The Enterprise Asset Management (EAM) Software market size was valued at USD 4.5 Billion in 2023 and is expected to reach USD 9.57 Billion by 2031 and grow at a CAGR of 9.9% over the forecast period 2024-2031.
Enterprise Asset Management (EAM) is a collection of systems, software, and services used to manage and control operational assets and the operating system. It is the process of dealing with the lifecycle of physical assets and systems in order to extend their lifespan, improve quality and efficiency, decrease costs, and improve environmental safety. Asset maintenance, scheduling and planning, task management, and supply chain management are all examples of enterprise asset management.
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IT service management, physical asset, and infrastructure management, virtual asset management, emerging asset management, and fixed asset management and accounting are all subsets of EAM. EAM systems improve commercial company operations by improving asset dependability, availability, and utilization. Furthermore, such systems gather, integrate, and analyze all key information on all types of assets in businesses. Enterprise asset management covers a wide range of assets, from strategic or critical physical assets to human assets.
KEY DRIVERS:
Enterprises are increasingly shifting away from traditional asset management systems and toward contemporary asset management.
growing use of IoT platforms and devices for asset management in enterprises.
Overheads are eliminated as a result of compliance.
AI, IoT, and analytics are convergent technologies.
RESTRAINTS:
Difficulties with regulatory compliance.
Data security and confidentiality concerns.
Implementation issues for businesses with a variety of operating architectures.
OPPORTUNITIES:
The need to extend the life of assets through the use of sophisticated technology.
Adoption of a digital asset management approach to improve asset return.
Organizations' preference for cloud-based deployments to overcome on-premises restrictions.
CHALLENGES:
Difficulty in gathering, evaluating, and applying data.
Choosing the best combination of solutions.
The pandemic of COVID-19 had a favorable influence on the EAM market. This is due to the fact that businesses suffered huge losses due to business closures during the lockdown; however, after reopening, businesses began to focus on cutting costs, generating savings, and securing liquidity to allow them to survive another wave of restrictions and a potential freeze on individual sectors of the economy. As a result, EAM is critical during the Coronavirus, when businesses are searching for ways to save money while optimizing operations and increasing the efficiency of the resources at their disposal. Successful digital transformation in this sector results in a significant increase in the financial performance of the organization. As a result, the COVID-19 epidemic benefited the corporate asset management sector.
MARKET ESTIMATION:
The practice of maximizing earnings generated by assets during their lives is known as asset lifecycle management. It consists of a few inter-management procedures that assist produce desired outcomes, such as comprehensive asset portfolio management, rigorous project execution, and effective and efficient asset management methods. It contributes to increased organizational efficiency by assisting end-users in making educated decisions about IT needs and services. It also contributes to increased organizational efficiency by assisting firms in making educated decisions about their IT needs and services. Most EAM providers provide an asset lifecycle management solution to optimize asset lifecycle operations, minimize maintenance costs, and increase IT service quality.
The on-premises version of EAM is mostly favored by firms that require control over the security of consumer and company information. This deployment is deployed and hosted on the organizations’ IT infrastructure, and it is maintained by their own IT staff. On-premises implementation of EAM systems necessitates a significant initial investment by enterprises but does not necessitate ongoing expenditures as does cloud deployment. Customers' private data security concerns are a primary factor for choosing on-premises deployments over cloud deployments. It is difficult for IT staff to upgrade on-premises systems on a regular basis.
The market is divided into Small and Medium-Sized Enterprises and Large Enterprises based on Organization Size. Because of the increased need for enterprise asset management among small and medium-sized businesses, especially to maximize resource utilization and remain competitive in the market, the small and medium-sized enterprises sector is expected to develop at a faster CAGR during the forecast period. Furthermore, the increasing number of small and medium-sized enterprises joining the market is a significant element driving category growth.
On The Basis of Component
Solution
Services
On The Basis of Deployment Model
On-Premise
Cloud
On The Basis of Enterprise Size
Large Enterprises
Small and Medium-Sized Enterprises
On The Basis of Application
Asset Lifecycle Management
Predictive Maintenance
Facility Management
Inventory Management
Labor Management
Work Order Management
Others
On The Basis of Industry Vertical
Energy and Utility
Transportation and Logistics
Manufacturing
Healthcare & Life Science
Government & Public Sector
Education
IT and Telecommunications
Others
North America is predicted to have the highest revenue share of the enterprise asset management (EAM) market during the forecast period. This is due to the expansion of the region's IT sector. The region's enterprise asset management (EAM) market growth is also affected by improving employment rates and firms' focus on innovation and business efficiency. Furthermore, the North American industrial revolution is driving the expansion of the region's enterprise asset management (EAM) industry. Other factors influencing the region's enterprise asset management market growth include a focus on asset usage, predictive utilization, and supply chain security.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are ABB Ltd., Assets Works, LLC, CGI Group Inc., IFS, IBM Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, UpKeep Technologies, Inc. & Other Players.
| Report Attributes | Details |
| Market Size in 2023 |
US$ 4.5 Bn |
| Market Size by 2031 |
US$ 9.57 Bn |
| CAGR |
CAGR of 9.9% From 2024 to 2031 |
| Base Year |
2023 |
| Forecast Period |
2024-2031 |
| Historical Data |
2020-2022 |
| Report Scope & Coverage |
Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments |
• By Component (Solution and Services) |
| Regional Analysis/Coverage |
North America (USA, Canada, Mexico), Europe |
| Company Profiles |
ABB Ltd., Assets Works, LLC, CGI Group Inc., IFS, IBM Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc. |
| Key Drivers |
• Growing use of IoT platforms and devices for asset management in enterprises |
| Opportunity |
• The need to extend the life of assets through the use of sophisticated technology |
Ans: - The major key players are ABB Ltd., Assets Works, LLC, CGI Group Inc., IFS, IBM Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc.
Ans: - The Enterprise Asset Management (EAM) Software Market size is estimated to reach USD 8.14 Bn by 2030.
Ans: - The Enterprise Asset Management (EAM) Software market is to grow at a CAGR of 9.13% over the forecast period 2023-2030.
Ans: - Enterprises are increasingly shifting away from traditional asset management systems and toward contemporary asset management.
Ans: - The estimated market size for the Enterprise Asset Management (EAM) Software market for the year 2028 is USD 6.83 Bn.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Enterprise Asset Management (EAM) Software Market Segmentation, by Component
8.1 Solution
8.2 Services
9. Enterprise Asset Management (EAM) Software Market Segmentation, by Deployment Model
9.1 On-Premise
9.2 Cloud
10. Enterprise Asset Management (EAM) Software Market Segmentation, by Enterprise Size
10.1 Large Enterprises
10.2 Small and Medium-Sized Enterprises
11. Enterprise Asset Management (EAM) Software Market Segmentation, by Application
11.1 Asset Lifecycle Management
11.2 Predictive Maintenance
11.3 Facility Management
11.4 Inventory Management
11.5 Labor Management
11.6 Work Order Management
11.7 Others
12. Enterprise Asset Management (EAM) Software Market Segmentation, by Industry Vertical
12.1 Energy and Utility
12.2 Transportation and Logistics
12.3 Manufacturing
12.4 Healthcare & Life Science
12.5 Government & Public Sector
12.6 Education
12.7 IT and Telecommunications
12.8 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14. Company Profiles
14.1 ABB Ltd.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 Assets Works, LLC
14.3 CGI Group Inc.
14.4 IFS
14.5 IBM Corporation
14.6 Infor
14.7 Oracle Corporation
14.8 SAP SE
14.9 SSG Insights
14.10 Up Keep Technologies, Inc.
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
16. Conclusion
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