Enterprise Asset Management (EAM) Market Share Analysis Report by Offering (Solution, Service), Enterprise (Large Enterprises, SMEs), Deployment (On-Premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, IT and Telecom, Government and Defense, Oil and Gas) – Global Industry Growth and Demand Forecast to 2030

Market Overview

The global enterprise asset management market size stood at $5,966.2 million in 2021, and it is expected to advance at a compound annual growth rate of 14% during 2021–2030, to reach $19,401.9 million by 2030.

The key factors responsible for the growth of the market include the booming need for the reduction of maintenance and procurement expenses, improvement of asset availability, and decrease of asset breakdown instances, the increasing adoption of these solutions for the effective utilization of assets, and the need for a higher return on assets (ROA). Nowadays, companies are also more concerned about data breaches and are, therefore, strengthening their security systems.

Cloud and Healthcare and Life Sciences Categories To Witness High Growth Rates

The cloud category is projected to register the higher CAGR, of 14.3%, in the prediction period, based on deployment. The key factors that are responsible for the growth of this category are the increasing number of startups and new entrants in developed and developing regions, who prefer the cloud deployment of these solutions, to quickly establish themselves. This is because cloud-based solutions enable multiple users in an organization to access information at any time, from any location, without any upfront hardware spending.

The healthcare and life sciences category is expected to witness the fastest growth during the forecast period. This will be on account of the increase in healthcare spending, growth in the focus on advanced patient care management, rapid adoption of digitization and high-tech medical equipment, strong need to fulfill compliance regulations, and need for enhanced performance monitoring. In addition, the global healthcare spending as a share of the gross domestic product (GDP) is expected to be around 10.3% in 2023, up from 9.9% in 2018.

Solution and Large Enterprises Are Expected To Hold Dominating Market Shares

The solution category held the larger share of the enterprise asset management market in 2021, based on offering. This is credited to the growing need to effectively manage enterprise assets, increasing demand for a better return on investment (ROI) on assets, rising importance of a proactive approach to asset management, surging requirement for streamlined business operations, and rapidly growing industries, including manufacturing, retail, telecommunications, and healthcare.

The large enterprises category is expected to generate the higher revenue over the forecast period, based on enterprise. Large companies need efficient management of a large number of assets and proper compliance with specific regulations, which is why they are focusing on analyzing machine downtime and predicting the causes of equipment failure.

North American Region Dominates Market

North America generated the highest revenue in 2021 in the enterprise asset management market, owing to the considerable focus of enterprises on optimal asset utilization, predictive maintenance, and supply chain management (SCM), to smoothen and streamline business operations. Furthermore, the rising need to meet the stringent regulatory compliances, strong presence of vendors, and growing investments by private and public players for the better management of their assets and equipment are driving the regional market.

APAC Region To Witness Fastest Growth

The Asia-Pacific market is expected to grow at the highest CAGR, of 15.1%, over this decade. This can be ascribed to the rapid adoption of digital services among organizations, growing information technology (IT) spending, rising support of governments for SMEs, increasing commercial and industrial construction activities, and surging focus of enterprises on business improvement and expansion.

Integration of Internet of Things with EAM Solutions

With the growth in IoT deployment globally, its integration with EAM solutions has been rising too. Vendors and end users are both integrating IoT devices into EAM to obtain real-time data, which companies process to obtain powerful insights into their physical and virtual assets. This helps enterprises in managing, maintaining, and supervising their assets in the real time. The integration of IoT with EAM enables the monitoring of the performance of non-conformities, repair as well as replacement opportunities, and potential process control modifications.

Further, with the rising adoption of mobile devices, such as smartphones, personal digital assistants, and laptops, the demand for mobility in EAM is also increasing globally. Companies, such as SAP SE and IBM Corporation, offer EAM mobile applications, which enable employees to input inspection data directly into the database. This reduces delay time, data collection errors, and operational costs in the process. Such applications seamlessly connect with EAM software to keep the mobile ecosystem in synchronization with the EAM system. This also enables decision-makers to increase workforce productivity, by updating the status of assets and delivering routing information to workers. Such a system also allows workers to update the data even in the absence of a network connection, thus enabling them to perform tasks in remote locations.

For instance, IBM Corporation’s Maximo Mobile solutions provide remote and AI-based expert support, real-time asset history, and operational data to the digital twin from wearables, safety sensors, and diagnostic interfaces. Maximo Mobile is based on next-generation mobile technology and a simple-to-implement platform, which gives technicians the correct asset operational data at the right moment. It enables specialists to scale their knowledge, increase asset reliability, and optimize the company's operations. IBM Corporation’s Maximo Application Suite, of which Maximo Mobile is a part, can be installed on-premises or in any cloud environment.

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Improved Return on Asset

Businesses require EAM solutions for the management of assets, including buildings and machines. The ROA shows how profitable a company’s assets are in generating revenue. EAM encourages the timely maintenance of assets, which helps prevent malfunctioning, in turn, reducing machine downtime. Moreover, it extends the life of assets, which helps companies cut down on capital and the environmental and financial impact of the decommissioning of the existing assets. EAM software, thus, optimizes the utilization and productivity of a company’s resources, in turn, increasing the ROA.

Growing Adoption of EAM for Effective Utilization of Assets

Enterprises use the asset turnover ratio to calculate their efficiency and productivity. The asset turnover ratio is the financial ratio of the sales and prices of assets. To increase it, a company simply has to increase its sales compared to the prices of its assets. The use of EAM for asset utilization management allows for the management of maintenance agreements, tracking of asset inventory, examination of the trends in excess charges and invoice payments, analysis of funding information, and tracking of meter readings and invoice charges. Through these functions, the EAM software generates a set of reports, which enable users to compare invoices and expected billing amounts, view assets individually or as part of a group, and track unusual activity, to limit waste and fraud. Thus, with the surging demand for the effective utilization of assets from organizations, the EAM market is registering growth across the globe.

Inclination toward Cloud Deployment of Solutions

Of late, the demand for cloud-based EAM solutions has risen dramatically among companies, to streamline work and manage facilities. Cloud computing enables companies to lessen their operational cost, by reducing their IT investments, as well as offering online and offline mobility for managing assets and lowering functional limitations. It also provides enhanced technical support via the integration of performance monitoring and debugging tools into the system; offers maintenance personnel higher mobility, and increases business agility. Hence, the cloud allows organizations to transfer their data to remote servers, while maintaining accuracy and integrity. Additionally, the flexibility of data access and automatic updates result in the increasing adoption of cloud computing services.

Key Players in Global Enterprise Asset Management Market Are:

• Oracle Corporation
• SAP SE
• IBM Corporation
• Schneider Electric SE
• ABB Ltd.
• Industrial and Financial Services (IFS) AB
• MRI Software LLC
• CGI Inc.
• Infor Inc.
• Ramco Systems Limited
• Rockwell Automation Inc.
• Bentley Systems Incorporated

Enterprise Asset Management Market Size Breakdown by Segment

The report analyzes the impact of the major drivers and restraints on the market, to offer accurate market estimations for 2017-2030.

Based on Offering

• Solution
  • Asset lifecycle management
  • Inventory management
  • Work order management
  • Labor management
  • Predictive maintenance
  • Facility management
  • Reporting and analytics
• Service
  • Professional
  • Managed

Based on Enterprise

• Large Enterprises
• Small and Medium Enterprises

Based on Deployment

• On-Premises
• Cloud

Based on Vertical

• Energy and Utilities
• Manufacturing
• Healthcare and Life Sciences
• Transportation and Logistics
• Information Technology and Telecom
• Government and Defense
• Oil and Gas

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • U.A.E.
  • South Africa