A Deep Dive into the Enterprise Asset Management Market Analysis | Growing at a CAGR of 11.5%

As per the report published by Allied Market Research, the global enterprise asset management market generated $3.4 billion in 2021 and is expected to reach $9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.

Enterprise Asset Management (EAM) refers to the systematic approach of managing an organization's physical assets throughout their lifecycle. These assets can include machinery, equipment, facilities, infrastructure, and even digital assets like software licenses. The primary goal of EAM is to optimize the performance, utilization, and lifespan of assets while minimizing costs and risks.

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The demand for enterprise asset management market is growing at a significant rate pertaining to enterprises adopting EAM software to optimize the quality and utilization of assets throughout their lifecycle, and increase productive uptime and reduce operational costs.

Increase in use of IoT devices across almost all industrial verticals, integration of drone & AI-based asset management, and surge in need for cloud-based enterprise asset management system solutions are propelling the global enterprise asset management market trends. Furthermore, increase in acceptance of advanced technologies for asset lifespan extension, the advent of disruptive digital technologies across industrial verticals, and technological advancements in asset management contribute toward the growth of enterprise asset management market. However, one of the key restraints for the EAM industry is finding effective and exact solutions for an organization's business demands.

The report segments the global enterprise asset management market on the basis of component, deployment model, enterprise size, application, industry vertical, and region.

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Based on components, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the services segment is projected to register the highest CAGR of 13.8% during the forecast period.

Depending on the deployment model, the on-premise segment holds the largest market share, as large organizations with a vast amount of assets or organizations with sensitive data may prefer to use an on-premise enterprise asset management set-up to meet compliance requirements or relevant legislation. However, the cloud segment is expected to grow at the highest rate during the enterprise asset management market forecast period, as most cloud-based enterprise asset management software offers state-of-the-art security tools and supports General Data Protection Regulation compliance. Vendors have experts in place to combat cyber-attacks, and many provide 24/7 security monitoring, which reduces the negative impact on asset management for enterprises. Therefore, these factors are the major drivers of the cloud-based enterprise asset management industry.

Region-wise, the enterprise asset management market size was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to the introduction of additional and new technologies. Furthermore, the demand for EAM software has increased as the penetration of industrial Internet of Things (IIoT) has grown. IoT helps with data monitoring and retrieval from remote sites. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to an increased need for strict regulatory compliance pertaining to asset management, an increase in number of EAM suppliers, and reduced government aid towards asset management are all contributing to the market growth in the region.

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Key components of enterprise asset management typically include:

1. Asset Inventory and Classification: Cataloging and categorizing all assets owned by the organization, including their location, specifications, and maintenance history.

2. Maintenance Management: Planning, scheduling, and executing maintenance activities to ensure assets operate at peak efficiency and reliability. This can involve preventive maintenance, predictive maintenance, and corrective maintenance strategies.

3. Asset Tracking and Monitoring: Utilizing technology such as RFID tags, sensors, and software systems to track the location, condition, and performance of assets in real-time.

4. Lifecycle Management: Managing assets from acquisition through disposal, including procurement, installation, operation, maintenance, and retirement or replacement.

The global enterprise asset management industry includes an in-depth analysis of the prime market players such as EAM market are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc.

Covid-19 scenario:

• The Covid-19 pandemic positively affected the market. As major enterprises suffered huge losses during lockdown, they needed to focus on trimming costs, securing liquidity, and generating savings. This increased the demand for EAM software.

• Moreover, enterprise asset management proved to be important during the pandemic as companies need to optimize processes and increase efficiency of limited resource at their disposal.

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