Home > Sustainable & Smart Technologies > Enterprise Asset Management (EAM) Market
Enterprise Asset Management Market size exceeded USD 4 billion in 2020 and is poised to register gains at nearly 10% from 2021 to 2027. Increasing demand for extending the life span of crucial enterprise assets with the aid of advanced technologies is driving the industry growth. Many asset-intensive organizations are focusing on investing in cutting-edge EAM technologies to radically transform and improve their operational processes including predictive maintenance, AI-based telematics, and digital twins. EAM solutions help business owners or enterprises with uptime, inventory maintenance as well as strategic planning.
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The EAM industry has exhibited positive growth amid the ongoing COVID-19 pandemic. The market acceleration in the EAM space has been substantiated by the need to create resilient and disaster-averse systems. EAM solutions have enjoyed widespread adoption during the pandemic as remote working environment pressurized enterprises to seek out viable alternatives to prevent system failure downtime, enhance efficiency, and manage assets. For instance, as per data reported by IBM, the capex expenditure on asset management was reduced by up to 7% by clients that opted for IBM’s Maximo asset management tool.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 4 billion (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 10% |
2027 Value Projection: | 7 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 330 |
Tables, Charts & Figures: | 540 |
Segments covered: | Component, Deployment Model, Enterprise Size, Application, End-user and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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In the U.S., the Asset Lifecycle Management (ALM) segment is likely to generate over USD 350 million in revenue in 2023. ALM mitigates the risks associated with new capital projects, eliminates operational inefficiencies, and optimizes production uptime and the value of assets. For instance, operators and investors are deploying PwC’s ALM solution to evaluate new LNG projects and capture better market pricing for oil & gas assets in the U.S.
The on-premise segment in Germany is predicted to account for around 55% of the enterprise asset management market share by 2027. The growth is attributed to the fewer recorded instances of cybersecurity breaches on on-premise systems and better regulatory compliance in terms of data privacy. The other associated benefits of on-premise deployment, including near-zero downtimes and reduced latency, are expected to boost the industry demand for cloud-based EAM solutions in the region. Issues with cloud deployment, such as vendor lock-ins and higher switching costs, have also benefited the market demand.
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In China, the large enterprises segment is estimated to grow at above 10% CAGR between 2021 and 2027. They are embracing emerging technologies, such as AR, IoT, AI, predictive maintenance, digital twin, and telematics, to ensure high market leverage in delivering industrial services that can accurately forecast the future of physical assets. The increasing demand for power in the country is continuously adding assets to the country including solar farms, windmills, thermal power plants, and others, providing a significant scope for the market expansion.
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In Mexico, the linear asset segment captured about 15% of the revenue share in 2020. The Mexican government has initiated a countrywide overhaul and expansion of the nation’s capacity in rail transportation services, as part of a long-term plan to improve the Mexican rail infrastructure across several areas. For instance, in 2020, the Mexican government announced an investment of USD 300 billion in expanding the country’s railway assets by 2026.
In the UK EAM market, the energy & utilities segment is set to accrue USD 50 million by 2025. The deregulation of the electric sector in the region has helped many private entities that are managing strategic goals to reduce the cost of electricity to customers and to have minimum losses to its business by tracking and monitoring networks at a regular time interval. Several initiatives for upgrading of aging utility infrastructure and growing investments in distributed generation are boosting the industry demand for EAM solutions.
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Europe is slated to witness growth rate of over 10% through 2027. The regional enterprise asset management market is characterized by the surging adoption of lean manufacturing practices by several organizations and increasing focus on providing cloud-based EAM solutions to satisfy customer demands across the energy & utilities landscape.
The market growth is strongly supported by the regulatory developments within the European power sector that continued to shift toward green methods. For instance, in December 2020, 22 EU member states signed a memorandum of understanding to support the development of a European value chain for green hydrogen and vowed to invest in the new key technology.
Some of the key players operating in the EAM market are ABB Ltd., Aptean, AssetInfinity, Asset Panda, LLC, AssetWorks, LLC, AVEVA Group Plc, CGI Group Inc., Cheqroom NV, eMaint (Fluke Corporation), Ezmaintain.com, EZOfficeInventory, Fleetio (Rarestep, Inc.), IBM Corporation, IFS AB, Infor, Intelligent Process Solutions (IPS), KloudGin, Inc., Maintenance Connection Inc., Oracle Corporation, Ramco Systems Ltd., RCS Tech LLP, SAP SE, Ultimo Software Solutions BV, and UpKeep Technologies, Inc.
The global industry remains substantially consolidated with top five players accounting for more than half of the market share. The prominent participants are placing an ever-growing emphasis on delivering advanced EAM solutions and widening their product capabilities through acquisitions. The market has also observed several strategic alliances between key companies to launch new products with added functionalities and to maintain revenue & profitability.
Market, By Component
Market, By Deployment Model
Market, By Enterprise Size
Market, By Application
Market, By End-user
The above information has been provided for the following regions and countries: