In 2023, the size of the Global Enterprise Asset Management Market was evaluated at around USD 4.4 billion, and is expected to grow at a CAGR of around 10.8% from 2024 to 2030. The internet penetration and accessibility towards smartphones have increased substantially. The proliferation of smart devices is creating a favorable environment for digital platforms and services. Consequently, there are several organizations across the world that have started shifting toward digital platforms and started offering their services online.
Additionally, these companies are adopting sensor technologies, AI, and data analytics, since these emerging technologies enable the organization to make sound decisions. Hence, to improve customer engagement, simplify business operations, and optimize overall operational efficiency, organizations are increasingly using technology-based asset management solutions, thriving the Global Enterprise Asset Management Industry.
Rising Shift Towards Cloud-Based Solutions to Amplify Market Growth
In recent years, data generation in several industry verticals has notably increased. The higher data is resulting in the top companies opting for solutions that offer secure storage of critical data. Thus enterprises are constantly seeking cloud-based solutions.
Moreover, the digitalization initiatives laid out by government authorities across the world would continue to encourage the adoption of digital services. As a result, data generation will notably rise in the upcoming years.
Predictive Management is Expected to Contribute the Maximum Share of the Enterprise Asset Management Industry
On the basis of application, the Global Enterprise Asset Management Market is divided into the following categories:
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Labor Management
- Predictive Maintenance
- Facility Management
- Others
Among these, the Predictive Maintenance segment is estimated to contribute the highest share of the Enterprise Asset Management Industry. The main objective behind using this method revolves around observing the equipment’s operational condition with precision by identifying patterns.
It takes corrective measures at an advanced stage before it fails by detecting potential failure indicators early on while prioritizing tasks for optimal resource management via informed decision-making techniques, all aimed towards achieving enhanced productivity along with the reduction in cost associated with unexpected downtimes or scheduled upkeeps extending durable life spans of significant assets when integrated into EAM systems, ultimately permitting organizations to shift gears from reactive models towards a proactive approach empowering them further through sustainable reliable assets allocation processes resulting in increased efficiency overall.
Leading Players of the Global Enterprises Asset Management Market
According to the latest report by MarkNtel Advisors, the dominating players of the Global Enterprises Asset Management Market are:
- IBM
- SAP
- Oracle
- Hexagon
- IFS
- Hitachi Energy
- Intelligent Process Solutions
- Accruent
- Aveva
- Aptean
- Emaint
- CGI
- Upkeep
- Assetworks
- Ramco Systems
Significant Development in the Global Enterprises Asset Management Industry
In 2022, Hitachi Energy revealed that Energinet has expedited its digital transformation through the implementation of the Lumada APM solution. This partnership aims to assist the Transmission System Operator (TSO) in effectively evaluating the essential grid reinvestments required to accomplish their ambitious 2030 carbon neutrality objectives.
North America is Expected to Lead the Enterprise Asset Management Market of the World
Geographically, the Global Enterprise Asset Management Market expands across:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Out of these regions, North America is estimated to lead the Enterprise Asset Management Industry. The region stands at the forefront of technological innovation across the world, with a steadfast commitment to implementing technology and IT across its diverse landscape. In their efforts to elevate EAM system functionality, companies in North America are leveraging advanced technologies like IoT sensors, and AI & ML abilities. By integrating these features into assets databases themselves organizations can efficiently monitor them in real-time, resulting in improvements in maintenance scheduling being data-driven.
Thus, ensuring that they stay operational longer while reducing downtime-related expenses notably, making it an effective strategy overall.
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