Enterprise Asset Management Market by Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Component, Organization Size, Deployment Model, Vertical (Manufacturing, Energy & Utilities) and Region - Global Forecast to 202

Enterprise Asset Management Market by Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Component, Organization Size, Deployment Model, Vertical (Manufacturing, Energy & Utilities) and Region - Global Forecast to 2027

The enterprise asset management market size is expected to grow from USD 4.2 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The inclination of organizations toward cloud-based deployments to overcome on-premises limitations is driving the growth of the global enterprise asset management market.

Large enterprises segment to account for larger market size during forecast period

The adoption of EAM solutions is higher in the large enterprises segment, and the trend is expected to continue during the forecast period. EAM solutions are important for large enterprises, as they have a large fleet of assets, bigger work orders to be managed, and critical information to be taken care of. If work orders are not managed efficiently by large enterprises, it can lead to increased costs and lesser productivity. Additionally, this can hamper customer loyalty and market share.

Manufacturing vertical to hold largest market share in 2022

Asset management for manufacturing companies covers the entire lifecycle of plant assets, such as equipment, parts, production lines, and the plant buildings themselves. It includes making decisions about asset usage, asset investment and disinvestment policies, and managing the asset portfolio. As a process, the manufacturing industry is becoming more competitive with the increasing customer demand and changing market conditions, companies require EAM solutions to meet safety requirements, comply with environmental regulations, fluctuating energy costs, maintenance schedules, track and monitor inventory usage, and improve auditing, reporting, and budgeting activities.

North America to hold largest market share of enterprise asset management market in 2022

North America is one of the early adopters of technology, focusing on continuous innovation. The region comprises two major economies: US and Canada. The growing size of the region's asset-intensive industry is driving the demand for asset management solutions. These industries utilize AI and cloud-based applications to enhance their customer base and streamline business operations. Further, the growing digitalization initiatives in the region are driving the demand for digital asset management strategies to manage cybersecurity and associated risks. These factors boost the demand for the enterprise asset management market across North America.

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants is as follows:

By Company Type: Tier I: 37%, Tier II: 25%, and Tier III: 38%

By Designation: C-Level: 22%, D-Level: 33%, and Others: 45%

By Region: North America: 42%, Europe: 25%, Asia Pacific: 18%, Row: 15%

The report profiles the various key players, including IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMmaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).

Research Coverage

The report segments the enterprise asset management market by application, component, deployment model, organization size, vertical, and region.

Based on applications, the market is segmented into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, and other applications.

Based on components, the market is categorized as solutions and services. The services segment is further categorized as professional and managed services.

The market is segmented based on deployment models as on-premises and cloud. The market is segmented as large enterprises and SMEs based on organization size.

Different verticals using enterprise asset management solutions include manufacturing, energy & utilities, healthcare & life sciences, transportation & logistics, IT & telecom, government & public sector, education, and other verticals.

The geographic analysis of the enterprise asset management market is spread across five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in the enterprise asset management market with information on the closest approximations of the revenue numbers for the overall enterprise asset management market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the market's pulse and provides information on key market drivers, restraints, challenges, and opportunities.