adoption rate of advanced technology and also high investment in the development of technology by the government is anticipated to the growth of the market in the analysis year.
Key Industry Development:
- In March 2022, Vetasi, a leading global provider of technologies and services for managing physical assets to a wide range of industries, launched a new global brand brilliant-cut enterprise asset management solution.
Enterprise Asset Management (EAM) Market Segmentation:
By Type
- Solutions
- Services
By Technology Type
- Cloud-Based
- On-Premise
By Enterprise Size
- Large Enterprises
- SMEs
By Functions
- Work Management
- Labor Management
- Supply Chain
- Maintenance
- Repair
- And Operations {MRO} Management
- Contract Management
- Asset Lifecycle Management
- Analytics and Reporting
- Financial Management
By End-Users
- Energy and Utilities
- Chemicals
- Petroleum and Mining
- Manufacturing
- Transportation
- Life Sciences
- Healthcare
- Nuclear Power
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For this report, Introspective Market Research has segmented the Enterprise Asset Management (EAM) Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Turkey
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Vietnam
- Thailand
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Iran
- Rest of MEA
- Latin America
- Brazil
- Argentina
- Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. Enterprise Asset Management (EAM) Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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