Enterprise Asset Management Global Market Report 2024

The enterprise asset management market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth observed in the historical period can be ascribed to factors such as regulatory compliance, aging infrastructure, cost optimization, preventive maintenance, and integration with ERP systems.

The enterprise asset management market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be credited to factors such as the adoption of mobile EAM solutions, a heightened focus on sustainability, enhanced cybersecurity measures, and the customization of EAM for industry-specific needs. Noteworthy trends expected in the forecast period encompass the utilization of digital twin technology, advancements in technology, integration of IoT for condition monitoring, and the prevalence of cloud-based EAM solutions.

The market is experiencing growth, primarily propelled by the increasing demand for Software as a Service (SaaS)-based Enterprise Asset Management (EAM) solutions. SaaS-based EAM services involve delivering software applications through a cloud-based subscription model. These solutions have become essential in the technology landscape, offering features such as dashboards, mobile apps, asset tracking, performance management, forecasting, and regulatory compliance. Customers are favoring SaaS-based solutions over traditional on-premises alternatives due to factors such as quicker time-to-benefit, cost-effectiveness, scalability, integration capabilities, and more. Notably, a 2022 study by DevSquad revealed that 73% of businesses are transitioning all systems to SaaS, with a planned 44% increase in spending compared to the previous year.

The anticipated surge in the adoption of IoT devices is expected to drive the growth of the enterprise asset management market in the future. IoT, or the Internet of Things, involves a network of interconnected physical devices, vehicles, appliances, and other objects equipped with sensors, software, and network connectivity to collect and exchange data. Within enterprise asset management, IoT devices play a crucial role in remote monitoring and diagnostics, reducing the reliance on manual inspections and troubleshooting. For instance, a report by Dataprot, a cybersecurity solutions company based in Serbia, indicated that in May 2023, there were over ten billion active IoT devices in use, with an expected increase to 25.4 billion by 2030. Consequently, the rising adoption of IoT devices is a significant driver for the growth of the enterprise asset management market.

The enterprise asset management market is significantly influenced by technological advancements. Leading companies in this market are directing their efforts towards expanding their developmental initiatives in emerging technologies. An example of this is Aptean, which, in March 2022, introduced cloud-based EAM solutions, including a computerized maintenance management system tailored for manufacturing customers. This new launch is designed to assist small and medium manufacturers in meeting their asset management needs and demands. The focus on incorporating advanced technologies underscores the dynamic nature of the enterprise asset management market and the commitment of key players to stay at the forefront of innovation.

Major players in the enterprise asset management market are actively engaged in the innovation of new technologies, particularly focusing on mobile solutions, to maintain their market position. Mobile solutions involve the development of technologies tailored for specific industries, utilizing mobile technology to address their unique requirements. An illustrative example is Innovapptive, a multinational software company based in the US, which, in October 2021, launched mobile solutions for IBM Maximo Enterprise Asset Management (EAM) and Warehouse Management Suite. Innovapptive, known for its role in digital transformation, has extended its mobile solutions to organizations using IBM Maximo as their EAM solution. This strategic move aims to cater to the needs of approximately one-third of the market, streamlining outdated manual processes prevalent in such environments.

In November 2021, Australia-based IT services provider COSOL Limited successfully acquired Clarita Solutions Pty Ltd for AUD 7 million ($5.23 million). This strategic move by COSOL Ltd is aimed at the expansion of its business units and the enhancement of its product portfolio. The acquisition involves the integration of technologies from both companies, seeking to attain a strategic advantage over competitors in the market. Notably, Clarita Solutions Pty Ltd is an Australia-based company specializing in providing enterprise asset management services.

Major companies operating in the enterprise asset management market report are International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Consultants to Government and Industry Incorporated, Rockwell Automation Inc., Rockwell Automation Inc., Fluke Corporation, Infor Inc., AVEVA Group PLC, Bentley Systems Incorporated, IFS AB, Accruent LLC, Ramco Systems Limited, Fingent Corporation, MRI Software LLC, Ultimo Software Solutions BV, AssetWorks LLC, Rosmiman Software Corporation, Mainsaver Software, Maintenance Connection, UpKeep Technologies Inc., MPulse Software Inc., CHEQROOM, eWorkOrders, EZOfficeInventory, MVP Plant, Real Asset Management PLC, MicroMain Corporation, AMTdirect Inc., ManagerPlus, Nuvolo, Limble CMMS.

North America was the largest region in the enterprise asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the enterprise asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Enterprise asset management encompasses two main types: on-premises and cloud-based solutions. On-premises software is installed locally on your company's PCs and servers. Its applications extend to asset lifecycle management, inventory management, work order management, labor management, and various sectors such as energy and utilities, transportation and logistics, government and public sector, IT and telecommunications, manufacturing, healthcare and life sciences, education, and other verticals.

The enterprise asset management market research report is one of a series of new reports that provides enterprise asset management market statistics, including enterprise asset management industry global market size, regional shares, competitors with a enterprise asset management market share, detailed enterprise asset management market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise asset management industry. This enterprise asset management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The enterprise asset management market includes revenues earned by entities by providing services such as construction industry assets, healthcare industry assets, automotive manufacturing industry assets, hotel industry assets. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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