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Global Enterprise Asset Management Markets, 2022-2031: Focus on Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, & Predictive Maintenance
Dublin, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The "Enterprise Asset Management Market by Component, Deployment Model, Organization Size, Application, Industry Vertical, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2030" report has been added to ResearchAndMarkets.com's offering.
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.
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 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.
Key findings of the Study
Depending on component, the solution segment accounted for the largest enterprise asset management market share in 2020.
Region wise, North America generated the highest revenue in 2020.
According to industry vertical, the energy and utility segment generated the highest revenue in 2020.
Key Market Players
ABB Ltd.
AssetsWorks, LLC
CGI Group Inc.
IFS
Infor
International Business Machine Corporation
Oracle Corporation
SAP SE
SSG Insights
UpKeep Technologies, Inc.
Key Market Segments
By Component
Solution
Services
By Deployment Model
On-premises
Cloud
By Organization Size
SME's
Large Enterprises
By Application
Asset Lifecycle Management
Inventory Management
Work Order Management
Labor Management
Predictive Maintenance
Others
By Industry Vertical
Energy and Utilities
Transportation and Logistics
Government
IT and Telecommunications
Manufacturing
Healthcare
Education
Others
By Region
North America
United States
Canada
Europe
France
Germany
Italy
Spain
United Kingdom
Rest Of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest Of Asia Pacific
Lamea
Brazil
South Africa
Saudi Arabia
UAE
For more information about this report visit https://www.researchandmarkets.com/r/vlownt
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