Enterprise Asset Management Market by Component (Services, Solutions), Function (Asset Lifecycle Management, Facility Management, Inventory Management), Vertical, Deployment Model, Organization Size - Global Forecast 2024-2030

Enterprise Asset Management Market by Component (Services, Solutions), Function (Asset Lifecycle Management, Facility Management, Inventory Management), Vertical, Deployment Model, Organization Size - Global Forecast 2024-2030

The Enterprise Asset Management Market size was estimated at USD 4.43 billion in 2023 and expected to reach USD 4.85 billion in 2024, at a CAGR 9.67% to reach USD 8.46 billion by 2030.

Enterprise asset management (EAM) is a comprehensive combination of services and software to manage a company's physical assets throughout their life cycles to maximize their value. It involves the efficient and sustainable oversight of an organization's physical assets and infrastructure, including their design, construction, operation, maintenance, and replacement. EAM encompasses various assets, from machinery and production equipment to vehicles, buildings, and land. Meanwhile, the growing need for digital transformation in large, small, and medium-sized enterprises (SMEs) has bolstered the demand for EAM. However, the concerns associated with privacy and security and the implementation of EAM are significant challenges providers and operators face. Companies catalyze business growth by simplifying the deployment of EAM solutions and enhancing the user experience. Developing cost-effective, modular solutions and leveraging machine learning for more innovative maintenance scheduling and resource allocation are prime areas for advancement. Moreover, adopting AI for predictive analytics, using drones for asset inspection, and implementing blockchain for secure asset transactions represent significant potential for innovation. The shift towards sustainability and the circular economy also presents avenues for EAM systems to integrate with environmental management and reporting functions.

Regional Insights

In the Americas, a strong focus on asset lifecycle management and the incorporation of IoT in organizations drive more competent asset management in this region. The United States exhibits a high demand for asset management, trending toward integrating EAM systems with AI and predictive maintenance tools. Technological advancements by key market players in the region are the primary factor in the market development. On the other hand, the European Union (EU) presents a diverse market, with EU countries paying special attention to regulations such as the General Data Protection Regulation (GDPR), which affects data management processes within EAM systems. There is also an increased focus on environmental sustainability, pushing for EAM solutions to manage and report on energy efficiency and carbon footprints. Moreover, the growth of the EAM market in the Asia Pacific region is propelled by rapid urbanization and industrialization, especially in China, Japan, and India. Customers are increasingly adopting EAM to upgrade from traditional maintenance management methods to more efficient and data-driven asset management approaches. Asia-Pacific presents significant opportunities for industry expansion owing to the rising focus on the development and integration of digitalization of IT infrastructure in the business.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Enterprise Asset Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Growing need for digital transformation across the enterprises
Rising investments by private and public vendors for the better management of their assets and equipment
Increased usage of IoT platforms and devices to manage enterprise assets

Market Restraints

Regulatory compliance issues & difficulty in implementation

Market Opportunities

Proliferation of internet, smart technology facilitated with the use of cloud-based solutions
Organizations inclination toward cloud-based deployments to overcome on-premises limitations
Need for extending the lifespan of assets with the help of advanced technologies

Market Challenges

Concerns associated with data security and confidentiality

Market Segmentation Analysis

Component: Utilization of services and software solutions as per their need in large, small, and medium-sized enterprises (SMEs)
Vertical: Increasing adoption of EAM systems in varied sectors to optimize operational productivity and leverage business growth

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Enterprise Asset Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Enterprise Asset Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Intel and DigitalBridge Launch Articul8, an Enterprise Generative AI Company

Intel Corporation (INTC) and DigitalBridge Group, Inc. (DBRG) jointly launched Articul8 AI, an autonomous entity poised to revolutionize the enterprise sector with its comprehensive and secure generative artificial intelligence (GenAI) platform. Articul8 staunchly prioritizes data security, ensuring that clients' sensitive information, alongside AI model training and processing, remain safeguarded within the stringent confines of enterprise security measures. This innovative initiative represents a synergistic collaboration between Intel's technological prowess and DigitalBridge's investment acumen, setting a new benchmark for enterprise asset management through advanced AI solutions.

Trane Technologies to Acquire Connected Workplace and Enterprise Asset Management Company Nuvolo

Trane Technologies announced the strategic acquisition of Nuvolo, an industry player in innovative cloud-based enterprise asset management (EAM). Nuvolo's state-of-the-art Connected Workplace, developed on the reputable ServiceNow platform, propels facilities management into the modern era by enhancing space optimization and seamlessly managing the lifecycle of enterprise assets under a unified system. This integration promises to amplify Trane Technologies' sustainability commitment and climate leadership by merging synergistic technologies, products, and customer engagements across critical sectors such as healthcare, life sciences, retail, the public sector, and education.

LibertyFi and Aptus Capital Advisors Announces Merger

LibertyFi, a company specializing in asset management, technology, and operational strategies, strategically merged with Aptus Capital Advisors. This landmark consolidation aims to cultivate a new, innovative entity tailored to forge solutions for RIAs. The merged entity is poised to offer an integrated, turnkey platform that seamlessly empowers advisors to outsource technological, investment management, and operational requirements. Concurrently, the firm also caters to the demand for specialized services by providing selected offerings integrated into an advisor's pre-existing technological framework.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Enterprise Asset Management Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Enterprise Asset Management Market, highlighting leading vendors and their innovative profiles. These include ABS Group, Accenture PLC, Accruent, LLC, Aptean Group, Arcadis Gen Holdings Limited, AVEVA Group Limited by Schneider Electric SE, CGI Inc., eMaint by Fluke Corporation, Ernst & Young Global Limited, Hexagon AB, Hitachi Vantara LLC, IFS World Operations AB, Infosys Limited, Intel Corporation, International Business Machine Corporation, KloudGin, Inc., Microsoft Corporation, NEXGEN Utility Management Inc., Nuvolo, Oracle Corporation, Planon International B.V., Pragma, Ramco Systems Ltd., RFgen Software by DataMAX Software Group, Inc., Rizing Holdings. LLC by Wipro Limited, SAP SE, ServiceNow, Inc., Tata Consultancy Services Limited, Trapeze Group, Tyler Technologies, Inc., and UpKeep Technologies, Inc..

Market Segmentation & Coverage

This research report categorizes the Enterprise Asset Management Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Services
Solutions
Function
Asset Lifecycle Management
Facility Management
Inventory Management
Labor Management
Predictive Maintenance
Work Order Management
Vertical
Education
Energy & Utilities
Government & Public Sector
Healthcare & Life Sciences
IT & Telecommunications
Manufacturing
Transportation & Logistics
Deployment Model
Cloud
On-Premises
Organization Size
Large Enterprises
Small & Medium-Sized Enterprises
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year