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Enterprise Asset Management (EAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Labor Management, Facility Management, Inventory Management], Service [Professional Services, Managed Services]), By Deployment Model (On-premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Asset MRO, Linear Assets, Non-Linear Assets, Field Service Management), By End-user (Energy & Utilities, Manufacturing, IT & Telecom, Healthcare, Oil & Gas, Transportation and Logistics, Government & Public Sector, Others), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & 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.
 

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

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of enterprise asset management valued at USD 4 billion in 2022 and is poised to depict more than 9% CAGR from 2023 to 2032 owing to the surging usage of IoT devices and platforms for managing assets.
The large enterprises segment expected to account for more than 61% the enterprise asset management market share by 2032, driven by the surging BYOD trend and remote working culture among global enterprises.
The industry for enterprise asset management in Europe is slated to grow at 9.5% CAGR through 2023 - 2032, owing to the increasing EU-sponsored digital transformation initiatives in the region.
Some key contenders in the global market include ABB Ltd, Asset Infinity, Aptean, Inc., Aveva Group Plc, Assetworks LLC, CGI Group Inc., Cheqroom NV, Assetpanda, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 24
  • Tables & Figures: 498
  • Countries covered: 22
  • Pages: 270
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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