Fairfield Market Research
Enterprise Asset Management Market

Enterprise Asset Management Market

Global Industry Analysis (2018 - 2021) - Growth Trends and Market Forecast (2022 - 2027)

Published Date: Upcoming | Format:

Industry: Information & Communications Technology | Author Name: Mohit

Growth of IoT-enabled and AI-based Devices Maintaining Competition in Enterprise Asset Management Software Market

Enterprise asset management (EAM) refers to managing the maintenance of the physical assets and serves to maximise the lifespan of an equipment, reduce costs in the long term, improve safety, and increase efficiency. EAM is a combination of software, systems, and services used to maintain and control operational assets and equipment. Increasing adoption of EAM to optimise the quality and utilisation of assets throughout their lifecycle eyeing increased productive uptime, and reduced operational costs is expected to drive the growth of enterprise asset management market worldwide. Growing demand for bettering the lifetime performance of assets is increasing, which will continue to fuel the progress of enterprise asset management market. Heavy reliance on physical infrastructure, and the advent of cloud deployment models will further shape enterprise asset management market. Extensive data integration with EAM will create business opportunities. In the upcoming years, there will be a sharp increase in demand for EAM integration and deployment, consultancy, training, monitoring, and upgrade services. The desire for cloud-based EAM solutions will grow more quickly in the future due to the rising demand for scalability, anytime, anywhere data access, and lower IT costs.

Businesses use cloud-based EAM systems to manage assets during COVID-19 because they enable the remote execution of daily tasks. Companies that provide EAM software are concentrating on asset-intensive platforms to continuously track, assess, and manage reliability as well as technological and human assets due to the growing demand for asset performance and advanced environmental sustainability. IoT-based applications are being used more frequently due to growing IoT adoption in smartphones and laptops. The identification of performance and control adjustments is made possible by the integration of IoT with EAM. The growth of smart cities is anticipated to rely on the integration of IoT with EAM software heavily. All vital infrastructure is monitored in intelligent cities. One of the leading causes driving enterprise asset management demand development across geographies is increased data analysis accuracy, better decision-making, and asset management software results. More than 10 billion IoT devices will be used in 2021, estimated to reach 30.9 billion by 2025. The continual increase in the IoT-based device will propel the growth of enterprise asset management market.

One of the factors propelling the market for corporate asset management software solutions is the development of artificial intelligence (AI) and drone-based enterprise solutions. AI facilitates better data handling for decision-making. Asset managers have developed AI systems to gather, purify, and evaluate the vast amount of data accessible, including analyst reports, macroeconomic statistics, GDP growth, unemployment, and more "alternative" data sources. Customer interaction tools like chatbots, predictive behaviour analysis, hyper-personalisation, and voice assistance are the most common use cases for AI in the retail sector. Globally, 4.2 billion digital voice assistants will be in use in 2020. By 2024, the number of people using digital assistants is anticipated to double to 8.4 billion. The increasing deployment of voice assistants in the EAM software will propel the expansion of enterprise asset management market.

Cloud Segment to Witness Fastest Growth with Rising Adoption Worldwide

The market share of the cloud segment will increase throughout the forecast. The cloud deployment strategy offers improved data control, a decreased risk of data loss, and fewer worries about regulatory compliance. With these benefits, more companies are utilising cloud-based security and safety solutions, thereby boosting the growth of enterprise asset management market. Organisations are progressively deploying cloud-based solutions to cater to the specific business requirements, and user needs. The cloud deployment strategy offers increased scalability, quickness, round-the-clock assistance, and enhanced IT security. A key growth enabler has been the growing requirement for adequate cloud storage, access, and management of these companies' enormous volumes of data.

North America Retains Lead with Surging Adoption of Asset Lifecycle Management Solutions in the US

The North American enterprise asset management market is anticipated to hold a significant global market share in the forecast period due to technological developments in EAM preventive maintenance systems. The adoption rate of enterprise asset management solutions in North America has been accelerated by significant investments, intense R&D efforts, and increased penetration of EAM preventative maintenance systems. The region's considerable market share is primarily attributable to large EAM enterprises and several growing start-ups. The US market is expanding due to a highly developed IT infrastructure, increasing use of asset lifecycle management solutions, and organisations’ more significant focus on adhering to regulatory and compliance norms. There were approximately 585,000 tech enterprises in the US at the end of 2021. Such a rapid increase in the tech companies will increase the demand for EAM software in the region.

Regarding technology adoption, Asia Pacific is one of the fastest-growing areas in global enterprise asset management market, and the region's huge businesses and various governments are responsible for the demand for digitalisation. Leading this technology adoption are nations like China, Japan, Australia, Singapore, India, and Indonesia, which embrace cutting-edge technologies like AI, edge, IoT, analytics, and cloud. China is predicted to have over 7.7 billion IoT-connected devices by 2030, making it the most significant IoT market worldwide. The complexity of managing workloads and apps manually is a primary reason driving the use of EAM among businesses in this region due to the growing use of cloud technologies and the volume of data. Cloud services' accessibility and pricing would significantly influence enterprise adoption of cloud technology. IBM, Infor, IFS, and SAP are a few of the significant vendors active in the area.

Global Enterprise Asset Management Market: Competitive Landscape

Several participants in enterprise asset management market are launching new products and establishing partnerships, alliances, and collaborations. In February 2021, SAP announced the acquisition of AppGyver, a pioneer in no-code development. With this merger, SAP will be able to help clients and partners quickly adapt their IT solutions to meet their specific needs and improve the usability of their applications. In January 2021, IBM and Atos worked together to use AI and RedHat Open Shift technologies to speed up digital transformation in businesses. The partnership offers end customers solutions for asset life cycle management, asset monitoring and MRO optimisation, SMART waste/energy monitoring and optimisation, packaging, transportation, and logistics efficiency.

Few of the players in the enterprise asset management market include IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), Asset Panda (US), EZOfficeInventory (US), EZMaintain.com (US), Pazo (India), Asset Infinity (India), KloudGin (US), Fractal (Chile), InnoMaint Software (India), Aladinme (UAE), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), GoCodes (US), and Fleetio (US).

Global Enterprise Asset Management Market is Segmented as Below:

By Component

  • Solution
  • Services

By Application

  • Asset Lifecycle Management
  • Inventory Management
  • Work Order Management
  • Labour Management
  • Predictive Maintenance
  • Facility Management

By Deployment Model

  • On-premises
  • Cloud

By Organization Size

  • Small and Medium-sized Enterprises (SMEs)
  • Large Enterprises

By Verticals

  • Energy and Utilities
  • Transportation and Logistics
  • Government and Public Sector
  • IT and Telecommunications
  • Manufacturing
  • Healthcare and Life Sciences
  • Education
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East

Key Elements Included In The Study: Global Enterprise Asset Management Market

  • Enterprise Asset Management Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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