Enterprise Asset Management Market Report: Trends, Forecast and Competitive Analysis to 2030

Enterprise Asset Management Market Report: Trends, Forecast and Competitive Analysis to 2030

Enterprise Asset Management Trends and Forecast

The future of the global enterprise asset management market looks promising with opportunities in the manufacturing, facility management, healthcare, education, and government markets. The global enterprise asset management market is expected to reach an estimated $8.1 billion by 2030 with a CAGR of 10.2% from 2024 to 2030. The major drivers for this market are modern asset management techniques are increasingly replacing traditional asset management techniques, rise in the management of corporate assets using IoT platforms and devices, and growing SaaS-based enterprise asset management systems.

• Lucintel forecasts that on-premise will remain the larger segment over the forecast period because the large organizations with a large number of assets and sensitive data want to establish an on-premise EAM setup to fulfill compliance standards and appropriate regulations.
• North America will remain the largest region over the forecast period due to early adoption of the most recent technologies, high level of cloud-based deployments, a well-developed it infrastructure, and government investments in cutting-edge technology in the region.

Emerging Trends in the Enterprise Asset Management Market

The emergence of a number of trends in the EAM market indicates both technological development as well as changing business focus.

• IoT and AI Integration: IoT and AI technologies are integrated into the EAM system for predictive maintenance and real-time monitoring of the assets. This enhances decision-making capabilities in order to reduce or avoid any occurrence of downtime and maximizing the performance of the assets.
• Adoption of Cloud-Based Solutions: Cloud-based EAM solutions are being increasingly adopted in recent times due to scalability, flexibility, and affordability. These solutions can be remotely accessed and updated with much ease, as well as integrated with other enterprise cloud-based systems without much hassle, thus enhancing overall efficiency.
• Mobile EAM Applications: The requirement for mobile EAM applications is fast becoming an integral feature of field service management. They provide on-the-spot access to data, updates on-the-go, and effective communication between the field technicians and the central systems, thus extending efficiency in the realms of asset management and responsiveness in operations.
• Increased Adoption of Digital Twinning: Organizations are adopting the working concept of digital twinning to create virtual models of their respective physical assets. It allows simulation, analysis, and optimization of the performance of the assets for better maintenance strategies and lifecycle management.
• Emphasis on Sustainability and Compliance: There is growing interest in the development of EAM systems to include sustainability and compliance with regulatory matters, tracking environmental impact, managing compliance requirements, and providing support for green initiatives that align with global objectives around sustainability.

These emerging trends change the face of the EAM market in developing better asset management capabilities through advanced technologies and system integration. This reflects the shift in changes toward the management of assets in a more proactive, efficient, and sustainable manner.

Recent Developments in the Enterprise Asset Management Market

The recent developments within the Enterprise Asset Management market point to some key innovations and trends that move the industry forward.

• Integration of AI for Predictive Maintenance: AI is increasingly being integrated into EAM systems to predict equipment failure well before it really occurs. This ability for early prediction reduces overall downtime and maintenance costs, as possible issues can be dealt with way in advance.
• Adoption of Cloud-Based EAM Solutions: Cloud-based EAM solutions continue to rise in popularity due to their scalability and ease of deployment. Such a solution offers flexibility, remote access, and lower upfront costs compared with traditional on-premises systems.
• Improved Mobile EAM Capabilities: Engage the technicians in mobile EAM applications for the access of real-time data, updating the status of an asset on-the-go, and direct communication with central systems. The benefits derived from this enhanced level of functionality include improved operational efficiency and faster response times.
• Adoption of Digital Twins: EAM is increasingly adopting digital twins, which are virtual replicas of physical assets. This enables real-time monitoring, simulation, and optimization of asset performance to come up with better maintenance and operational strategies.
• Sustainability and Regulatory Compliance: Sustainability and regulatory compliance have emerged as the two other priorities of new EAM solutions. It includes tracking environmental impact and making sure that regulations are met regarding energy consumption, waste, and industry regulations to support sustainability.

These foregoing developments are some of the huge changes in the EAM market, directed towards advanced technologies, increased integration, and a further emphasis on sustainability and efficiency. They reflect industrial adaptation to the dynamically changing needs and technological developments.

Strategic Growth Opportunities for Enterprise Asset Management Market

The different technological developments and increasing demand for efficiency and optimization have thrust the EAM market into various applications with strategic growth opportunities.

• Expansion of Cloud-Based EAM Solutions: Cloud-based EAM solutions offer scalability and flexibility, making them an attractive option for businesses seeking to reduce infrastructure costs and enhance system accessibility. This growth opportunity aligns with the trend towards digital transformation.
• IoT and AI Integration: The potential for growth avenues is huge, considering the use of IoT and AI in predictive maintenance and real-time monitoring. These technologies enable organizations to optimize asset performance by reducing their downtime, hence contributing to a boost in general operational efficiency.
• Development of Mobile EAM Applications: The increasing demand to manage field services is one of the factors contributing to the growth of mobile EAM applications. This solution has enhanced on-site operations, data accuracy, and communication, thus meeting the demand for a mobile workforce.
• Adoption of Digital Twins: The use of digital twins in asset management opens up an avenue of opportunity by offering a deeper understanding of how assets perform and simulate their optimization. This technology enables better decision-making and maintenance planning.
• Focus on Sustainability and Compliance: Inclusion within the EAM system of features related to sustainability and compliance provides an opportunity to contribute toward regulatory requirements and environmental objectives. With this focus, an organization can manage environmental impact and maintain standards and regulations set forth by its industry segment.

These growth opportunities reflect the changing demands and requirements of the EAM market due to the increased adoption of advanced technologies. They, therefore, underline the efficiency, scalability, and sustainability of the asset management industry.

Enterprise Asset Management Market Driver and Challenges

Various drivers and challenges are present that shape the growth and development of the Enterprise Asset Management market. This set includes technological advancement, economic conditions, and regulatory pressures.

The factors responsible for driving the enterprise asset management market include:

1. Technological Advancements: Technology-related innovations in AI, IoT, and cloud computing focus on drivers in the EAM market by enhancing the functionality of asset management. These technologies facilitate predictive maintenance, real-time monitoring, and better system integration.

2. Operational Efficiency Demand: The increasing demand for operational efficiency and cost reduction encourages the adoption of EAM solutions among firms. Businesses are more interested in systems that optimally enhance the performance of assets to reduce downtime and decrease maintenance costs.

3. Sustainability Focus: Growing focus on sustainability and adherence to regulatory policies strengthens the demand for EAM systems that offer functionalities to achieve environmental goals and regulatory compliances. Examples include energy consumption tracking and waste management.

4. Increased Investment in Infrastructure: Investments in infrastructure development and digitization propel the demand for advanced EAM solutions. With growing industries and modernization, the demand for asset management systems also continues to grow.

5. Integration with other enterprise systems: EAM solutions may also be integrated into other enterprise systems like ERP and CMMS. Clearly, it enhances the visibility of data and operational efficiency, potentially driving more holistic asset management strategies.

Challenges in the enterprise asset management market are:

1. High Costs of Implementation: Advanced EAM systems can be very costly for many organizations to adopt initially. Generally, high upfront investments would slow down the rate of adoption among smaller businesses.

2. Integration Complexity: EAM system integrations are usually complex, apart from being resource-intensive, with other enterprise systems and processes. Seamlessness and consistency in data require careful planning and execution.

3. Compliance with Regulations: There are various regulations and standards that are cumbersome to conform to. The EAM system should facilitate compliance issues, which may also mean dealing with complex and ever-evolving regulations.

The drivers for the EAM market include technological advancement, demand for efficiency and sustainability goals, and more investment in infrastructure. However, in order to utilize these market opportunities effectively, and to have sound asset management, challenges regarding implementation costs, integration complexity, and regulatory compliance should be located and addressed.

List of Enterprise Asset Management Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies enterprise asset management companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the enterprise asset management companies profiled in this report include-

• Aptean
• AssetWorks
• CGI
• IFS
• Infor
• IBM
• Oracle
• PcsInfinity
• Sage Group
• SAP

Enterprise Asset Management by Segment

The study includes a forecast for the global enterprise asset management by enterprise size, deployment mode, end use, and region.

Enterprise Asset Management Market by Enterprise Size [Analysis by Value from 2018 to 2030]:

• Large Enterprise
• Small & Medium Enterprise

Enterprise Asset Management Market by Deployment Mode [Analysis by Value from 2018 to 2030]:

• Cloud
• On-premise

Enterprise Asset Management Market by End Use [Analysis by Value from 2018 to 2030]:

• Manufacturing
• Facility Management
• Healthcare
• Education
• Government
• Others

Enterprise Asset Management Market by Region [Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Enterprise Asset Management Market

The EAM market is rapidly changing owing to continuous improvement in technology, changing dynamics of business, and higher dependence on operation efficiency. This trend is seeing unique developments in each region as businesses try to work within their economic and regulatory environments.

• US: The EAM systems are increasingly deploying IoT and AI to carry out the maintenance of predictions and real-time tracking of assets. Companies have integrated the EAM solutions with other enterprise-wide systems to create operational efficiencies and ensure data visibility.
• China: China is growing at an enormous rate in the EAM market due to industrial expansion and also to smart city initiatives. Strong attention is riveted on the integration of big data analytics and artificial intelligence with EAM to optimize asset management and support very large infrastructure projects.
• Germany: The German EAM market is developing, with the emphasis being on the integration of Industry 4.0 technologies. Businesses are increasingly deploying EAM solutions embedded with digital twin technology and IoT to improve asset performance, reliability, and maintainability.
• India: The Indian EAM market is growing because of an increased manufacturing and infrastructure project. Companies are rapidly adopting cloud-based EAM solutions to bring scalability and economies of scale in operations while working toward mobile EAM applications to facilitate field service management.
• Japan: Resilience and automation are the themes that are being given more prominence in Japan's EAM market. New developments include the use of AI and robotics in performing scheduled maintenance and managing assets, while certain recent developments are centered around integrating EAM systems with smart grid technologies for better operational efficiency.

Features of the Global Enterprise Asset Management Market

Market Size Estimates: Enterprise asset management market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Enterprise asset management market size by enterprise size, deployment mode, end use, and region in terms of value ($B).

Regional Analysis: Enterprise asset management market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different enterprise size, deployment mode, end use, and regions for the enterprise asset management market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the enterprise asset management market.

Analysis of competitive intensity of the industry based on Porter’s Five Forces model.

If you are looking to expand your business in this market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

FAQ

Q1. What is the enterprise asset management market size?

Answer: The global enterprise asset management market is expected to reach an estimated $8.1 billion by 2030.

Q2. What is the growth forecast for enterprise asset management market?

Answer: The global enterprise asset management market is expected to grow with a CAGR of 10.2% from 2024 to 2030.

Q3. What are the major drivers influencing the growth of the enterprise asset management market?

Answer: The major drivers for this market are modern asset management techniques are increasingly replacing traditional asset management techniques, rise in the management of corporate assets using IoT platforms and devices, and growing SaaS-based enterprise asset management systems.

Q4. What are the major segments for enterprise asset management market?

Answer: The future of the global enterprise asset management market looks promising with opportunities in the manufacturing, facility management, healthcare, education, and government markets.

Q5. Who are the key enterprise asset management market companies?

Answer: Some of the key enterprise asset management companies are as follows:

• Aptean
• AssetWorks
• CGI
• IFS
• Infor
• IBM
• Oracle
• PcsInfinity
• Sage Group
• SAP

Q6. Which enterprise asset management market segment will be the largest in future?

Answer: Lucintel forecasts that on-premise will remain the larger segment over the forecast period because the large organizations with a large number of assets and sensitive data want to establish an on-premise EAM setup to fulfill compliance standards and appropriate regulations.

Q7. In enterprise asset management market, which region is expected to be the largest in next 5 years?

Answer: North America will remain the largest region over the forecast period due to early adoption of the most recent technologies, high level of cloud-based deployments, a well-developed it infrastructure, and government investments in cutting-edge technology in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

Q.1. What are some of the most promising, high-growth opportunities for the enterprise asset management market by enterprise size (large enterprise and small & medium enterprise), deployment mode (cloud and on-premise), end use (manufacturing, facility management, healthcare, education, government, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?

Q.2. Which segments will grow at a faster pace and why?

Q.3. Which region will grow at a faster pace and why?

Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?

Q.5. What are the business risks and competitive threats in this market?

Q.6. What are the emerging trends in this market and the reasons behind them?

Q.7. What are some of the changing demands of customers in the market?

Q.8. What are the new developments in the market? Which companies are leading these developments?

Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?

Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?

Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?

For any questions related to Enterprise Asset Management Market, Enterprise Asset Management Market Size, Enterprise Asset Management Market Growth, Enterprise Asset Management Market Analysis, Enterprise Asset Management Market Report, Enterprise Asset Management Market Share, Enterprise Asset Management Market Trends, Enterprise Asset Management Market Forecast, Enterprise Asset Management Companies, write Lucintel analyst at email: [email protected]. We will be glad to get back to you soon.

Market Report

Please note: It will take 2-3 business days to deliver the report upon receipt the order.