ENTERPRISE ASSET MANAGEMENT MARKET ANALYSIS

Global Enterprise Asset Management Market size was valued at US$ 3,736.7 Mn in 2022, exhibiting a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030.

Enterprise asset management (EAM) is the term used to describe the management of a company's physical assets across the course of each asset's lifecycle in order to maximize use, improve quality and efficiency, save money, and safeguard the environment and human health. The main industries where EAM is used are those that depend on sophisticated and expensive assets like factories, cars, heavy machinery, etc. Energy, government, oil and gas, mining, utilities, shipbuilding, defense, and aerospace are some of the major businesses that use EAM. A public works organization or asset-intensive organization frequently uses specialized software to manage every area of operations. For instance, EAM software can notify managers of operations when a machine part fails and offer the data and tools needed to dispatch a person to stop more casualties.

Furthermore, a significant transition is taking place in the EAM market as a result of new and supplementary technologies. To help with deeper insights into asset management, artificial intelligence, real time analytics the Internet of Things (IoT), augmented reality, digital twins, and telematics are combined with EAM implementations. As a result, EAM is evolving into a more intelligent system that can take in real-time data, communicate with devices, and provide engineers and operators access to cutting-edge insights. The EAM and facility management software markets are maturing, and widespread use of cloud-based and micro-enterprise scale designs is creating new opportunities for industry expansion.

Global Enterprise Asset Management Market- Regional Analysis North America held a dominant position in the global Enterprise Asset Management market in 2021, followed by the Asia Pacific and Europe region.

Figure 1. Global Enterprise Asset Management Market Share (%), By Region, 2022

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North America held a dominant position in the global Enterprise Asset Management market in 2021, owing to availability and adoption of new technologies and huge investments in R&D.

The North American region has historically held the largest revenue share in the market and is predicted to continue to develop strongly in the years to come. The need for enterprise asset management systems has significantly increased in the North American region Due to the accessibility of new technology, the market is anticipated to grow strongly in the next years as a result of the rising use of Internet of Things across numerous sectors. The Internet of Things is essential for collecting and tracking data from various websites. Additionally, the market is being driven by the presence of significant EAM players in the area, including Aptean, AssetWorks, LLC, CGI Inc., and Infor. Additional factors influencing regional growth include early adoption of cutting-edge technologies, the proliferation of cloud-based deployments, a highly developed IT infrastructure, government investments in cutting-edge technologies, and the growing emphasis placed by organizations on adhering to regulatory and compliance requirements.

One of the fastest-growing regions in the world is the Asia Pacific, and the region's numerous government initiatives as well as those of major corporations are fueling the demand for digitization. Leading countries in terms of technology adoption are China, Japan, Australia, Singapore, India, and Indonesia, which are embracing cutting-edge technologies like AI, edge, IoT, analytics, and cloud. Due to the growing complexity of manually managing workloads and applications brought on by the use of cloud technologies and the volume of data, enterprises in this region will increasingly embrace enterprise asset management (EAM). Additionally, the affordability and simplicity of cloud service deployment will be key factors in enterprise adoption of cloud technology. Among the leading manufacturers and suppliers in the region.

The European region poses a Significant potential for industry expansion. The Internet of Things and predictive analytics are two examples of advanced asset management deployments and technologies that European industries and transportation companies are progressively implementing. These technologies will aid in predicting future equipment and machinery breakdown and will help to streamline asset maintenance procedures. Furthermore, in order to create a centralized system that streamlines all industrial processes and efficiently maintains assets, many businesses are prepared to implement enterprise asset management systems in their corporate operations. Therefore, there is a big market for corporate asset management deployments that provide predictive maintenance and management features across a variety of industries.

Global Enterprise Asset Management Market- Segmentation

Solutions segment is expected to dominant the global Enterprise Asset Management market during the forecast period.

The Vertical type segment includes 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.

The solutions segment includes Database Solution, Analytics Solution, Mobile Solution, and Cloud-based Solution

The service segment includes Database Solution, Analytics Solution, Mobile Solution, and Cloud-based Solution.

Figure 2. Global Enterprise Asset Management Market Value (US$ Mn) Analysis and Forecast, by Solution, 2022

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Global Enterprise Asset Management market was valued at US$ 3,736.7 Million in 2022 and is expected to reach US$ 7,386.9 Million by 2030, exhibiting a CAGR of 8.9% between 2023 and 2030.

Global Enterprise Asset Management Market- Key Competitors

Major players operating in the global Enterprise Asset Management market include 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.

Global Enterprise Asset Management Market- Recent Developments

1. On 7^th December 2022, Hexagon AB, a global provider of IT solutions, announced the launch of HxGN EAM v12, the latest version of the SaaS-based Enterprise Asset Management product.
2. On 16^th Feb 2023, TCS published an article in which it talked about having an integrated asset performance management, by combing EAM data with real time data.
3. In July 2022, IFS, an enterprise software provider announces its acquisition of Ultimo, a Netherlands based provider of cloud Enterprise Asset Management (EAM) software.
4. On 9^th March, OpenGov, modern cloud software solution provider, announced the Launch of its Enterprise Asset Management Software, talks about Investments in Powerful New Product Features, and Bolsters Leadership and Board

Global Enterprise Asset Management Market- Driver

The rise use of mobility and mobile devices in EAM solutions

A "mobile-first" approach is pervasive across businesses and industries due to the pervasiveness of mobility and mobile devices, such as smartphones, tablets, and phablets. The reach of mobility in EAM solutions is anticipated to rise as a result of the rising use of mobile devices. Alongside EAM and field service systems, handheld smart devices have improved in functionality thanks to GPS, GIS, RFID, and embedded cameras.

EAM users' lives can be made simpler and more productive with the help of contemporary mobile devices and ruggedized versions of these gadgets. Work order instructions, equipment hierarchies, part numbers, inventory information, and similar information are readily available to maintenance staff. Due of this data duplication, EAM and CMMS software suppliers have developed mobile applications that are simple to link with the main system. Even remote workers may enter the data swiftly and safely thanks to the interface with the main system.

Growing demand for cloud based EAM solutions among customers

Numerous businesses all around the world are using EAM systems to raise business agility, increase job productivity, and manage facilities. In order to optimize crucial corporate assets and obtain business data for decision-making, cloud-based enterprise asset management software and services are also used. Additionally, these technologies enable firms to reduce overhead costs. Additionally, cloud-based corporate asset management solutions offer greater technical assistance and services, including managed services with built-in performance monitoring and debugging tools. Additionally, it lowers additional costs that businesses must incur for asset management. Therefore, the expansion of the enterprise asset management sector is being driven by an increase in demand for cloud-based EAM solutions among businesses.

For instance, on March 2, 2022, Aptean, a global provider of mission-critical enterprise software solutions, announced the launch of Aptean EAM, a cloud-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production.

Global Enterprise Asset Management Market- Restraint

Concerns regarding data security and confidentiality among customers

Cyber-attacks are also dramatically rising along with the increasing digitization. Data security has thus become crucial for organisations to maintain competitiveness in the global market. Organisations that adopt cutting-edge digital technology expose their data to threats. Concerns about the movement of data from the field to the cloud platform have significantly increased due to the possibility of server, network, and communication channel attacks by malicious parties. According to Ultimo Enterprise Asset Management Trend Report 2022, among organisations manage their assets using software-based solutions, such as cloud-based or on-premises EAM software, the respondents do not appear to prioritise cyber security. The majority of people considered security elements to be relatively significant when choosing asset management software, although more than 30% ignored them. If staff members don't know what to watch out for, the increased amount of connectivity and integration between devices and solutions may lead to new vulnerabilities that are difficult to resolve.

Global Enterprise Asset Management Market- Opportunity

Implementing a digital asset management approach to improve return on investment

Business strategies for digital asset management are crucial. Organizations place a high priority on increasing the performance and dependability of their assets. The deployment and implementation of EAM solutions across organizations can be difficult and require a lot of strategic and technical choices. Businesses are concentrating on keeping expenses under control and getting the most out of their investments. Businesses' lack of a digital asset management strategy is their main obstacle. However, businesses have begun to see the value of the digital asset management strategy and have improved labor productivity, decreased equipment downtime, and cut back on inventory requirements. A well-crafted asset management strategy would aid organizations in making the greatest use of their assets across a variety of touch points.

For instance, on January 18 2023, IPwe Inc., an AI and blockchain-based IP analytics software and services provider, announced the launch of their Smart Intangible Asset Management (SIAM) platform. SIAM is a comprehensive SaaS solution—utilizing world-renowned IP datasets from Clarivate and IPwe's certified patent valuation algorithm and AI—for IP management, valuation, and transactions. It is an AI and blockchain-based tool that removes the complexity and cost of valuing and transacting IP, allowing enterprises to achieve greater ROI for their intangible assets.

Global Enterprise Asset Management Market- Impact of Coronavirus (Covid-19) Pandemic

The EAM market benefited from the COVID-19 epidemic. This is explained by the fact that businesses closed during the lockdown, causing enormous losses for the economy. However, once businesses resumed operations, they began to concentrate on cutting expenses, making savings, and securing liquidity to help them withstand future restrictions and a potential freeze on particular economic sectors. Since firms are looking for ways to cut costs, optimize operations, and boost the effectiveness of the resources at their disposal during the corona virus, EAM is crucial. The financial performance of the business actually improves when digital transformation in this area is successful. Therefore, the COVID-19 epidemic had a favorable effect on the market for enterprise asset management.

*Definition: Enterprise asset management (EAM) entails overseeing the upkeep of a company's physical assets over the course of each asset's lifecycle. The required maintenance actions, along with the associated priorities, skills, materials, tools, and information, are planned, optimized, carried out, and tracked using EAM. This includes planning, building, installing, operating, maintaining, decommissioning, and replacing plant, equipment, and facilities.