The global Enterprise Asset Management Market size is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, according to research report by MarketsandMarkets™.

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By offering, the solutions segment will hold a larger market size during the forecast period.

Enterprise Asset Management (EAM) solutions are comprehensive software systems designed to manage and optimize the entire lifecycle of an organization's physical assets. These solutions offer a robust framework for asset tracking, maintenance planning, and performance optimization. Core functionalities of EAM systems typically include a Computerized Maintenance Management System (CMMS), which enables organizations to schedule and track maintenance activities, reducing downtime and extending asset lifespan. For instance, Sund & Baelt partnered with IBM to develop an AI-driven IoT solution named IBM Maximo for Civil Infrastructure. This innovative system utilizes sensors and algorithms to extend the operational life of aging infrastructure, including bridges, tunnels, highways, and railways. Through the automation of inspection processes, the company aims to boost productivity by 14-25% and achieve a significant reduction of over 30% in time-to-repair for these critical assets. Asset performance management (APM) is another integral component, focusing on monitoring and enhancing the reliability and efficiency of assets. EAM solutions often incorporate predictive maintenance capabilities, leveraging data analytics and IoT sensors to anticipate equipment failures before they occur, minimizing unplanned downtime and reducing maintenance costs.

By Application, the facility management segment holds the second-largest market share during the forecast period.

Facility management software supports companies in optimizing the human and material resources required for facility maintenance. This type of software is used by maintenance teams in industries such as construction, real estate, retail, and manufacturing. Companies use facility management software to maintain buildings, properties, plants, warehouses, or infrastructure; this software allows companies to ensure the safety and well-being of their tenants and employees while monitoring maintenance activities and productivity.

By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific (APAC) region is witnessing a significant uptick in the adoption of Enterprise Asset Management (EAM) solutions, propelled by substantial IT investments, widespread cloud adoption, and robust economic growth. Organizations across diverse sectors in APAC recognize the pivotal role of EAM in optimizing asset lifecycle management and operational efficiency. The region's strong economic growth, particularly in manufacturing, utilities, and infrastructure, translates to a growing dependence on high-value assets; this, in turn, fuels the demand for sophisticated EAM tools to ensure optimal asset performance and uptime, maximizing returns on investment. In addition, China, with its burgeoning IoT landscape and ambitious infrastructure plans, is predicted to host over 7.7 billion connected devices by 2030, driving EAM demand. Likewise, India's rapid manufacturing expansion and focus on smart cities act as potent catalysts. Thus, Asia Pacific is at the forefront of the EAM revolution, with its tech-savvy businesses recognizing the immense value these solutions offer in propelling them towards operational excellence and sustainable growth.

Key Players

Some of the key players operating in the enterprise asset management market are – IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).

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Key Dynamic Factors For Enterprise Asset Management Market:

Technological Progress:

EAM systems are undergoing a transformation due to the swift progress made in technologies like machine learning, artificial intelligence (AI), and the Internet of Things. Real-time monitoring, predictive maintenance, and enhanced decision-making are made possible by these technologies.

Cloud Usage:

Organisations may now access data remotely, increase scalability, and save infrastructure expenses by switching to cloud-based EAM systems. Adoption of cloud computing is a major factor driving the EAM market.

Mobility and Online Access:

Asset management is becoming more efficient, which is why there is a growing demand for mobile solutions that allow remote access to EAM systems. Managers and field technicians may access and update vital data while on the go with the help of mobile applications.

ERP system integration:

Smooth company processes depend on integration with Enterprise Resource Planning (ERP) platforms. Asset management is ensured by the integration of EAM and ERP systems, which covers procurement, maintenance, and financial issues.

Observance of Regulations:

Strict laws in a number of sectors, including manufacturing, healthcare, and energy, encourage the use of EAM systems. In order to stay out of trouble and maintain asset integrity, adherence to industry norms and laws is crucial.

Prioritise Sustainability

Sustainability activities are being prioritised by organisations more and more. Assets must be managed effectively to minimise waste, save energy use, and comply with environmental standards. This is where EAM solutions come in.

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Competitive and Segmentation Analysis:

Understanding and negotiating the complexity of the Enterprise Asset Management (EAM) industry requires a firm grasp of competitive analysis and segmentation. The EAM market is characterised by a competitive landscape whereby prominent competitors are contending for market share, each providing unique solutions and services. Enterprises operating in this domain distinguish themselves by technological advancements, industry knowledge, and the range of products they offer. Competition is growing as more and more organisations realise the strategic value of effective asset management, which is driving a constant growth of EAM systems' features and capabilities. Market segmentation is commonly determined by various criteria, including industry verticals, deployment models (cloud-based, on-premises), and geographic regions. The requirements and difficulties that each segment may face differ, which affects how EAM services are customised and targeted.

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