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Enterprise Asset Management (EAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Labor Management, FM, Inventory Management], Service), Deployment Model, Application & Forecast, 2023 - 2032
- Report ID: GMI5149
- Published Date: Jan 2023
- Report Format: PDF
Industry Drivers
Enterprise Asset Management Market size valued at USD 4 billion in 2022 and is anticipated to register over 9% CAGR from 2023 to 2032. The industry growth is driven by the rising usage of IoT devices and platforms for managing enterprise assets.
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IoT-enabled asset management solutions offer a host of benefits to enterprises, including enhancing asset life cycle, optimizing equipment effectiveness, reducing errors, enabling predictive maintenance, tracking their asset performance, and improving security. As a result, many firms are developing intelligent and advanced IoT-enabled asset management solutions for their customers. For instance, in June 2021, Safecube, a French logistics software firm, launched a new IoT-enabled asset-tracking solution powered by Sigfox OG network.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 4 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 9% |
| 2032 Value Projection: | USD 12 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 498 |
| Segments covered: | Component, Deployment Model, Enterprise Size, Application, End-user and Region |
| Growth Drivers: | |
| Pitfalls & Challenges: |
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Cybersecurity and data security concerns may constrain industry development
While industries are growingly investing into cybersecurity measures, increasing instances of cyberattacks across the financial sector is likely to constrain the market outlook. Cybercriminals almost always target financial institutions to gain access to the vast stores of financial databases and other personal information of customers. Ransomware attacks are the most common ones faced by asset management companies as they help cybercriminals steal highly confidential and consequential data.
Surging BYOD trend to bring high revenues from large enterprises segment
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Based on enterprise size, the large enterprises segment is predicted to account for more than 61% of the market share by 2032, led by the rising adoption of BYOD and remote working among global enterprises. Advancements in the field of IoT-enabled devices have delivered employees the freedom to work remotely. According to the WEF, global enterprises have turned the pandemic-triggered remote working trend into an opportunity to boost diversity and inclusion across the workplace. Many job roles have been made borderless and remote as companies look to improve their talent pool.
Rapid time to value for remote working to augment cloud deployment model segment size
On the basis of the deployment model, the enterprise asset management market from cloud segment is poised to grow at 11% CAGR through 2032, owing to the rapid time to value offered by the cloud-based deployment model for remote working. The model became widespread during the COVID-19 pandemic as it helped enterprises manage their business operations by allowing users to work remotely and conduct their daily operations from the safety of their homes. With the remote working trend becoming more widely accepted across the globe.
Resource planning capabilities to fuel product adoption across government & public sector firms
Based on end-user, the government & public sector segment is slated to represent nearly 14% of the overall enterprise asset management market share by 2032, propelled by the rising demand for effective resource planning capabilities across government agencies and public enterprises. EAM helps these agencies locate their assets anytime, anywhere, and also gather useful data about each asset to avoid unforeseen downtimes to maximize performance. In December 2022, American multinational technology corporation, IBM, partnered with Flexera, a US-based computer software firm, to improve IT visibility and software asset management capabilities for government entities through the Flexera Resell Software.
Ongoing digital transformation initiatives to shape the market share
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On the regional front, the Europe enterprise asset management market is likely to expand at a CAGR of 9.5% till 2032, due to the ongoing digital transformation initiatives in the region. The European Commission is actively outlining areas of cooperation and investment in the transition, creating a notable impetus. In November 2021, the EU also unveiled an investment of around €2 billion from the Digital Europe Program to advance the digital transition of the bloc. As the European economy continues its digitalization journey, many organizations are also transforming to incorporate the digital world into their day-to-day functioning.
Partnerships to define the market competitive landscape
Some of the leading companies operating in the market include ABB Ltd, Aptean, Inc., Asset Infinity, Aveva Group Plc, Assetpanda, Assetworks LLC, CGI Group Inc., Cheqroom NV, Emaint, and Ezmaintain.com. Many of these firms are emphasizing partnerships to keep ahead of the competition. Citing an instance, in January 2022, the Berger-Levrault Group, an enterprise asset management solution provider, partnered with Axino Solutions, a German software company, to continue the international deployment of its EAM/CMMS offering in Germany.
Impact of COVID-19 on the enterprise asset management market
The COVID-19 pandemic had a positive impact on the enterprise asset management industry on account of the rapid switch to the remote work culture and the subsequent adoption of the BYOD trend. In 2021, the growth of the global real estate industry is further outlined the market expansion. In fact, as per the International Trade Administration, in MEA, property prices in some sectors witnessed a spike of as much as 56% in 2021. Moving ahead, the ongoing expansion of the oil & gas, healthcare, and manufacturing industries in the backdrop of rising geopolitical tensions may influence the industry growth.
This enterprise asset management market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2032 for the following segments: Click here to Buy Section of this Report
Market By Component
- Solution
- Asset Lifecycle Management
- Predictive Maintenance
- Work Order Management
- Labor Management
- Facility Management
- Inventory Management
- Service
- Professional Services
- Managed Services
Market, By Deployment Model
- On-premise
- Cloud
Market, By Enterprise Size
- Large Enterprises
- SMEs
Market, By Application
- Asset MRO
- Linear Assets
- Non-Linear Assets
- Field Service Management
Market, By End-user
- Energy & Utilities
- Manufacturing
- IT & Telecom
- Healthcare
- Oil & Gas
- Transportation and Logistics
- Government & Public Sector
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- Southeast Asia
- South Korea
- ANZ
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Israel