Enterprise Asset Management Market Size, Share & Trends Analysis By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By End Use, By Region, And Segment Forecasts, 2023 - 2030

Enterprise Asset Management Market Size, Share & Trends Analysis By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By End Use, By Region, And Segment Forecasts, 2023 - 2030

Enterprise Asset Management Market Growth & Trends

The global enterprise asset management market size is estimated to reach a market size of USD 19.68 billion by 2030 and expand at a CAGR of 16.9% from 2023 to 2030, according to a new study by Grand View Research, Inc. The significant market growth can be attributed to the rising technical advancements, the growing acceptance of advanced technologies for developing asset lifecycles, and the advent of innovative digital technologies across industrial verticals, such as cloud-based EAM. For instance, in April 2023, Ernst & Young LLP, a consulting company, announced a partnership with Asset Lifecycle Intelligence, a division of Hexagon AB, to offer asset performance management and enterprise asset management (EAM) technologies. Through the partnership, EY would help its customers track, monitor, and extract value from assets while mitigating risks such as unplanned costs and operational downtime.

to provide EAM and Asset Performance Management (APM) technologies as part of digital transformation and cloud migration initiatives through innovation and solution expertise. For clients aiming to address business challenges and issues regarding assets, this alliance employs EAM and APM service offerings. To promote the sustainability of digital realities and promote autonomous futures, this partnership draws together technological expertise in sustainability, digital twin, cyber, supply chain, and manufacturing execution systems, along with installation and upgrade assistance.

Cloud EAM deployment eliminates the need for extensive on-premises hardware and reduces IT infrastructure costs, allowing organizations to allocate resources more efficiently. Furthermore, cloud deployment offloads maintenance tasks, such as software updates and security patches, to the service provider, allowing the organization's IT team to focus on core business activities. For instance, in November 2022, as global's an IT services provider, announced a partnership with Dynaway, a provider of Microsoft Dynamics platform-based enterprise asset management. Through the partnership, the former company will add Dynaway’s EAM solution to its offering portfolio. The new solution would help sa.global’s clients to improve asset performance with predictive maintenance and create connected ecosystems that boost productivity, efficiency, and quality.

Several enterprises worldwide were impacted by the pandemic's breakout and the following lockdowns, travel bans, limits on people's liberty of movement, and company closures. Numerous businesses worldwide have adopted enterprise asset management solutions to manage assets, equipment, IT systems, and other resources efficiently and effectively, avoid potential hardware or machine failures, cut downtime, and maintain continuous operations. Several companies allowed remote working as part of their efforts to preserve and defend their employees' well-being following the pandemic outbreak, which resulted in a persistent demand for EAM solutions. Due to this factor, demand for enterprise asset management solutions is expected to increase notably in the forecast period.

Organizations across the world are increasingly concerned about data security at the time of implementation of an advanced IT or cloud-based EAM solution. Several manufacturing organizations wanting to improve business efficiency, asset management, and industrial operations believe security and compliance as the main barriers restricting the deployment of EAM solutions. For instance, in October 2022, Oracle launched an asset-based customer service for Oracle Fusion Cloud Applications Package to assist organizations in improving service effectiveness and customer experience.

Enterprise Asset Management Market Report Highlights

• The cloud service segment is anticipated to emerge as the fastest-growing solution segment over the forecast period. Organizations that want to control customer and company information security tend to prefer the on-premises version of EAM. A company's internal IT team is responsible for setting up, hosting, and managing this deployment
• The small & medium enterprise segment is anticipated to emerge as the fastest-growing solution segment from 2023-2030. SMEs are starting to invest in cloud-based EAM software and transition to upgraded solutions. It has a low initial investment requirement, enables users to manage assets remotely, and allows for mobile usage, giving workers more freedom in their jobs
• The government segment is anticipated to emerge as the fastest-growing solution segment over the forecast period. Government organizations can boost accountability and transparency throughout the entire organization and extend the life of their most valuable assets by implementing EAM software
• The APAC market is estimated to be the fastest-growing segment, offering lucrative growth opportunities for the industry players. Businesses in APAC countries such as India still in the development stage are focusing on globalization to build a regional economic outlook and get traction in the local EAM market

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