Enterprise asset management software has allowed organizations to track, maintain, and optimize critical assets across their lifecycle. These solutions offer comprehensive management of physical assets like infrastructure, equipment and machinery by capturing crucial data such as purchase records, maintenance history, condition assessments, location and more.
The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The rising demand for asset tracking and optimization has been a key driver boosting adoption of enterprise asset management solutions. Managing a wide network of physical assets scattered across multiple locations poses challenges in terms of visibility, compliance and productivity. Enterprise asset management software equips organizations with tools to monitor asset performance, automate maintenance schedules and repair processes, streamline spare parts inventory and deliver actionable insights. This has helped organizations optimize capital expenditure while improving operational efficiency. The ability of these solutions to digitally transform asset lifecycle management is expected to further fuel the demand over the coming years.
SWOT Analysis
Strength: Enterprise Asset Management solutions help organizations optimize asset performance, reduce maintenance costs, and extend asset lifecycles.
Weakness: High initial investment and complexity of implementation and change management could be barriers for adoption.
Opportunity: Growing need for asset performance optimization solutions across industries like oil & gas, manufacturing, transportation etc. drives market opportunities.
Threats: Privacy and security concerns around cloud-based solutions act as a restraining factor for this market.
Key Takeaways
The global Enterprise Asset Management market size is expected to witness high growth. The global Enterprise Asset Management Market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030.
Regional analysis
North America is expected to dominate the Enterprise Asset Management market during the forecast period. This is attributed to robust technology adoption across industries and presence of major players in the region. The Asia Pacific region is anticipated to grow at the fastest pace due to increasing digital transformation initiatives and growing markets in countries like China and India.
Key players
Key players operating in the Enterprise Asset Management market are BENTLEY SYSTEMS, INCORPORATED, PlanGrid, Inc., Procore Technologies, Inc., Sage Group plc, Trimble Navigation Limited, Viewpoint, Inc., Oracle, BrickControl.com, BuildStar Technologies, Inc., Buildtools Inc, CATCloud., e-Builder Inc., eSUB Inc., Jonas Construction Software Inc, Systemates, Inc., Autodesk Inc., Buildertrend, CMiC., ConstructConnect, Odoo S.A. These players are focusing on organic and inorganic strategies like new product launches, partnerships, and expansions to gain higher market share.
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