United States Enterprise Asset Management Market Report and Forecast 2024-2032

United States Enterprise Asset Management Market Report and Forecast 2024-2032

United States Enterprise Asset Management Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the United States enterprise asset management market size reached a value of USD 4.81 billion in 2023. Aided by the increasing need for optimising asset utilisation, reducing maintenance costs, and enhancing operational efficiency across various sectors including manufacturing, IT, healthcare, and transportation, the market is projected to further grow at a CAGR of 4.2% between 2024 and 2032 to reach a value of USD 6.83 billion by 2032.

Enterprise asset management refers to the systematic process of deploying, operating, maintaining, upgrading, and disposing of assets cost-effectively while ensuring business continuity. The integration of EAM in business practices helps organisations manage their assets' lifecycle efficiently, ensure compliance, reduce risk, and achieve a more predictable output.

As per the United States enterprise asset management market analysis, technological innovations, such as IoT (Internet of Things), AI (Artificial Intelligence), and predictive analytics, are revolutionising the EAM landscape. These technologies enable real-time monitoring and maintenance of assets, predictive maintenance, and remote asset management, thereby significantly improving asset reliability and performance.

The trend toward cloud-based EAM solutions is gaining traction due to its cost-effectiveness, scalability, and enhanced security features. As per the United States enterprise asset management market outlook, these cloud solutions offer flexibility and mobility in asset management operations, which is particularly appealing for organisations with geographically dispersed assets.

Stricter government regulations regarding asset safety and environmental impact are compelling businesses to adopt robust EAM systems to ensure compliance. These regulations necessitate meticulous asset tracking, regular maintenance, and accurate reporting, driving the adoption of EAM solutions.

Emerging sectors in the enterprise asset management market in the United States such as renewable energy, smart cities, and infrastructure are increasingly deploying EAM systems to manage complex and capital-intensive assets. The specificity and scalability offered by advanced EAM systems cater well to the unique demands of these burgeoning industries.

While the entire U.S. market is progressing, regions like the Southwest and the West, which include states like California and Texas, are seeing particularly robust growth due to the concentration of manufacturing and tech industries. Additionally, the Northeast, with its extensive infrastructure and utility sectors, also presents substantial opportunities for EAM providers, which fuels the United States enterprise asset management market growth.

Mobile EAM solutions are gaining popularity due to the need for real-time data access and decision-making. Mobile applications allow maintenance technicians to receive work orders on the go, update the status of tasks instantly, and access maintenance histories and documentation from anywhere. This mobility enhances the efficiency of maintenance operations and can significantly reduce downtime.

There is an increasing emphasis on sustainability within asset management practices. Companies are looking at ways to extend the life of their assets, reduce energy usage, minimise waste, and ensure compliance with environmental regulations which can also impact the United States enterprise asset management market expansion. EAM systems are evolving to support sustainability initiatives by enabling better tracking and reporting on energy consumption and sustainability metrics.

Augmented reality (AR) and virtual reality (VR) technologies are starting to be integrated into EAM systems, offering innovative ways to manage and maintain assets. AR can provide real-time, overlaying digital information onto physical assets and environments, which helps in maintenance and training. VR allows for immersive simulations, ideal for training staff in a safe, controlled, virtual environment, reducing the risk during actual operations.

The future of the market looks promising with the increasing adoption of digital technologies and the growing emphasis on efficiency in asset management practices. As businesses continue to recognise the importance of asset optimisation and cost reduction, the demand for sophisticated EAM solutions is expected to rise, which can boost the United States enterprise asset management market share.

Market Segmentation

The market can be divided based on component, deployment mode, organisation size, application, end use, and region.

Market Breakup by Component

• Solution
• Services

Market Breakup by Deployment Mode

• On-Premise
• Cloud

Market Breakup by Organisation Size

• Small and Medium Enterprises
• Large Enterprises

Market Breakup by Application

• Asset Lifecycle Management
• Inventory Management
• Work Order Management
• Labour Management
• Predictive Maintenance
• Others

Market Breakup by End Use

• Transportation and Logistics
• Energy and Utilities
• Government
• IT and Telecom
• Education
• Manufacturing
• Healthcare
• Others

Market Breakup by Region

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States enterprise asset management market. Some of the major players explored in the report by Expert Market Research are as follows:

• IBM Corporation
• Oracle Corporation
• Hexagon AB
• SAP SE
• Schneider Electric SE (AVEVA)
• IFS World Operations AB
• Ramco Systems Ltd.
• MRI SOFTWARE LLC
• CGI Inc.
• Mapcon Technologies, Inc.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.