Enterprise Asset Management Market Growth Accelerates to USD 9.22 Billion by 2031 Backed by IoT and AI Integration

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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Enterprise Asset Management (EAM) refers to the structured oversight and optimization of an organization's physical assets across all locations, with the objective of enhancing operational performance, reducing costs, and improving overall efficiency. EAM solutions leverage advanced technologies, data analytics, and streamlined processes to facilitate informed decision-making and strategic resource allocation.

The global EAM market is witnessing significant expansion, largely attributed to the increasing enforcement of regulatory standards and industry-specific compliance requirements across various sectors. Additionally, the growing emphasis on sustainable and environmentally conscious asset management practices is emerging as a key factor contributing to market growth.

However, the high initial costs associated with implementing EAM systems, along with a shortage of qualified professionals to manage and maintain these solutions, present notable challenges to widespread adoption. Despite these barriers, the need to monitor asset health and extend asset lifespan-especially amid accelerated automation and digital transformation-is sustaining demand for EAM solutions. Organizations are adopting these systems due to their seamless integration with existing IT infrastructures, which facilitates operational efficiency and enhances productivity.

Furthermore, the increasing complexity of asset networks and the rapid expansion of connected devices-driven by advancements in the Internet of Things (IoT)-are further intensifying the demand for advanced EAM platforms. IoT-enabled assets generate real-time data on performance, usage, and condition, delivering critical insights that support predictive maintenance and long-term asset planning. These capabilities are expected to be instrumental in driving the continued adoption of EAM technologies and supporting the sustained growth of the market in the years ahead.

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 global Enterprise Asset Management (EAM) market is experiencing strong growth, primarily driven by the increasing need for organizations to comply with rigorous regulatory requirements, reduce operational expenses, and improve asset performance. The integration of advanced technologies such as the Internet of Things (IoT), artificial intelligence (AI), and cloud computing is enabling predictive maintenance and real-time asset monitoring. These innovations contribute to extending asset life cycles and minimizing equipment downtime. Additionally, the growing corporate focus on sustainability and energy efficiency is encouraging the adoption of EAM solutions that align with environmental goals while enhancing operational productivity.

Challenges:
Despite a positive growth outlook, the EAM market encounters several significant obstacles. High initial implementation costs and a shortage of skilled professionals present substantial barriers, particularly for small and medium-sized enterprises (SMEs) with constrained budgets. Furthermore, challenges related to the integration of EAM platforms with existing legacy systems can complicate deployment efforts. Concerns over data privacy and security-especially with the increased adoption of cloud-based EAM solutions-also pose risks to broader market acceptance. The continued lack of adequately trained personnel to operate and maintain these systems further limits the scalability of EAM adoption.

Regional Trends:
North America is expected to lead the global EAM market in terms of revenue and exhibit a strong compound annual growth rate (CAGR) throughout the forecast period. This dominance is attributed to the region's focus on maximizing asset performance, advancing sustainability initiatives, and adopting next-generation technologies such as AI and IoT. Europe is also experiencing steady growth, driven by rapid urbanization, expansion in industrial and manufacturing sectors, and increasing deployment of innovative EAM solutions. The presence of prominent technology providers and ongoing advancements in EAM capabilities continue to support market expansion across both regions.

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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

Read Overview Report- https://www.insightaceanalytic.com/report/global-enterprise-asset-management-market/2843

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.