Enterprise Asset Management Market To Generate Revenue Worth $21,471.3 Million in 2030

The ameliorating IoT sector, growing awareness regarding predictive analytics among small and large enterprises, strong growth in construction activities, increasing concern to reduce maintenance costs, and surging focus toward maximum utilization of assets are the major growth drivers for the global enterprise asset management market. In addition, the industry is driven by factors, including improved operation for return on assets (ROA) with the help of rising adoption of EAM solutions, and the reduction of maintenance and procurement expenses. Due to the aforementioned factors, the market is projected to generate $21,471.3 million revenue in 2030, advancing at a CAGR of 14.2% during 2020–2030.

During the COVID-19 pandemic, many verticals, including mining, energy, and engineering, have faced several challenges related to the asset management of enterprises. These solutions help businesses to stand the consequences caused due to the pandemic by offering certain parameters, including prioritizing work orders, providing new COVID-related work order templates, managing PPE stock through EAM, tracking COVID status, visualization of floor plans, and remote working plans. Thereby, due to these factors, enterprises are increasingly adapting these solutions, resulting in the growth of the EAM industry.

Service Category to Witness Faster Growth

The enterprise asset management market is categorized into solution and service, based on offering. Of these, the service category is expected to witness faster growth during the forecast period. This can be ascribed to the rising demand for managed and professional services from business owners for smooth business operations. Service providers implement, maintain, monitor, and train end users to utilize the solutions optimally, which further help users to cut long-term costs and streamline their business activities.

Moreover, the EAM market is categorized into energy and utilities, manufacturing, healthcare and life sciences, government and defense, IT and telecom, transportation and logistics, oil and gas, and others. Among these, the manufacturing category held the largest share in 2020, owing to the rise in digitalization of the manufacturing industry, with the increase in infrastructural expenditure and surge in customer demand for customized products. These solutions facilitate streamlined operations and capital planning for physical assets, which are resulting in increasing implementation of the solutions by manufacturing companies.

Geographically, the North American region held the largest share of the enterprise asset management market, in 2020, and it is expected to maintain its position in the forecast period as well. This is mainly attributed to the increased focus on asset utilization, predictive utilization, and safeguarding supply chain management (SCM), which further help smoothen and streamline business operations. Whereas, the Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period. This is mainly because the region is being regarded as a manufacturing hub, wherein enterprises are heavily adopting these solutions, in order to manage industrial operations.

Product Launches and Mergers and Acquisitions Are Most-Effective Strategic Measures Taken by Market Players

Players in the global EAM market are frequently involved in product launches and mergers and acquisitions to gain a significant position in the market. For instance, in March 2021, AssetWorks LLC, a provider of fleet, fuel, and asset management software solutions, launched FuelFocusEV, an asset management software. It is an enterprise-class, cross-EV software platform designed to manage all-electric vehicle charging data for fleets across the public and private sectors.

Similarly, in October 2020, Trimble Inc. signed a definitive agreement to acquire privately-held Azteca Systems LLC (dba "Cityworks"), a provider of EAM software for utilities and local governments. This acquisition expanded Trimble's strategy by adding an asset management software platform to its existing utilities and local government capabilities, which include mobile, IoT, and infrastructure lifecycle solutions. Moreover, the combination provided a comprehensive digital platform, with real-time asset intelligence, workflows, and analytics, for transforming the way governments and utilities prioritize infrastructure maintenance and construction investments.

Major players operating in the enterprise asset management market include 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, AssetWorks LLC, UpKeep Technologies Inc., Ultimo Software Solutions bv, Maintenance Connection LLC, eMaint Enterprises LLC, and DataMAX Software Group Inc.