Enterprise Asset Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user and Region

In today's technologically-driven world, the efficient management of physical assets is crucial for businesses. Enterprise asset management (EAM) plays a vital role in maximizing equipment lifespan, reducing costs, enhancing safety, and improving overall efficiency. By leveraging a combination of systems, software, and services, EAM allows organizations to effectively control operational assets and equipment. Modern EAM systems optimize asset utilization and quality throughout their lifespan, providing both short-term and long-term benefits. The integration of cloud computing, artificial intelligence (AI), and Internet of Things (IoT) technologies into EAM systems is unlocking new possibilities, fueling the growth of the global enterprise asset management market.

Integration of Cloud Computing Unlocks Novel Opportunities

The adoption of cloud-based enterprise asset management systems has witnessed significant growth in recent years. Factors such as reduced risk of data loss, robust regulatory compliance, and enhanced data control are driving the shift towards cloud deployment. Cloud-based security and safety solutions are also experiencing increased demand due to these advantages. Organizations are drawn to cloud deployment strategies due to factors such as agility, scalability, improved IT security, and round-the-clock support. Cloud computing simplifies the management, storage, and secure access to large volumes of enterprise data. Consequently, the global enterprise asset management market is poised for growth in the forecast period.

Rapid Adoption of IoT-Enabled EAM Systems Drives Market Expansion

To enhance the viability of enterprise asset management solutions, cutting-edge technologies are being leveraged. As a result, the adoption of IoT-enabled enterprise asset management systems is growing rapidly. The increasing use of smartphones and laptops has led to the necessity of IoT-based applications. IoT-integrated EAM systems enable the identification of performance issues and facilitate control adjustments. The growing number of smart cities is expected to further diversify the application pool for IoT-enabled EAM. These systems can effectively manage and monitor critical infrastructure within smart cities. These developments are set to drive the accelerated expansion of the global enterprise asset management market.

North America to Lead the Enterprise Asset Management Market Supported by Start-Up Ecosystem

North America is projected to dominate the enterprise asset management market, primarily due to technological advancements in EAM preventive maintenance systems. The region boasts several leading players and a vast customer base comprising start-ups and enterprises. With a robust IT industry and infrastructure, the adoption of EAM systems is facilitated in North America. Additionally, key economies such as the USA have strict regulatory frameworks that mandate the use of EAM systems. Meanwhile, the Asia Pacific region is experiencing the fastest growth, driven by increasing digitization of business and government processes.

Prominent Market Players

Major players in the enterprise asset management market include SAP (Germany), IBM (US), Infor (US), Oracle (US), ABB (Switzerland), IFS (Sweden), Maintenance Connection (US), Aladinme (UAE), Intelligent Process Solutions (Germany), Aptean (US), Aveva (UK), CGI (Canada), GoCodes (US), Emanit (US), Ultimo Software Solutions (UK), Rfgen Software (US), Assetworks (US), EZOfficeInventory (US), EZMaintain.com (US), UpKeep (US), Asset Panda (US), KloudGin (US), Fractal (Chile), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), Fleetio (US), InnoMaint Software (India), Asset Infinity (India), and Pazo (India).

The global enterprise asset management market is set for significant growth, driven by technological advancements, cloud integration, and the adoption of IoT-enabled solutions. With a focus on improving efficiency and asset management, businesses are increasingly embracing EAM systems.