PUBLISHER: Roots Analysis | PRODUCT CODE: 1787834
PUBLISHER: Roots Analysis | PRODUCT CODE: 1787834
As per Roots Analysis, the global enterprise asset management market size is estimated to grow from USD 6.6 billion in the current year to USD 21.33 billion by 2035, at a CAGR of 11.26% during the forecast period, till 2035.
The opportunity for enterprise asset management market has been distributed across the following segments:
Type of Component
Type of Solution
Type of Service
Type of Deployment Mode
Type of Organization
Type of Application
Type of End Use
Geographical Regions
Enterprise asset management (EAM) leverages systems, tools, sensors, processes, and EAM software technology to oversee assets throughout their lifecycle. These assets encompass a range of equipment, machinery, vehicles, facilities, and other physical infrastructure. The goal of EAM is to optimize an asset's uptime, use, and longevity while reducing operational expenses, improving asset functionality, and adhering to regulatory standards. With advancements in technology, EAM software has become a more streamlined tool for managing assets, providing a thorough understanding of asset health.
The growing recognition of the benefits of EAM solutions for asset tracking, lifecycle management, inventory management, and predictive management is driving the demand for EAM software and solutions across industries that process and transport valuable materials and intricate assets to extend their lifecycle while minimizing inventory costs. Further, the increasing trend of AI-driven predictive maintenance and generative AI is altering how organizations manage and optimize their assets. AI-driven solutions can anticipate equipment failures by evaluating sensor data, historical records, and operational conditions.
Moreover, the expanding range of end-user industries, including BFSI, education, government and public sector, healthcare, IT and telecommunications, aerospace and defense, manufacturing, and others, are increasingly adopting EAM software solutions and services. Given this reality, industry participants are progressively adopting cutting-edge technology and improving the capabilities of their software and solutions. As a result, the heightened demand for operational efficiency across various sectors to optimize asset utilization, reduce downtime, and lower operational costs, along with the rising adoption of cloud-based software integrated with AI and IoT technology, the enterprise asset management market is expected to experience significant growth during the forecast period.
Based on type of component, the global enterprise asset management market is segmented into software and services. According to our estimates, currently, software segment captures the majority share of the market. This can be attributed to the essential functions of the enterprise asset management (EAM) system, which provides vital capabilities for managing assets, such as tracking, maintenance, scheduling, work order management, and inventory management.
These functionalities are fundamental to the effectiveness of any EAM system. However, the services segment is expected to grow at a relatively higher CAGR during the forecast period.
Based on type of solution, the enterprise asset management market is segmented into asset lifecycle management, core asset management, facility management, inventory management, maintenance management, and work order management. According to our estimates, currently, asset lifecycle management solution captures the majority of the market.
This can be attributed to the advantages of asset lifecycle management systems, such as monitoring asset performance, maximizing asset usage, and strategizing for asset replacement. Moreover, features like lifecycle cost analysis and capital planning and budgeting are boosting the demand for this solution.
Based on type of service, the enterprise asset management market is segmented into managed services and professional services. According to our estimates, currently, professional services segment captures the majority share of the market. This can be attributed to the importance of these services in the effective implementation and enhancement of EAM solutions, as they ensure organizations maximize their EAM investment and achieve their asset management objectives.
However, the managed services segment is expected to grow at a relatively higher CAGR during the forecast period. This can be attributed to the rising trend of outsourcing specific asset management tasks, allowing businesses to concentrate on their core activities while leveraging specialized expertise.
Based on mode of deployment, the enterprise asset management market is segmented into cloud-based, hybrid, and on-premises. According to our estimates, currently, the cloud-based deployment captures the majority share of the market. This growth can be attributed to the convenience and scalability provided by cloud-based software solutions, which allow users to access services from any location with an internet connection, supporting a remote and mobile workforce.
Additionally, the cost-effectiveness of cloud deployment, due to its subscription-based pricing model, makes it more affordable for small and medium-sized enterprises (SMEs), thus stimulating the growth of this segment.
However, on-premises deployment is expected to grow at a relatively higher CAGR during the forecast period. This can be attributed to enhanced data security, greater organizational control, and the ability to meet specific performance requirements.
Based on type of organization, the enterprise asset management market is segmented into large and small and medium enterprise. According to our estimates, currently, the large enterprise segment captures the majority share of the market. This can be attributed to the fact that large enterprises make significant investments in comprehensive EAM solutions to address their intricate asset management requirements due to their extensive and varied portfolios, including physical infrastructure, machinery, equipment, and vehicles that demand effective EAM solutions.
On the other hand, the small and medium enterprise segment is anticipated to experience a higher growth rate during the forecast period, as they are also progressively adopting EAM solutions and services driven by advancements in technologies like AI and IoT, which enhance the capabilities of these solutions in a cost-effective manner.
Based on type of application, the enterprise asset management market is segmented into asset MRO, field service management, inventory management, labor management, linear assets, non-linear assets, and predictive maintenance. According to our estimates, currently, predictive maintenance segment captures the majority share of the market.
This can be attributed to its significant role in minimizing downtime, prolonging asset lifespan, and optimizing maintenance. On the other hand, the asset MRO segment is anticipated to experience a higher growth rate during the forecast period.
Based on type of end user, the enterprise asset management market is segmented into BFSI, education, government & public sector, healthcare, IT and telecommunication, aerospace, defense, manufacturing, oil and gas, retail, transport and logistics, and others. According to our estimates, currently, manufacturing segment captures the majority share of the market. Notably, the rapid pace of industrialization and automation has prompted the manufacturing sector to embrace digital technologies for improved service and field operations.
Since EAM solutions enable manufacturers to enhance asset performance, minimize costs, and avert unexpected downtimes, there is a growing trend towards using software solutions to boost operational efficiency and productivity within the manufacturing industry. On the other hand, the government and public sector is anticipated to experience a higher growth rate during the forecast period.
Based on geographical regions, the enterprise asset management market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. This can be attributed to high rate of advanced technology adoption, an increasing prevalence of cloud-based deployments, and a growing emphasis on operational efficiency in enterprises. Furthermore, the presence of numerous industry players in the region significantly contributes to the growth of the market in North America.
However, the market in Asia is expected to grow at a higher CAGR during the forecast period. The swift development of infrastructure, including transportation systems, utilities, smart homes, smart cities, and industrial growth, has heightened the demand for enterprise asset management solutions to effectively manage and maintain assets. Moreover, the expanding manufacturing sector and the growing implementation of Industry 4.0 technologies are likely to further boost market growth in Asia Pacific.
The report on the enterprise asset management market features insights on various sections, including: