Enterprise asset management software helps organizations maintain assets and equipment effectively for maximizing their return on investment. It offers features like maintenance scheduling, inventory control, and performance tracking.
The global Enterprise Asset Management Market is estimated to be valued at US$ 4,069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Predictive maintenance is one of the key trends being adopted in the enterprise asset management market size. It enables organizations to forecast potential equipment failures and schedule maintenance accordingly to avoid downtime. Advanced algorithms and analytics are used to determine performance metrics and detect anomalies in real-time machine condition data. This helps maintenance teams to plan repairs in advance and reduce unplanned breakdowns.
Strength: Enterprise Asset Management (EAM) provides optimization of maintenance and asset management operations which helps businesses reduce operational costs and increase productivity. It integrates asset performance management, inventory management, and work order management capabilities on a unified platform.
Weakness: High upfront costs associated with the implementation and maintenance of EAM solutions. Additionally, lack of skilled professionals hampers the effective utilization of these solutions.
Opportunity: Rising adoption of IoT and predictive maintenance is expected to drive the demand for EAM solutions that leverage real-time asset data and analytics. Growing need to optimize asset uptime and performance across industries also presents an opportunity for vendors.
Threats: Availability of open-source and low-cost alternatives poses pricing pressure on established EAM vendors. Stringent data security and privacy regulations increase compliance requirements for cloud-based EAM solutions.
The global Enterprise Asset Management market is expected to witness high growth, exhibiting a CAGR of 8.9% over the forecast period, due to increasing adoption across industries for optimizing maintenance and operational costs.
Regional analysis: North America dominated the market in 2022 owing to large-scale deployments of EAM solutions across manufacturing, mining, and oil & gas industries in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by rising infrastructure investments and growth of industry 4.0 in China and India.
Key players operating in the Enterprise Asset Management are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo Software Solutions BV, CARL International SA, eMaint Enterprises, LLC, Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc. These players are focusing on strengthening their product and service offerings through partnerships, mergers, and acquisitions to gain higher market share.