The ‘Global Enterprise Asset Management Market Size, Share, Price, Trends, Growth, Industry Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global enterprise asset management market, assessing the market on the basis of its segments like deployment, enterprise size, end-use, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Enterprise Asset Management Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 4.57 billion
• Forecast CAGR (2023-2028): 11.60%
• Forecast Market Size (2028): USD 9 billion
The increasing digitisation around the world is bolstering the global enterprise asset management market. The major factors driving the growth of this market include the heightening adoption of cloud asset management software and the increased penetration of Industrial Internet of Things (IIoT). Effective enterprise asset management systems help in financial management by managing enterprise asset spending and analysing work costs, which is leading to its widespread adoption in organisations. The development of physical infrastructure and the prevalence of handheld smart devices is likely to augment the growth of the market of enterprise asset management.
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The cloud mode of deployment of the enterprise asset management market is expected to register a steady growth owing to the greater internet penetration and the affordability of large database storage capacities. The growing demand in large enterprises for tracking KPIs associated with asset performance is flourishing the large enterprises uses in the market. Manufacturing end-uses are likely to grow rapidly in the forecast timeline owing to the increasing deployment of digital systems in business processes. Meanwhile, government end-uses are also likely to register significant growth due to the growing need for security and seamless processes for the maintenance of assets, leading to the expansion of the global enterprise asset management market.
Market Segmentation
Enterprise asset management focusses on management and maintenance of the physical assets of a company throughout the asset lifecycle. It involves supply chain management, asset maintenance, and asset health and security initiatives. It facilitates overseeing assets like pipelines, devices, consumables and leased equipment with greater efficiency and control and is adopted for the better planning, execution and tracking of assets.
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On the basis of deployment, the market is bifurcated into:
• Cloud
• On-Premise
Based on enterprise size, the market is divided into:
• Large Enterprises
• Small and Medium Enterprises (SMEs)
On the basis of end-use, the market is segmented into:
• Manufacturing
• Facility Management
• Healthcare
• Education
• Government
• Others
Based on region, the market is classified into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Enterprise Asset Management Market Trends
Rapid developments in technology are likely to accelerate the growth of the enterprise asset management market. The key trends propelling the growth of this market include the increasing affordability and adoption of digital asset management strategies. The growing need for advanced environmental sustainability has augmented the growth of this market by minimising inefficiencies of asset operations and ensuring timely replacement of inadequately performing assets. The greater penetration of large electric vehicle fleets to reduce carbon footprints and increase the use of renewable sources, is making enterprise asset management a preferred solution.
The enterprise asset management market is witnessing steady growth in line with its deployment in warehouses and distribution centres in order to ensure on-time delivery and fulfilment. The real-time availability and monitoring of assets helps to save a lot of time as the assets are required to wait for work orders or corrective actions. Governments are increasingly deploying enterprise asset management systems in order to speed up data collection and maintain their assets. Furthermore, the emergence of 5G network is forecasted to lead to the expansion of this market due to its ability to quickly connect to everything from anywhere, resulting in improved responsiveness to the asset management efficiencies.
Key Market Players
The major players in the global enterprise asset management market report are
• ABB Ltd
• CGI Inc.
• eMaint Enterprises, LLC.
• IBM Corporation
• IFS AB
• Hexagon AB
• Oracle Corporation
• Ramco Systems Limited
• SAP SE,
• UpKeep Technologies, Inc.
• others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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