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Enterprise Asset Management: Optimizing Operations in a Digital Era
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According to The Business Research Company's, The enterprise asset management market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to regulatory compliance, aging infrastructure, cost optimization, preventive maintenance, integration with ERP systems.
The enterprise asset management market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to mobile exam solutions, focus on sustainability, cybersecurity measures, exam for industry-specific needs. Major trends in the forecast period include digital twin technology, technological advancements, IoT integration for condition monitoring, cloud-based exam solutions.
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Market Drivers and Trends:
Rising demand for SaaS-based EAM solutions is driving the growth of the market. SaaS-based EAM services are a cloud bases software service that helps vendors provide applications via a subscription-based model. These solutions have become a fundamental in the technology world for dashboards, mobile apps, asset tracking, performance management, forecasting, and regulatory compliances. The customers are increasingly investing in SaaS-based solutions over the traditional on-premises solutions, owing to various factors such as reduced time to benefit, lower costs, scalability and integration, and others. For instance, according to the study published on DevSquad in 2022, 73% of businesses are switching all systems to SaaS, and the companies are planning to increase their spending by 44% from the previous year.
Technological advancements are shaping the enterprise asset management market. Major companies in the enterprise asset management market are focusing on expanding their developmental activities in new technologies. For instance, in March 2022, Aptean has launched a cloud-based EAM solutions including a computerized maintenance management system for manufacturing customers. Then new launch will help the customers from small and medium manufacturers to meet their asset management requirements and demands.
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Major Key Players of the Market:
International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Consultants to Government and Industry Incorporated, Rockwell Automation Inc., Rockwell Automation Inc., Fluke Corporation, Infor Inc., AVEVA Group plc, Bentley Systems Incorporated, IFS AB, Accruent LLC, Ramco Systems Limited, Fingent Corporation, MRI Software LLC, Ultimo Software Solutions BV, AssetWorks LLC, Rosmiman Software Corporation, Mainsaver Software, Maintenance Connection, UpKeep Technologies Inc., MPulse Software Inc., CHEQROOM, eWorkOrders, EZOfficeInventory, MVP Plant, Real Asset Management plc, MicroMain Corporation, AMTdirect Inc., ManagerPlus, Nuvolo, Limble CMMS
Enterprise Asset Management Market 2024 Key Insights:
• The enterprise asset management market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
• Surging Demand For Saas-Based Eam Solutions Fuels Market Growth
• Companies Propel Enterprise Asset Management Market With Advanced Solutions
• North America was the largest region in the enterprise asset management market in 2023
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