Global Enterprise Asset Management Market was valued at US$ 2,957.06 Million in 2021 and is expected to surpass US$ 7,775.66 Million by 2030, exhibiting a CAGR of 11.5% during the forecast period (2022-2030), according to the 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 and Africa), published by Coherent Market Insights.

Enterprise asset management (EAM) provides all-inclusive view of an organization’s physical assets infrastructure throughout the entire lifecycle from commission, design, or procurement to operation, disposal, maintenance, and replacement. The enterprise asset management (EAM) software includes various features such as warranty management, preventive maintenance scheduling, life-cycle management, and portal-based software interface. In layman’s term, EAM software offers the organization with large number of users across various sites including capabilities such as lifecycle planning. Moreover, it offers important tools such as finances skills, information, and material.

Growing adoption of cloud services in various organizations is expected to drive growth of the global enterprise asset management market during the forecast period. For instance, in November 2019, Salesforce.com, Inc., a U.S.-based cloud-based software company, adopted Microsoft Azure public cloud for its Marketing Cloud service. Cloud-based services are used for IT human resources onto new initiatives, rather than hindering these resources for maintenance of IT infrastructure. This, in turn, leads to new business revenue generation and creation of new opportunities for IT vendors.

Key Developments

  • In March 2022, Aptean, a company that provides enterprise software solutions launched Aptean EAM a cloud-based enterprise asset management (EAM) for manufacturing and other businesses. The Aptean EAM meets the need of small and medium-sized enterprises.

Enterprise asset management (EAM) provides real-time information and visibility into almost all physical assets, and across the maintenance, repair, and overhaul (MRO) supply chain network. Considering the marketing benefits of social media, enterprises are willing to invest on digital marketing activities to promote their services and products, in turns, leading to a significant rise in digital content such as, high-quality images, high-definition videos and audios. To manage this digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline the secure assets, digital assets, surface relevant metadata and also transform digital content into their latest forms. Therefore, digital asset management (DAM) strategy is expected to pose excellent growth opportunities in global enterprise asset management market during forecast period. Regulations ISO 55000: ISO accepted PAS 55 as the basis for development of ISO 55000 series standards for asset management. It offers an overview of asset management, associated terminology, concepts, and principles.

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

The COVID-19 pandemic has had a positive impact on the global enterprise asset management market in the mid and post-pandemic. After facing severe financial crises during the pandemic various industries such as manufacturing, healthcare, transportation, retail, and others focused on cost savings, asset management, optimizing processes, and increasing efficiency. EAM (Enterprise Asset Management) gained popularity during this period due to the benefits and the industry requirements fulfilled by the EAM. Hence, the global enterprise asset management market witnessed positive growth during the pandemic.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/enterprise-asset-management-market-3136

Browse 150 market data tables* and 90 figures* on “Global Enterprise Asset Management Market- Global forecast to 2030”

Key Trends and Analysis of the Global Enterprise Asset Management Market:

  • North America is expected to exhibit the highest growth rate over the forecast period. The growth of the market is attributed to key players based in North America such as Oracle Corporation, SAP SE, CGI Group Inc., Schneider Electric SE, and others, which are constantly investing in research and development of EAM solutions to meet the requirements of the various industries and start-ups that are now focused on implementing EAM solutions that helps in cost saving and increasing the efficiency of various industry processes. For instance, in May 2022, IBM Corporation a multinational technology corporation enhanced its Enterprise Asset Management platform known as IBM Maximo Application Suite with IBM Cloud Pak for data. This will help organizations to combine data from different areas of the plant or process.
  • Asia Pacific is expected to witness significant growth over the forecast period, as countries such as India, Malaysia, China, and Thailand are attempting to reduce their import dependency of oil and gas and are focusing on raising energy security. To meet the increasing energy demand, new oil frontiers are opened in remote waters and deep sea. Thus, there is tremendous investing done in the oil and gas industry in Asia Pacific region. EAM (enterprise asset management) helps the oil and gas companies to intelligently interact with their assets and also helps in improving the supply chain operations and hence, demand for EAM is expected to gain traction in the forecast period. 
  • Among solution, cloud-based solution segment is expected to exhibit the highest growth rate during the forecast period. Cloud-based solution allows data storage and runs the application in the server without the need of installing the software. The advantage of used a cloud-based solution is data security, it is easy to track the asset in online mode, generates real-time data, and gives early warnings regarding any breakdown. All these advantages are increasing the popularity of cloud-based solutions in various industries.
  • 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.

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