Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Global Forecast to 2028

Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Global Forecast to 2028

The enterprise asset management market is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. Predictive and preventive maintenance to extend the life of assets and the emergence of technologies to offer competitive advantage will drive the demand for the enterprise asset management market. Integration of enterprise asset management systems with third-party ERP systems and cybersecurity concerns are significant challenges for the growth of the enterprise asset management market.

“As per the services, the managed services segment is expected to grow at a higher CAGR during the forecast period. “

Security systems must be regularly upgraded to counter new threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies rapidly outsource their asset security concerns to specialized service providers such as Managed Security Service Providers (MSSPs). Managed services secure data generated from assets and provide confidentiality, integrity, and availability. Regulatory compliances are achieved, and the reduction in data breaches and protection of intellectual property is guaranteed. In addition, maintenance outsourcing also plays a significant role in the enterprise asset management market by offering organizations a strategic approach to managing their assets efficiently. Outsourcing maintenance activities to specialized service providers allows companies to tap into external expertise, benefit from industry best practices, and focus on their core business functions. It provides a cost-effective solution, as organizations can access a pool of skilled professionals without requiring extensive in-house training and resource allocation.

“As per vertical, the energy & utilities vertical to hold second largest market share in 2023.“

EAM solutions play a pivotal role in the energy & utilities sector by providing a comprehensive platform for managing diverse assets, including power plants, pipelines, grid infrastructure, and utility equipment. These solutions help organizations optimize asset lifecycle management, streamline maintenance processes, and implement predictive maintenance strategies to reduce downtime and enhance operational efficiency. In the context of renewable energy sources, EAM solutions aid in monitoring and maintaining assets like wind turbines and solar panels, contributing to the sustainability and reliability of the energy supply. Integrating EAM with Internet of Things (IoT) technologies allows real-time equipment health monitoring, enabling proactive decision-making. Additionally, EAM solutions assist in compliance management, ensuring adherence to safety and environmental regulations. As the Energy and Utilities sector undergoes digital transformation, adopting EAM solutions becomes instrumental in achieving cost savings, maximizing asset performance, and ensuring the resilience of critical infrastructure.

As per region, Europe will witness the second-largest market share during the forecast period.

The adoption of Enterprise Asset Management (EAM) solutions in Europe reflects a region at the forefront of technological innovation and digital transformation. European organizations across diverse industries leverage advanced technical infrastructure to enhance asset management processes. Robust IT investments contribute to implementing sophisticated EAM solutions, enabling businesses to optimize asset lifecycles, improve maintenance strategies, and ensure regulatory compliance. The adoption of cloud-based and Software-as-a-Service (SaaS) EAM solutions is gaining prominence, allowing organizations to leverage scalable and flexible platforms. This shift towards cloud and SaaS investments facilitates real-time data access, collaboration, and remote asset management capabilities. In addition, sustainability is becoming a top priority for European businesses. EAM solutions can contribute by optimizing resource utilization, reducing energy consumption, and minimizing waste generation; this aligns with evolving consumer preferences and corporate social responsibility goals.

The breakup of the profiles of the primary participants is below:

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

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

By Region: North America: 42%, Europe: 25%, Asia Pacific: 18%, Rest of World: 15%

Note: Others include sales managers, marketing managers, and product managers

Note: The rest of the World consists of the Middle East & Africa, and Latin America

Note: Tier 1 companies have revenues of more than USD 100 million; tier 2 companies’ revenue ranges from USD 10 million to USD 100 million; and tier 3 companies’ revenue is less than 10 million

Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis

Some of the significant vendors offering enterprise asset management software across the globe include IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).

Research coverage:

The market study covers the enterprise asset management market across segments. It aims to estimate the market size and the growth potential of this market across different market segments, such as offering, application, deployment model, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Reasons to buy this report:

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

The report provides insights on the following pointers:

Analysis of key drivers (predictive and preventive maintenance to extend the life of assets, emergence of technologies to offer competitive advantage, growing need for a 360-degree view of assets, need to overcome unplanned downtime to prevent losses), restraints (regulatory compliance issues, concerns over data security & confidentiality) opportunities (data-driven asset management, inclination of organizations towards cloud-based EAM, need for remote asset management with the outbreak of COVID-19), and challenges (integration of enterprise asset management systems with third-party ERP systems, cybersecurity concerns) influencing the growth of the enterprise asset management market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the enterprise asset management market.

Market Development: Comprehensive information about lucrative markets – the report analyses the enterprise asset management market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the enterprise asset management market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden) among others in the enterprise asset management market.