Enterprise Asset Management Market Research 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 Analysis and Growth Forecast to 2030

Market Overview

The global enterprise asset management market generated revenue of $5,682.1 million in 2020, and it is expected to grow at a CAGR of 14.2% during 2020–2030. The key factors responsible for the growth of the market include the surging need for reduction of maintenance and procurement expenses, increasing adoption of these solutions for effective utilization of assets, and improved return on assets (ROA).

The economic consequences of the COVID-19 pandemic have left a major impact on enterprises across different verticals, including mining, manufacturing, and energy and utilities. Thus, there is a rising demand for these solutions to survive amidst the pandemic, which is propelling the EAM market. These solutions help with prioritizing work orders, providing new COVID-related work order templates, managing personal protective equipment (PPE) stock, configuring COVID-19 key performance indicators (KPIs), visualizing floor and remote working plans, compliance, rotating the crew, and maintaining proper timings for the management.

Solution and Large Enterprises Accounted for Larger Market Share

The solution category held a larger share of the enterprise asset management market in 2020, based on offering. This is majorly attributed to the factors, such as increasing need for effective management of enterprise resources and assets, rising demand for better return on investment (ROI) on assets, growing preference for proactive approach for asset management, surging requirement for streamlined business operations, and rapid growth in industries, including manufacturing, retail, telecommunications, and healthcare.

The large enterprises category accounted for a higher share of the enterprise asset management market in 2020, based on enterprise. This is primarily due to the factors, such as efficient management of a large number of assets, focus toward analysing machine downtime, strong need for predicting causes of equipment failure beforehand, and meeting specific compliance requirements.

Cloud Category and Healthcare and Life Sciences Vertical To Witness High Growth Rate

The cloud category is projected to register faster growth during the forecast period, based on deployment. This can be attributed to the rising number of start-ups and new entrants in developed and developing regions, which prefer the adoption of cloud deployment of these solutions, to quickly establish themselves in the market landscape. Moreover, cloud-based solutions enable multiple users in an organization to access data at any time from any location and require no hardware upfront costs, which are also supporting the market growth in this category.

The healthcare and life sciences category is expected to witness the fastest growth in the EAM market, during the forecast period. This can be attributed to the increase in healthcare spending, surge in focus toward advanced patient care management, rapid adoption of digitization and utilization of advanced medical equipment, strong need to fulfill compliance regulations, and enhanced performance monitoring. Moreover, global healthcare spending as a share of gross domestic product (GDP) is expected to be around 10.3% in 2023, from 9.9% of GDP in 2018. Hence, the adoption of these solutions in this vertical is expected to accelerate in the coming years.

North American Region Led the Market

Geographically, North America generated the largest revenue in 2020 in the enterprise asset management market, owing to the factors, such as enterprises considerably focusing on asset utilization, predictive utilization, and safeguarding supply chain management (SCM), in order to smoothen and streamline business operations. Furthermore, the rising need to meet stringent regulatory compliances, strong presence of vendors, and growing investments made by private and public players for better management of assets and equipment are driving the regional market.

On the other hand, the Asia Pacific (APAC) market is expected to witness the fastest growth during the forecast period. This can be ascribed to factors, such as rapid adoption of digital services among organizations, growing information technology (IT) spending, rising support from governments for the development of SMEs, increasing residential construction activities, and surging focus of enterprises toward business improvement and expansion.

Integration of Internet of Things (IoT) With EAM Solutions Is a Key Market Trend

With the rise of IoT deployment across the globe, its integration with EAM solutions has been increasing, which in turn is resulting in the positive growth of the enterprise asset management market. IoT devices are increasingly used in these solutions to provide real-time data, which, in turn, process and provide powerful insights to users/deployers. This way, enterprises are able to manage, maintain, and supervise their assets in real-time. This further provides identification of performance of non-conformities, repair as well as replacement opportunities, and potential process control modifications.

For instance, in April 2020, KORE Wireless Group Inc. announced the launch of critical asset management (CAM) solution, which is based on Visilion asset tracking platform from Sony Network Communications Inc. in Europe. The solution leverages IoT managed service expertise of Integron Technologies B.V., which was recently acquired by KORE Wireless Group Inc. The solution enables companies to maintain real-time condition visibility of critical goods, pertaining to industries such as pharmaceuticals, food and beverages, healthcare, and manufacturing.

Need For Reduction of Maintenance and Procurement Expenses, and Improved ROA Boost the Market Growth

EAM can reduce maintenance costs by closely tracking of operations, providing better information on capital investment decisions, and integrating maintenance solutions for effective control of equipment. Moreover, this helps reduce operating costs by decreasing procurement cost of materials, minimizing maintenance cost, and increasing project return on investment (ROI). Enterprises are optimizing their operating costs by using the required software. With the rising need of enterprises to cut down their maintenance and procurement costs by a significant number, which leads to a significant growth of the enterprise asset management market.

Further, this software optimizes the utilization and productivity of a company’s resources, and hence, in turn, increases the ROA. This in turn, helps to boost the market for these solutions. For instance, in February 2020, a Europe-based textile manufacturing company, Cotonificio Albini S.p.A. deployed Infor CloudSuite EAM, in order to digitize asset management operations. With this solution, the company aims to analyze maintenance activities in its facilities located locally and internationally, and identify new ways of working efficiently. This would also result in positive impact on the company’s sales and optimize the lifecycle of assets. Thus, this factor drives the demand for these solutions and services, which leads to a significant growth of the enterprise asset management market.

Explore more about this report - Request free sample pages

Market Players Involved in Product Launches, Mergers and Acquisitions to Gain Significant Position

The global EAM industry is fragmented, due to the presence of key players in the market. In recent years, players in the market have been involved in product launches, and mergers and acquisitions in order to attain a significant position. For instance:

• In October 2021, Innovapptive Inc. announced the launch of mobile solutions for IBM Maximo EAM and Warehouse Management Suite. Through this, Innovapptive offers IBM Maximo users three primary products, which include mWorkOrder (a mobile plant maintenance app), mInventory (a mobile warehouse management app), and mAssetTag (a mobile fixed asset tracking solution).
• In July 2021, Hexagon AB acquired the EAM division of Infor Inc., a cloud technology company, in a cash and equity deal worth $2.7 billion. The deal also creates ties between Hexagon and Koch Industries, which owns Infor, through a memorandum of understanding, which will see expanded use of its solutions in Koch businesses and cross-selling opportunities between customers. In addition, this acquisition would help customers boost operational efficiency and further drive their digital transformation initiatives. 

Key Players in Global EAM 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

Market Size Breakdown by Segments

The global enterprise asset management market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.

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 (SMEs)

Based on Deployment

• On-Premises
• Cloud

Based on Vertical

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

Geographical Analysis

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