Global Enterprise Asset Management market was valued at US$ 3,736.7 Million in 2022, and is projected to reach US$ 7,386.9 Million by 2030, exhibiting a CAGR of 8.9% over the forecast period (2023-2030). According to Global Enterprise Asset Management Market Report, " By Vertical: Public Sector, Manufacturing, Oil and Gas, Healthcare and Pharmaceutical Industry, Energy and Utility, Transportation, Wholesale and Distribution, Food & Beverages, Paper and Packaging, Chemical and Process Industry (Including Steel Industry), Mining, and Service Industry, By Solution: Database Solution, Analytics Solution, Mobile Solution, and Cloud-based Solution, By Service: Consulting Service, Implementation Service, Training and Support Service, and Outsourcing Service and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East& Africa).
Enterprise asset management (EAM) offers a comprehensive perspective of a company's physical infrastructure throughout every stage of its lifespan, from commissioning, designing, or purchasing through operating, disposing of, maintaining, and replacing physical assets. The enterprise asset management (EAM) software has a number of capabilities, including life-cycle management, warranty management, and a portal-based user interface. Simply said, EAM software provides an organization with a broad user base across several sites with capabilities like lifecycle planning. Additionally, it provides crucial tools like financial knowledge, information, and resources. The global corporate asset management market is anticipated to develop over the course of the projected period as more organizations utilize cloud services.
Global Enterprise Asset Management Market- Drivers
Cloud-based deployment and cutting-edge technologies
The adoption of IoT devices across industries and the application of artificial intelligence to asset management will contribute to the expansion of the EAM industry in the years to come. In the upcoming years, the availability of cloud-based enterprise asset management solutions will also contribute to the market's expansion. Additionally, the incorporation of cutting-edge technologies will aid in predictive maintenance, which will lower maintenance costs and foster further market expansion. For instance, Krungsri Asset Management, an asset management company in Thailand, have shifted their front office operation to Charles River’s,, a financial process automation services provider, cloud-based platform. Krungsri Asset uses the Charles River Investment Management Solution (Charles River IMS) for their mutual, private, provident, and property funds supporting equity, fixed income, and derivative asset classes
Global Enterprise Asset Management Market- Restraints
Choosing the wrong solutions for your enterprise
As the advantages of using business asset management systems have been more widely known, there are numerous vendors on the market that offer these solutions. In order to enhance their business, organizations must choose the best solution or a combination of the best solutions. Making the best decision for the company is essential since it will have an impact on the overall effectiveness and smooth operation of the organization's flow and procedures.
Global Enterprise Asset Management Market- Key Developments
In March 2022, Aptean, a provider of enterprise software solutions, unveiled Aptean EAM in, a cloud-based enterprise asset management (EAM) system for manufacturing and other companies. The needs of small and medium-sized businesses are met by the Aptean EAM.
In July 2022, IFS, a provider of cloud-based enterprise software, announced that Nordic Paper, a paper mill with operations in Sweden, will replace its on-premise enterprise asset management (EAM) programme with the most recent IFS Cloud solution in order to streamline operations around the globe. Nordic Paper will be able to maximize uptime, reinforce maintenance, and improve security thanks to this upgrade.
Global Enterprise Asset Management Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic had a favorable effect on the enterprise asset management sector Due to the quick transition to a remote work culture and the following acceptance of the Bring your own device (BYOD) trend. The expansion of the market will further highlight the real estate sector's growth in 2021. For Instance, the International Trade Administration reports that in Middle East and Africa, some industries' property values increased by as high as 56% in 2021. Going forward, the continued growth of the manufacturing, healthcare, and oil & gas sectors against the backdrop of escalating geopolitical tensions may have an impact on the industry's progress.
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Key Trends and Analysis of the Global Enterprise Asset Management market:
- Verticals segment held a dominant position in 2022 and is projected to retain its dominance throughout the forecast period. As more and more verticals integrate EAM’s with their system, their demand is expected to grow, and boost the market growth
- North America held a dominant position in the global Enterprise Asset Management market in 2022 and is expected to maintain its dominance during the forecast period, owing to adoption and accessibility of new technology.
- Asia Pacific Enterprise Asset Management market is projected to exhibit the highest CAGR during 2022–2030. The desire for digitalization is being fueled by several regional government efforts as well as those of significant enterprises. China, Japan, Australia, Singapore, India, and Indonesia are the top countries for technology adoption, and they are embracing cutting-edge technologies like AI, edge, IoT, analytics, and cloud.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period, owing to increasing adoption of technologies.
Some of the major players in the global Enterprise Asset Management market are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo Software Solutions BV, CARL International SA, eMaint Enterprises, LLC, Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc.
