Enterprise Asset Management Market

Enterprise Asset Management Market Share was valued at USD 3,000 Million in 2022 and is expected to register a CAGR of 8.7% during the forecast period.

Enterprise asset management is a combination of systems, software, and services that are utilized to control and maintain the operational assets and equipment. It is a process of handling the lifecycle of physical assets and equipment to expand its lifetime, enhance quality & efficiency, decrease costs, and improve environmental safety. Enterprise asset management includes asset maintenance, scheduling & planning, work management, and supply chain management, among others.

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Key Enterprise Asset Management Market Drivers

The factors that are responsible for driving the growth of the global enterprise asset management market include the growing demand for increasing the lifecycle performance of assets and a decrease in the procurement & maintenance expenses in various organizations. Moreover, increasing inclination towards cloud-based deployment and the incorporation of various advanced technologies such as big data are some other factors that are creating various growth opportunities for enterprise asset management market during the forecast period. Several advantages offered by enterprise asset management includes its ability to maximize the return on assets, decrease the risks & costs, make informed decisions related to the assets, increase uptime & enhance predictability and decrease total cost of ownership, among others. All these factors are proliferating the growth of the global enterprise asset management market. In addition to this, growth in the digitization of industries and enhancement in the technological infrastructure are the significant factors that are accelerating the demand for enterprise asset management in the market worldwide. The factors that hinder the growth of the market include the increasing concerns related to data confidentiality and security among the organizations.

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Based on the component, the solution segment is anticipated to grow at a higher CAGR in the global enterprise asset management market during the forecast period owing to the growth in the inclination of organizations towards predictive maintenance as a result of the growing adoption of various advanced technologies like machine learning and artificial intelligence. In addition to this, various benefits offered by the solutions such as the decrease in the breakdown costs & maintenance costs, increase production hours, and increased asset life are further driving the growth of the market in this segment.

Based on the organization size, the small & medium-sized enterprises segment is projected to increase at a higher CAGR over the forecast period due to the increasing demand for enterprise asset management among small & medium-sized organization, specially to increase the utilization of their resources and remain competitive in the market. Moreover, the increasing number of small & medium-sized enterprises entering the market is also a major factor that is fuelling the segment growth.

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Regional – Segment Analysis

Based on the region, the North America region is expected to increase at a higher compound annual growth rate during the forecast period due to its rising adoption among various public and private organizations for improved management of their equipment and assets. Moreover, the presence of various enterprise asset management vendors and growing demand to meet the stringent regulatory compliances are also some other factors which are fuelling the growth of the market in this region.

Top Market Players

Various notable players operating in the market include Oracle, Infor, IFS, SAP, IBM, IPS, ABB, AVEVA Group plc, eMaint, and Aptean, among others. 

Key Developments:

• • In 2020, SAP entered into a partnership with Siemens to enhance the interoperability and utilize each other’s complementary technologies to provide integrated solutions for supply chain, product lifecycle management, asset management, and service.
  • In 2019, IBM launched asset management software with two of the company’s gold-standard business partners. This Maximo asset management system enables the marine companies to decrease the operational costs & risk, manage inventory and assets more efficiently, and optimize the work process.

Segments covered in the Report:

The global enterprise asset management market has been segmented on the basis of component, deployment mode, organization size, vertical, and regions. Based on the component, the market is segmented into solution and services. The solution segment is further categorized into inventory management, asset lifecycle management, labor management, work order management, facility management, predictive maintenance, and reporting & analytics. The services segment is further categorized into managed services and professional services. Based on deployment mode, the market is segmented into the cloud and on-premises. Based on organization size, the market is segmented into small & medium-sized enterprises and large enterprises. Based on vertical, the market is segmented into healthcare & life sciences, IT & Telecom, transportation & logistics, manufacturing, energy & utilities, government & defense, and others. 

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Market Segmentation

Global Enterprise Asset Management Market by Component

• • Solution
    • Inventory Management
    • Asset Lifecycle Management
    • Labor Management
    • Work Order Management
    • Facility Management
    • Predictive Maintenance
    • Reporting & Analytics
  • Services
    • Managed Services
    • Professional Services

Global Enterprise Asset Management Market by Deployment Mode

• • Cloud
  • On-Premises

Global Enterprise Asset Management Market by Organization Size

• • Small & Medium-Sized Enterprises
  • Large Enterprises

Global Enterprise Asset Management Market by Vertical

• • Healthcare & Life Sciences
  • IT & Telecom
  • Transportation & Logistics
  • Manufacturing
  • Energy & Utilities
  • Government & Defense
  • Others

Global Enterprise Asset Management Market by Region

• • North America Enterprise Asset Management Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • US Market All-Up
    • Canada Market All-Up
  • Europe Enterprise Asset Management Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Enterprise Asset Management Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Enterprise Asset Management Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Enterprise Asset Management Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Oracle
  • Infor
  • IFS
  • SAP
  • IBM
  • IPS
  • ABB
  • AVEVA Group plc
  • eMaint
  • Aptean