Home > Pressrelease > Enterprise Asset Management Market size to reach $12 Bn by 2032
Enterprise Asset Management Market size to reach $12 Bn by 2032
- Published Date: January 10, 2023
Enterprise Asset Management Market size is projected to cross USD 12 billion by 2032, according to a new research report by Global Market Insights Inc.
As per the report, technological convergence involving IoT, AI, and analytics is a key driver behind the market growth. Increasing technological advancements across different industries have proliferated the adoption of advanced analytics, AI, and ML-enabled asset management solutions. These solutions are witnessing strong demand as they help minimize risk across the asset life cycle and maximize returns.
In December 2022, an AI-powered EAM platform, Akros Technologies, raised USD 2.3 million in funding from Z Venture Capital. The capital is expected to help Akros scale its asset management solutions, software platform, and user base, which includes global and local financial institutions and fintech businesses.
Personalized features of on-premise solutions to foster deployment model segment growth
On the basis of the deployment model, the enterprise asset management market from the on-premise segment held more than 65% revenue share in 2022. Leading global business organizations prefer an on-premise EAM model owing to the new and advanced integrations, personalized features, and customized modules they offer. In addition, on-premise solutions also offers enterprises complete ownership of their data as their servers are located in-house.
Advancements in cloud-based tools to bolster enterprise size market growth from SMEs
With respect to enterprise size, the SMEs segment accounted for 34% market share in 2022. Wide-scale adoption of EAM solutions amongst SMEs is responsible for the high market share. Strong demand for further advancements in mobile applications and cloud-based tools is expected to foster the industry growth. This is causing industry players to frequently come out with new EAM solutions and product features. In December 2021, US-based technology giant, IBM, unveiled IBM Z and Cloud Modernization Center to help its clients modernize their applications, processes, and data in an open hybrid cloud architecture.
Reduced field service costs to impel field management application segment expansion
In terms of application, the enterprise asset management market share from field service management segment is poised to grow at 7.5% CAGR from 2023 to 2032, driven by the adoption of mobility field service solutions. These solutions allow service-based firms to gain better control on field operations, deliver quick services to the customers, and make better business decisions. The reduced field service management costs associated with enterprise asset management platforms are also augmenting the market size.
Browse key industry insights spread across 270 pages with 454 market data tables and 44 figures & charts from the report, “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” in detail along with the table of contents:
Rapid expansion of modern oil and gas sector to shape end-user segment growth
Based on end-user, the oil & gas segment is likely to account for more than 9% of the EAM market share by 2032, impelled by the rapid expansion of the modern oil and gas sector. Today’s oil and gas facilities are being set up on a much bigger scale than before, featuring higher storage and production capacities. These measures are primarily catered towards protecting the sector from market volatility and improving long-term profitability. Recently, Infosys Oil and Gas division implemented Integrated Asset Management (IAM) solutions to provide visibility to assets and field equipment.
Increasing smart city initiatives to drive the Latin America industry growth
The Latin America enterprise asset management market size is slated to witness 10.5% CAGR through 2032, propelled by increasing government initiatives towards establishing smart city infrastructure to improve public facilities for the citizens. In August 2021, the Pan American Health Organization (PAHO), launched a collaborative platform to advance the production of COVID-19 vaccines as well as other health technologies in the region. Meanwhile, surging demand for reducing lead time, improving product efficiency, reducing asset downtime, and retail shrinkage from verticals such as retail & consumer goods, and manufacturing are also likely to outline the regional growth.
Product innovations to outline the competitive scenario for the market
Some of the leading companies involved in the enterprise asset management market include Emaint, Intelligent Process Solutions, EZOfficeInventory, IFS AB, Fleetio, Ezmaintain.com, IBM Corporation, Infor, and KloudGin Inc. Many of these firms are prioritizing product innovations to extend their business footprint.
For instance, in October 2021, ABB Ltd., a Swedish-Swiss automation company, developed ABB Ability Genix Asset Performance Management Suite, to bring AI-enabled predictive maintenance, asset reliability, and integrity insights for utility and process sectors. The product offers actionable insights into all asset performance aspects, helping customers decrease machine downtime by up to 50%.