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Enterprise Asset Management Software Market Revenue will Grow at a CAGR of CAGR of 9.7% | Valuates Reports
The global Enterprise Asset Management (EAM) Software market size is projected to reach US$ 9130.7 million by 2028, from US$ 4719.3 million in 2021, at a CAGR of 9.7% during 2022-2028. Key drivers of the EAM market include the growing enterprise setups that require the proper management of rising organizational assets.
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Trends Influencing the Growth of Enterprise Asset Management Software Market
Growing number of enterprises
The global economy is rising. Globalization has resulted in an increase in the number of trade activities. Enterprises are scaling up to enter the global marketplace. The increasing number of organizations is fueling the need for a cost-effective solution for managing the huge volume of assets. These factors are aiding the growth of the Enterprise Asset Management software market during the forecast period.
Usage of AI, IoT platforms
The integration of Artificial Intelligence and IoT platforms into EAM softwares have enhanced the asset management process. These advanced technologies offer various advantages such as gaining detailed knowledge about asset heath for taking better decisions, more control over complex actions, strengthening the asset lifecycle and uniting operations under a single platform that ensures better response to disruptions. Enterprises are rapidly adopting newer technologies for gaining a complete 360 view of the crucial assets of the organization. This is going to bolster the growth of the Enterprise Asset Management Software market in the coming years. Operational efficiency, less downtime and reduced costs are some of the net results of automated EAM solutions.
Need for asset visibility, tracking, performance and control
Asset visibility forms a major part for implementing EAM software solutions into the business ecosystem. An integrated EAM software prevents stockpiling, overstocking and reduces inconsistencies due to manual tracking and data entry. It also provides predictive maintenance, assessment and robust analysis for improving reliability of asset intensive platforms. Thus the control over asset performance drives the need for EAM solutions thereby accelerating the growth of the Enterprise Asset Management Software market during the forecast period.
Enterprise Asset Management Software Market Share
Based on type, the on-premise segment is expected to provide lucrative opportunities for growth in the EAM market share due to rising security concerns related to sensitive data of organizations. On premise solutions provide more control over data to the enterprises as it is hosted on the company's own infrastructure and managed by their own IT team.
Based on application, the SMEs segment will provide huge scope for growth in the enterprise asset management software market share as EAMs are being adopted by small and medium enterprises for enhancing their efficiency and styling relevant in the competitive marketplace.
Based on region, North America is expected to surge the growth in the enterprise asset management software market share due to presence of key players, various businesses adopting EAM softwares and strict regulatory compliance by government authorities.
By Type
• On-premise
• Cloud-based
By Application
• Large Enterprises
• SMEs
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By Company
• IBM
• CMMS Data Group
• Maintenance Connection
• Infor
• SAP America
• Fluke
• Assetic
• Atlassian
• RFgen Software
• Deighton
• GoCodes
• Vinity Soft
• Assetware Technology
• AVEVA Group
• E-Emphasys Technologies
By Region
• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA
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