NEW YORK, Nov. 17, 2021 /PRNewswire/ -- The global enterprise asset management market 2030 value will likely be $21,471.3 million, growing from $5,682.1 million in 2020 at a 14.2% CAGR between 2020 and 2030. This will majorly be because EAM helps in reducing operational and maintenance costs and increasing the return on assets (ROA). This is done by tracking operations, using advanced maintenance solutions for effective equipment control, decreasing material procurement costs, and offering better insights into capital investment decisions.
EAM includes solutions for asset lifecycle management, work order management, inventory management, labor management, facility management, predictive maintenance, and reporting and analytics, which increase the productivity of employees, prevent unplanned system breakdowns (thereby minimizing maintenance costs), and offer a better return on investments (ROI). This is why after initially not spending on such solutions during the COVID-19 pandemic, companies are now.
Key Findings of Global Enterprise Asset Management Market Report
The demand for EAM integration & deployment, consulting, training, and monitoring & upgradation services will rise fast in the coming years.
Due to the wide array of assets they own and their better financial stability, large enterprises have contributed the higher revenue to enterprise asset management market players till now.
In the future, the preference for cloud-based EAM solutions will rise faster with the increasing demand for anytime, anywhere data access, scalability, and reduced IT expenses.
The manufacturing sector is the largest user of EAM solutions because it encompasses a large number of factories, laborers, warehouses, and machines.
Solution demand will grow the fastest in Asia-Pacific (APAC) in the years to come due to the rapid digitization of regional industries and development of IT infrastructure.
The market is fragmented as it is characterized by a large number of players.
The major companies in the enterprise asset management market are Oracle Corporation, IBM Corporation, SAP SE, Schneider Electric SE, Industrial and Financial Services (IFS) AB, ABB Ltd., MRI Software LLC, Infor Inc., CGI Inc., Ramco Systems Limited, Bentley Systems Incorporated, and Rockwell Automation Inc. Since all of them have a global presence, the market competition is stiff, which is why they are engaging in mergers & acquisitions and launching new EAM solutions.
Moreover, since many of these companies are based in the U.S., North America is set to dominate the enterprise asset management market throughout this decade. Other key reasons for the high adoption of these solutions in the region are its developed IT infrastructure, hugely productive manufacturing industry, and strong focus of U.S. and Canadian companies on optimum asset utilization, predictive maintenance, and effective supply chain management (SCM).
Enterprise Asset Management Market Segmentation
Based on Offering
Asset lifecycle management
Work order management
Reporting and analytics
Based on Enterprise
Small and Medium Enterprises (SMEs)
Based on Deployment
Based on Vertical
Energy and Utilities
Healthcare and Life Sciences
Transportation and Logistics
Information Technology (IT) and Telecom
Government and Defense
Oil and Gas
Latin America (LATAM)
Middle East and Africa (MEA)
Browse Related Reports
Digital Twin Market - Geographically, the digital twin market was dominated by North America in the past years. This was credited to the early incorporation of Industry 4.0 standards and the presence of a well-established information technology infrastructure in the region. Whereas, in the coming years, the demand for the technology is expected to rise at the fastest pace in Asia-Pacific.
Web Content Management Market - Globally, the web content management market will exhibit rapid advancement in the Asia-Pacific region in the forthcoming years. This will be because of the thriving e-commerce industry in India and China, growing usage of mobile devices, and increasing internet and social media penetration in the region.
Data Center Infrastructure Management Market - In the coming years, the APAC data center infrastructure management market will record the fastest sales of DCIM solutions, due to the accelerating adoption rate of advanced digital technologies, such as the IoT and machine learning, in Japan, China, and India.
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.