The global enterprise asset management market was worth US$ 3.21 Billion in the year 2022 and is expected to reach US$ 4.86 Billion by the year 2028 at a CAGR of 7.1% between 2022 and 2028.
Enterprise asset management (EAM), as the name suggests, implies managing physical assets of an enterprise all through lifecycle of every asset; with the objective of augmenting their usage, improving efficiency and quality, saving on overheads, and protecting environment and safeguarding health. The end-users include shipbuilding, utility, mining, oil and gas, government, energy, aerospace and defense.
To exemplify – EAM software is capable of alerting operations managers regarding machine parts’ failure and providing essential tools and information needed for dispatching, so as to avert any casualties further. Hybrid cloud resilience is the catalyst to enterprise asset management market.
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At the same time, the fact that there is a lack of long-term strategy herein can’t be ignored. This factor is expected to restrain the enterprise asset management market in the forecast period. Also, there is a dearth of planning related to post-installation activities.
Future Market Insights has entailed these facts with future perspectives in its latest market study entitled ‘Enterprise Asset Management Market’. It has its indigenous team of analysts and consultants to deploy an eagle’s eye view in its primary, secondary, and tertiary modes of research.
“With eliminating compliance-related overheads on the anvil, the global enterprise asset management market is expected to grow on a sturdy note in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Enterprise Asset Management Market
- Europe holds the largest market share due to transport operators as well as manufacturers opting for advanced asset management deployments as well as technologies like ‘Predictive Analytics’ and IoT. Moreover, more than 80% of the countries based of Europe have shown willingness regarding introduction of enterprise asset management solutions in business operations for establishing centralized system to streamline industrial processes.
- North America holds an explicit position in enterprise asset management market with several educational institutions like k-12 schools and universities going for asset management solutions for monitoring the facilities herein.
- The Asia-Pacific is expected to grow on a quick note in the enterprise asset management market going forward on the back of China with EAM integration being increasingly implemented.
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Competitive Enterprise Asset Management Market
- SAP, in February 2021, did declare that it had completed acquisition of AppGyver (amongst the first ones getting into no-code development). SAP helps in assisting partners and clients in quickly modifying the IT solutions to individual-level demands, thereby optimizing applications’ accessibility as an outcome of merger.
- IBM, in September 2022, did announce acquiring Dialexa with the objective of helping enterprises drive innovation and obtain digital transformation.
- Oracle, in October 2022, did table an asset-based service solution regarding Oracle Fusion Cloud Applications Suite for helping the end-consumers in predicting and preventing asset downtime for reducing costs, optimizing service efficiency, and ultimately improvise on customers’ experience.
- Hexagon, in December 2022, did announce releasing HxGN EAM v12, which could be referred to as a new version of SaaS EAM. It does make provisions for offering extended capacities of RCA (root cause analysis) and visualization of AIP (Asset Investment Planning).
- Aptean, in March 2022, floored a cloud-based enterprise asset management deployment to deliver critical KPIs on the asset performance for making better-informed decisions.
- IFS, in July 12, 2022, did announce that Nordic Paper would be upgrading its existent EAM (enterprise asset management) software for driving global operations on an efficient note.
- ABB Ltd., in October 2021, came up with ABB Ability Genix Asset Performance Management Suite that does have AI-based predictive maintenance, integrity insights, and asset reliability for several utility industries like oil & gas, transport, manufacturing, and likewise.
- SAP, in February 2021, tabled SAP Learning Hub for partners; who do combine every piece of content asked for by them.
What does the Report say?
- The research study is based on deployment (on-premise enterprise asset management and cloud enterprise asset management), and by industry (government, healthcare, manufacturing, transportation & logistics, oil & gas, banking & finance, retail, and likewise).
- With promulgation of IoT-enabled devices all across, the global enterprise asset management software market is expected to grow on an enormous note in the forecast period.
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Key Segments of Enterprise Asset Management Industry Research
Enterprise Asset Management Market by Deployment:
- On-premise Enterprise Asset Management
- Cloud Enterprise Asset Management
Enterprise Asset Management Market by Industry:
- Government
- Healthcare
- Manufacturing
- Transportation & Logistics
- Oil & Gas
- Banking & Finance
- Retail
- Others
Enterprise Asset Management Market by Region:
- North America Enterprise Asset Management Market
- Latin America Enterprise Asset Management Market
- Europe Enterprise Asset Management Market
- East Asia Enterprise Asset Management Market
- South Asia & Pacific Enterprise Asset Management Market
- Middle East & Africa (MEA) Enterprise Asset Management Market
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