Growing Adoption of Cloud Infrastructure is fueling the growth of the Global Enterprise Asset Management Market
Enterprise Asset Management Market |
Enterprise asset management involves software and systems used by companies to track, maintain, and optimize operational assets such as manufacturing equipment, vehicles, buildings, and IT infrastructure. It helps in reducing maintenance costs, downtime and risks of unplanned failures.
The
global Enterprise Asset Management Market is estimated to be valued at US$
4,069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted
in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the enterprise
asset management market size is the growing adoption of cloud-based
solutions. Cloud-based EAM solutions offer benefits such as low upfront costs,
scalability, real-time data updates, and remote access to asset information.
They help companies to improve asset utilization, enhance operational
efficiencies and optimize maintenance costs. Moreover, the increasing
penetration of IoT devices is also fueling the adoption of cloud-based EAM as IoT
enables remote asset monitoring capabilities. This is expected to drive the
enterprise asset management market growth over the forecast period.
Segment Analysis
The enterprise asset management market is segmented by component, deployment
type, enterprise size, industry vertical, and region. In terms of component,
solutions segment is expected to dominate the market during the forecast
period. This is owing to the rising adoption of cloud-based asset management
software and services by organizations to gain operational visibility and
maximize asset utilization.
Key Takeaways
The global enterprise asset management market is expected to witness high
growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing
need for optimized asset usage and lower operational costs.
Regional analysis - North America dominated the enterprise asset management
market in 2023 and is expected to exhibit similar trends over the forecast
period. This is attributed to presence of leading EAM solution providers and
early adoption of advanced technologies across industries in the region. Asia
Pacific is expected to witness fastest growth rate during the forecast period.
Key players - Key players operating in the enterprise asset management market
are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo
Software Solutions BV, CARL International SA, eMaint Enterprises, LLC,
Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc. IBM Corporation
and SAP SE captured dominant market share in 2023 owing to their diverse
product portfolio and strong global presence.
Get more insights on this topic: https://www.newsstatix.com/enterprise-asset-management-market-share-and-opportunity-analysis-2023-2030/
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