Global Enterprise Asset Management Systems Market Size, Share, Growth Analysis, By Component, By Application, By Deployment Model, By Organization Size, By Vertical - Industry Forecast 2022-2028

Global Enterprise Asset Management Systems Market size was valued at USD 3.8 billion in 2021 and is poised to grow from USD 4.2 billion in 2022 to USD 10.31 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).

Due to the growth of IoT devices in almost every industry sector, the incorporation of drone and AI-based asset management, and the increased popularity of cloud-based EAM solutions, the market for enterprise asset management systems is growing. The market is also developing due to technological developments, the rising acceptance of sophisticated technologies for prolonging asset life cycles, and the emergence of disruptive digital technologies across industrial verticals. Selecting precise and efficient solutions that meet an organization's business goals is one of the main challenges facing the EAM systems market.

There are more start-ups and expanding companies than ever before, which is in keeping with the robust global economy. As businesses expand, there is an increasing need for effective asset management of significant organisational assets. Government support for new initiatives, such as the development of corporate asset management software, has also lately been made available to startup companies. Enterprise asset management software is still a popular choice for flexible, fully scalable asset lifecycle optimisation that satisfies organisational goals in both small and large enterprises.

Top-down and bottom-up approaches were used to estimate and validate the size of global Enterprise Asset Management Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Segments covered in this report

The global enterprise asset management systems market is segmented on the basis of type, end-user organizational size, vertical, and region. Based on component, the Enterprise Asset Management Systems Market is segmented into solution and services segments. On the basis of application, the Enterprise Asset Management Systems Market is segregated into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance and facility Management. Based on the deployment model, the Enterprise Asset Management Systems Market is segmented into on-premises and cloud sub segments. Based on organizational size, the Enterprise Asset Management Systems Market is segmented into SMEs and Large enterprises. Based on vertical, the Enterprise Asset Management Systems Market is segmented into Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics, IT and telecommunications, manufacturing, healthcare and life science, education, and others. Based on region, the global management systems market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

A lot of companies all around the world are implementing EAM systems to improve job efficiency, boost business agility, and manage facilities. Cloud-based enterprise asset management tools and services are furthermore used in order to maximise important corporate assets and gather data for decision-making. These technologies also give businesses the ability to lower overhead expenses.

The technical support and services provided by cloud-based corporate asset management solutions are even more extensive, and they include managed services with integrated performance monitoring and debugging tools. The additional expenses that companies must pay for asset management are also reduced. Consequently, a rise in business interest in cloud-based EAM solutions is fueling the growth of the enterprise asset management industry.

It is possible to lower the cost of maintenance by keeping track of operations, offering improved information for capital investment choices, and integrating maintenance solutions for efficient equipment control. The asset and wealth management industry is anticipated to develop significantly due to the growing demand for enterprises to drastically cut their maintenance and procurement expenses.

Restraint

For businesses with a wide range of functional domains, EAM adoption can be a difficult and complicated task. Asset managers should thoroughly understand any assets' or components' working procedures before the implementation phase in order to avoid problems. Processes, technology, and people are all impacted by an EAM system. So it is essential to have a firm understanding of each of these entities when adopting the EAM system. Cross-functional cooperation is required for the EAM system's deployment because it has an impact on multiple systems and procedures.

Along with expanding digitization, cyberattacks are also dramatically rising. Because unwanted parties can target server networks and communication channels, the transfer of data from the field to the cloud platform is a primary reason why cybersecurity worries have increased significantly.

Market Trends

To boost productivity, streamline processes, encourage corporate agility, and manage facilities, many firms all over the world are deploying EAM systems. Utilising EAM solutions and services that are cloud-based, essential business assets are optimised and business intelligence is gathered for decision-making. Additionally, these technologies assist companies in reducing their overhead costs. The technical support and services offered by cloud-based EAM systems are better, including managed services with built-in debugging and performance monitoring tools. With the acquisition of DIN Solutions, Aptean will be able to provide enterprise management software to the global food and beverage industry. Global vendor of enterprise software solutions that are mission-critical is Aptean.