Enterprise Asset Management Market Top Players - IBM, SAP, Oracle, Hexagon, IFS.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " Global Enterprise Asset Management Market - (By Offering (Solutions, Services (Professional Services, Planning and Consulting, Training and Education, Support and Maintenance), Managed Services), By Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Predictive Maintenance, Facility Management, Others), By End-User (Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Transportation & Logistics, Telecom, Government & Public Sector, Education, Others), By Organization Size (Large Enterprises, SMEs), By Deployment Mode (Cloud, On-Premises)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Enterprise Asset Management Market is valued at US$ 4.61 Bn in 2023, and it is expected to reach US$ 9.22 Bn by 2031, with a CAGR of 9.4% during the forecast period of 2024-2031.

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Global enterprise asset management is the process via which a company's physical assets are overseen from every angle, regardless of where they are located. These processes maximize asset performance while decreasing costs and increasing efficiency through the use of data, technology, and simplified processes. The asset enterprise asset management market is growing due to the rising number of regulations and standards that apply to various businesses. An increasing emphasis on sustainability assets management that is efficient and environmentally conscious is becoming more valuable. However, high costs and lack of expertise are limitations that restrict the market growth. Furthermore, the market is expected to be propelled by the need to monitor asset health in order to maximize its lifespan, which the rapid rise of automation and digitalization has driven. A growing number of businesses are using enterprise asset management solutions because of how well they connect with their systems. The increasing complexity of business asset environments is also driving market growth. In addition, there is a growing need for global enterprise asset management solutions due to the increasing number of linked devices and the Internet of Things. Assets' performance, health, and use patterns can be better understood with the help of real-time data generated by Internet of Things sensors installed in them, which will grow the market demand in the coming years.

List of Major Players in the Global Enterprise Asset Management Market:
• International Business Machines Corporation (IBM)
• SAP SE
• Oracle Corporation
• Hexagon AB
• IFS AB
• Hitachi Energy Ltd.
• IPS Intelligent Process Solutions GmbH
• Accruent, LLC
• Aveva Group plc
• Aptean, Inc.
• Emaint Enterprises, LLC
• CGI Inc.
• UpKeep Technologies, Inc.
• AssetWorks LLC
• Ramco Systems Limited

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Market Dynamics:
Drivers-
The worldwide global enterprise asset management market drives the increasing demand because of businesses' urgent need to satisfy strict regulatory criteria, reduce running costs, and enhance asset performance. Furthermore, extending the life of assets and reducing downtime are predictive maintenance and real-time monitoring enabled by the Internet of Things, artificial intelligence, and cloud computing. Furthermore, the market demand is being driven by the growing emphasis on environment and energy efficiency as companies aim for more responsible enterprise asset management that satisfies environmental goals and achieves higher operational efficiency.

Challenges:
The prime challenges are the high costs, shortage of skilled professionals, and worries about data privacy in the global enterprise asset management market, which is predicted to slow the growth of the market. Small and medium-sized businesses are not able to afford the high costs of adopting enterprise asset management solutions. Additionally, a lot of organizations have trouble connecting enterprise asset management systems to their current infrastructure. Moreover, the lack of skilled workers to run and handle enterprise asset management systems also slows market expansion. Also, worries about data privacy and security are still big problems, especially with cloud-based enterprise asset management options. These factors are challenging market growth in the coming years.

Regional Trends:
The North American global enterprise asset management market is anticipated to note a major market share in revenue. It is estimated to grow with a high CAGR in the near future because the industry-wide focus on asset optimization, sustainability, and energy efficiency is rising, along with the use of advanced technologies like IoT and AI. Besides, Europe had a considerable market share because of the rapid growth of cities, rising manufacturing areas, the use of new technologies, continuous developments in global enterprise asset management technologies with help from more and more new approaches being used, and big technology companies are settled in this area.

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Recent Developments:
• In July 2024, Oracle launched generative development for enterprises, a new way for businesses to build apps that are based on AI. It offers cutting-edge development tools that help developers make complex apps very quickly. It also makes it simple for apps to use AI-powered natural language interactions and data that is focused on people.

Segmentation of Global Enterprise Asset Management Market-
By Offering-
• Solutions
• Services
o Professional Services
o Planning and Consulting
o Training and Education
o Support and Maintenance
• Managed Services
By Application-
• Asset Lifecycle Management
• Inventory Management
• Work Order Management
• Labor Management
• Predictive Maintenance
• Facility Management
• Others
By End-User-
• Manufacturing
• Energy & Utilities
• Healthcare & Life Sciences
• Transportation & Logistics
• Telecom
• Government & Public Sector
• Education
• Others
By Organization Size
• Large Enterprises
• SMEs
By Deployment Mode-
• Cloud
• On-Premises
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.