U.S. Enterprise Asset Management Market Drivers Shaping Future Growth, Revenue $4,391.99 Million by 2030

According to a recent report published by Allied Market Research, titled, "U.S. Enterprise Asset Management Market by Component, Deployment model, Organization Size, and Industry Vertical: Opportunity Analysis and Industry Forecast, 2021-2030,"

The U.S. enterprise asset management market was valued at $1,604.68 million in 2020, and is projected to reach $4,391.99 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.

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Enterprise asset management (EAM) is a combination of software, systems and services used to maintain and control operational assets and equipment. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs. EAM is widely used in industries that heavily depend on expensive and complex physical assets such as vehicles, plants and heavy equipment. Major consumers include the oil and gas, manufacturing, mining, energy, government, utility and aerospace & defense industries.

Increasing demand to extend the life span of key enterprise assets with the help of advanced technologies is contributing to the growth of the EAM industry in the U.S. Moreover, EAM Solutions help business owners or companies with uptime, inventory management as well as strategic planning. In addition, increase in demand for SaaS-based EAM solutions is also driving the market growth. However, issues associated with regulatory compliance along with cyber security and concern over data security are hampering the market growth.

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Competitive Analysis:
The competitive environment of U.S. Enterprise Asset Management Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, U.S. Enterprise Asset Management Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
ABB Group
CGI
International Business Machines Corporation (IBM)
IFS (Industrial & Financial Systems)
Infor, Inc.
MRI Software, LLC
Oracle Corporation
Ramco Systems
SAP SE
Schneider Electric and Many More

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. During the COVID-19 pandemic, manufacturing and utility industries were hampered due to non-maintenance of assets and were not able to operate efficiently; however, due to adoption of EAM solutions, the effective management of assets was possible and they were widely adopted.

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Cloud based EAM segment is expected to observe highest growth rate in U.S. enterprise asset management market forecast. Cloud-based unified endpoint management software has low capital expenditure as well as low maintenance requirements and is therefore highly preferred by mid-sized financial institutions and SME's. The growth in the adoption of cloud-based EAM software among large and medium-sized enterprises is mainly driven by market growth. These cloud-based EAM solutions facilitate enterprises with fine control over the access of applications and sensitive information from remote locations.

Moreover, cloud based EAM solutions have been widely adopted as remote work environments have forced businesses to look for viable alternatives to prevent system failure, increase efficiency and manage assets. Moreover, during COVID-19, due to WFH (work from home) policies, many industries adopted cloud-based EAM solutions for hassle free work and this led to rapid adoption of cloud-based EAM

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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