Vancouver, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global Enterprise Asset Management (EAM) market size was USD 4.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. This growth can be attributed to the rapid advancement of innovative technologies like Artificial Intelligence (AI), Internet of Things (IoT), and data analytics. These technologies, alongside a growing emphasis on asset optimization and lifecycle management, are driving the market's revenue growth.
EAM plays a pivotal role in managing and utilizing a company's operational assets throughout their lifecycle. It involves planning, optimizing, and executing strategies to enhance efficiency and asset utilization. EAM has gained popularity due to its ability to identify parts of assets that need replacement using IoT, AI, and Machine Learning (ML) tools. For instance, IFS acquired Falkonry, an AI-based data analytics tool developer, to enhance its EAM services.
The utilization of advanced analytics allows for data insights that aid in decision-making and preventive maintenance, leading to increased productive uptime and reduced operational expenditures. Furthermore, the increasing number of assets in various sectors, such as transportation, energy, manufacturing, and healthcare, is contributing to market growth. These asset-intensive industries benefit from EAM tools for tracking, managing, assessing, and optimizing the quality of their assets.
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The ongoing digitization trend is facilitating the development of advanced software tools for better planning, tracking, and maintaining a company's physical assets. The integration of AI and ML enhances EAM's efficiency and effectiveness by making future predictions based on collected data, reducing costs, and extending asset lifecycles.
Despite the rapid growth, challenges remain. Data inconsistency and concerns about data protection and confidentiality are key constraints that could restrain market growth. The increasing number of cybersecurity threats and malicious attempts to access confidential data are other factors posing risks. To mitigate such risks, companies are resorting to white hat hackers to perform penetration testing to evaluate the security of hardware and software assets.
Organization Insights: Large Enterprises Lead the Way
Large-scale enterprises accounted for the largest revenue share in the global EAM market in 2022. This is because large enterprises make substantial investments, have significant manpower for operations, and maintain massive infrastructure. Additionally, large enterprises require customization, data security, and ownership, driving the demand for EAM tools. Customization provides larger organizations with improved functionality, specialized focus, and faster performance for handling complex datasets.
Industry Vertical Insights: Manufacturing Sector Sees Fast Growth
The manufacturing segment is poised for steady revenue growth in the global EAM market. This growth is attributed to the increasing adoption of Industrial IoT (IIoT) and the shift toward the fourth industrial revolution, leading to a rising demand for EAM tools in the manufacturing sector. EAM allows manufacturers to reduce production downtime and maintain safety regulations, ultimately influencing cost and environmental impact.
Deployment Insights: On-Premise Solutions Preferred
On-premise solutions are expected to account for a significantly large revenue share in the global EAM market due to the provision of on-spot support, lower cyber threats, and data confidentiality. Highly regulated industries are more hesitant to move to the cloud due to privacy concerns. Cloud-based EAM is primarily used for optimizing corporate assets and facilitating business growth and analysis.
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Regional Insights: North America Leads the Way
The North America market held the largest revenue share in the global EAM market in 2022, driven by technological advancements and high demand for EAM software. In North America, EAM tools are essential for data monitoring, retrieval, and AI applications. Meanwhile, the Asia Pacific market is expected to witness the fastest revenue growth, thanks to the adoption of advanced tools like AI and IoT. Europe is also expected to contribute considerably to the EAM market's revenue share.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 4.20 Billion |
| CAGR (2023–2032) | 10.4% |
| Revenue Forecast To 2032 | USD 11.24 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, organization size, industry vertical, deployment, and application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | IBM, eMaint, Infor, SAP, Oracle, Rockwell Automation Inc., IFS, Hitachi Ltd., Upkeep Technologies Inc., and Ramco Systems |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global EAM market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Enterprise Asset Management (EAM) solutions. Some major players included in the global Enterprise Asset Management (EAM) market report are:
- IBM
- eMaint
- Infor
- SAP
- Oracle
- Rockwell Automation Inc.
- IFS
- Hitachi Ltd.
- Upkeep Technologies, Inc.
- Ramco Systems
Strategic Development
- On 1 August 2023, Central Square Technologies, an industry leader in public sector technology, announced its partnership with IDS, an engineering consulting and technology provider specializing in decision analytics and infrastructure lifecycle planning. CentralSquare’s Enterprise Asset Management (EAM) solution will start to integrate with IDS’ Asset Optimizer, allowing agencies to reach beyond maintenance management into comprehensive asset investment planning.
- On 11 April 2023, Trimble launched one of its latest EAM solution, which is designed for global electric utilities to improve service reliability and successful operation. Trimble Unity AMS, built on Trimble's industry leading Cityworks Enterprise Asset Management (EAM) platform, enables utilities to manage the entire lifespan of their asset infrastructure, from permits and construction through operations, maintenance, and replacement.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global Enterprise Asset Management (EAM) market on the basis of type, organization size, industry verticals, deployment, application, and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Linear assets
- Non-linear assets
- Field service management
- Others
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium-Sized Enterprises (SMEs)
- Large scale enterprises
- Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
- Government
- Information Technology (IT)
- Transportation
- Manufacturing
- Healthcare
- Others
- Deployment Outlook (Revenue, USD Billion; 2019-2032)
- Cloud
- On-premise
- Management Outlook (Revenue, USD Billion; 2019-2032)
- Inventory management
- Predictive maintenance
- Labor management
- Facility management
- Work order management
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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