Enterprise Asset Management Market to Receive Overwhelming Hike in Revenues By 2031

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.

Rise in demand for cloud-based EAM solutions among enterprises to optimize quality and utilization of assets throughout their lifecycle drives the global enterprise asset management market. However, high cost of software and lack of awareness in developing countries hinder the market growth. On the contrary, surge in acceptance of advanced technologies across industrial verticals and technological advancements would open new opportunities in the future.

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Enterprise Asset Management (EAM) entails overseeing the maintenance of an organization's physical assets throughout their entire lifecycle. EAM solutions support the planning, optimization, execution, and tracking of maintenance activities, prioritizing necessary skills, materials, tools, and information.

The global EAM market is fueled by the widespread adoption of IoT across industries, the integration of drone and AI-based asset management, and the rising demand for cloud-based EAM solutions. Additionally, the adoption of advanced technologies for asset lifespan extension, disruptive digital innovations, and technological advancements further boost market growth. A primary challenge, however, is finding tailored solutions that meet specific business requirements.

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.

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On the basis of the deployment model, the on-premise segment held the largest share in 2020, contributing to nearly three-fifths of the market. However, the cloud segment is estimated to manifest the highest CAGR of 14.3% from 2022 to 2031.

By deployment model, the on-premise segment leads the market, as large organizations managing extensive assets or sensitive data often prefer on-premise EAM setups to meet compliance or regulatory demands. Meanwhile, the cloud segment is projected to grow at the highest rate, as cloud-based EAM solutions offer robust security tools and ensure GDPR compliance, with vendors providing expert-led, 24/7 security monitoring to mitigate cyber risks. This drive towards secure, scalable solutions is accelerating the growth of cloud-based EAM.

Regionally, North America led the market in 2020 and is expected to retain its dominance due to the adoption of new technologies and the increasing integration of industrial IoT, which enhances data monitoring and remote asset management. Asia-Pacific is anticipated to experience substantial growth, driven by heightened regulatory compliance requirements, a growing number of EAM vendors, and reduced government support, all contributing to the market's expansion in the region.

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Covid-19 scenario:

1. 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.

2. 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.

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.

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