Enterprise Asset Management Market to Reach $9.9Bn by 2031 at 11.5% CAGR

According to a new report published Enterprise Asset Management Market Size, Share, Competitive Landscape and Trend Analysis Report, by Component (Solution, Services), by Deployment Model (On-premises, Cloud), by Organization Size (SME's, Large Enterprises), by Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Predictive Maintenance, Others), by Industry Vertical (Energy and Utilities, Transportation and Logistics, Government, IT and Telecommunications, Manufacturing, Healthcare, Education, Others), and Region: Global Opportunity Analysis and Industry Forecast, 2021-2031, The global enterprise asset management market size was valued at USD 3.4 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.

Enterprise Asset Management (EAM) refers to the use of software, systems, and services to manage and maintain an organization's physical assets and infrastructure throughout their lifecycle. These assets can include machinery, equipment, vehicles, buildings, and IT infrastructure. EAM solutions help organizations optimize asset performance, reduce downtime, control maintenance costs, and ensure compliance with safety and regulatory standards. As industries become more asset-intensive and complex, the need for centralized and intelligent asset management has grown significantly.

The market for EAM is expanding as organizations across manufacturing, energy, utilities, transportation, and healthcare focus on improving operational efficiency and extending asset lifespans. Digital transformation initiatives, along with the integration of IoT, AI, and cloud technologies, are reshaping how enterprises monitor and manage assets. Modern EAM platforms enable predictive maintenance, real-time asset tracking, and data-driven decision-making, making them a strategic investment rather than just an operational tool.

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Market Dynamics
A primary growth driver of the EAM market is the rising focus on predictive and preventive maintenance. Organizations are moving away from reactive maintenance strategies toward data-driven approaches that minimize unexpected failures. By using sensors and analytics, companies can predict issues before they occur, reducing downtime and saving significant costs. This shift is particularly important in industries where equipment failure can halt production or compromise safety.

Another key driver is the rapid adoption of Industry 4.0 and smart factory concepts. As factories and industrial facilities become more connected, the volume of asset data has increased. EAM systems serve as a central platform to collect, analyze, and act on this data. Integration with IoT devices and digital twins allows organizations to monitor asset health in real time and optimize performance continuously.

Cloud-based EAM deployment is also fueling market growth. Cloud solutions offer scalability, lower upfront costs, and easier updates compared to on-premise systems. Small and medium-sized enterprises (SMEs) are increasingly adopting cloud EAM to access advanced capabilities without heavy IT investments. Remote accessibility and centralized data storage further enhance the appeal of cloud-based models.

However, the market faces challenges such as high initial implementation costs and integration complexity. Deploying EAM often requires aligning with existing ERP, supply chain, and operational systems, which can be time-consuming and costly. Additionally, resistance to change and lack of skilled personnel can slow adoption, particularly in traditional industries.

On the opportunity side, the use of AI and advanced analytics in EAM is creating new value. AI-powered insights can optimize maintenance schedules, automate workflows, and improve asset utilization. Sustainability goals are also encouraging organizations to use EAM for energy management, emissions tracking, and responsible asset disposal, opening new avenues for growth.

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Segment Overview
The global enterprise asset management (EAM) market is segmented by component, deployment model, enterprise size, application, industry vertical, and region. In terms of component, the market is divided into solutions and services. Based on deployment model, it is categorized into on-premise and cloud. By enterprise size, it is segmented into large enterprises and small and medium-sized enterprises (SMEs). According to application, the market includes work order management, predictive maintenance, asset lifecycle management, inventory management, labor management, facility management, and others. From an industry vertical perspective, it spans energy & utilities, transportation & logistics, manufacturing, healthcare & life sciences, government & public sector, education, IT & telecommunications, and others. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

By deployment model, the on-premise segment accounts for the largest share of the market. Large organizations with extensive asset bases and those handling sensitive data often prefer on-premise EAM systems to maintain tighter control over data and to comply with regulatory and legislative requirements. However, the cloud segment is projected to register the fastest growth during the forecast period. This growth is driven by the advanced security capabilities of cloud-based EAM platforms, including strong data protection measures and support for regulatory compliance such as GDPR. Many cloud vendors also offer dedicated cybersecurity expertise and round-the-clock monitoring, which helps reduce risks and enhances asset management efficiency. These advantages are accelerating the adoption of cloud-based EAM solutions.

Regional Analysis
From a regional standpoint, North America has historically led the EAM market and is anticipated to maintain its dominance over the forecast period. This leadership is supported by rapid adoption of new technologies and the rising integration of the industrial Internet of Things (IIoT). IoT enables real-time data collection and remote asset monitoring, increasing the value of EAM systems. Meanwhile, Asia-Pacific is expected to experience notable growth due to stricter regulatory requirements for asset management, a growing number of EAM solution providers, and declining government financial support for asset upkeep, which is encouraging organizations to adopt more efficient asset management solutions.

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Competitive Analysis
The key players that operate in the enterprise asset management industry are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights and UpKeep Technologies, Inc.

Key Findings of the Study
• Depending on component, the solution segment accounted for the largest enterprise asset management market share in 2020.
• Region wise, North America generated the highest revenue in 2020.
• According to industry vertical, the energy and utility segment generated the highest revenue in 2020.

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