What Does the Historical and Current Enterprise Asset Management Market Size Trend Indicate?
The enterprise asset management market has seen considerable growth due to a variety of factors.
• The market size of enterprise asset management has seen robust growth in the past few years. There's a forecast of expansion from $6.71 billion in 2024 to $7.33 billion in 2025, with a compound annual growth rate (CAGR) of 9.2%.
Key factors attributing to the growth seen in the historic period include regulatory compliance, deterioration of infrastructure, optimization of costs, preventive maintenance, and integration with ERP systems.
What is the Forecasted Growth of the Enterprise Asset Management Market Size?
The enterprise asset management market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the enterprise asset management market is predicted to experience swift expansion. The market size is set to reach $12.07 billion in 2029, growing at a compound annual growth rate (CAGR) of 13.3%.
Aspects such as mobile exam solutions, a focus on sustainability, cybersecurity precautions, and industry-specific needs examination can explain the projected growth. Key trends in this forecast period involve digital twin technology, advancements in technology, integration with IoT for monitoring condition, and exam solutions based on the cloud.
What Are The Essential Drivers Behind The Growth Of The Enterprise Asset Management Market?
The market is experiencing growth due to a surge in demand for SaaS-based EAM solutions. These cloud-based software services, which vendors offer via a subscription model, have become a cornerstone in the tech industry for their capabilities in dashboard creation, mobile application support, asset tracking, performance management, forecasting, and maintaining regulatory compliance. There's an upward trend of customers favoring SaaS-based solutions over traditional on-premises ones, driven by factors such as quicker returns, cost reduction, scalability, and integration, among others. As an example, a 2022 study by DevSquad revealed that 73% of businesses are transitioning all systems to SaaS, with the firms planning to augment their spending by 44% compared to the prior year.
What Is The Segmentation Of The Global Enterprise Asset Management Market?
The enterprise asset management market covered in this report is segmented –
1) By Development: On-Premise, Cloud
2) By Application: Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Other Applications
3) By Vertical: Energy And Utilities, Transportation And Logistics, Government And Public Sector, IT And Telecommunications, Manufacturing, Healthcare And Life Sciences, Education, Other Verticals
Subsegments:
1) By On-Premise: Traditional On-Premise Solutions, Hybrid On-Premise Or Cloud Solutions
2) By Cloud: Public Cloud Solutions, Private Cloud Solutions, Hybrid Cloud Solutions
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What Emerging Trends Are Shaping The Enterprise Asset Management Market Landscape?
The progression of technology plays a critical role in the evolution of the enterprise asset management market. Key market competitors are concentrating their efforts on enhancing their technological advancements. For instance, in March 2022, Aptean initiated an innovative, cloud-based EAM solution equipped with a computer-assisted maintenance management system for its manufacturing clientele. This recent introduction will assist small to medium manufacturing clients in meeting their asset management needs and expectations.
Who Are the Key Players in the Enterprise Asset Management Market?
Major companies operating in the enterprise asset management market include:
• International Business Machines Corporation
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• SAP SE
• Asea Brown Boveri Ltd.
• Consultants to Government and Industry Incorporated
• Rockwell Automation Inc.
• Infor Inc.
• AVEVA Group plc
• Bentley Systems Incorporated
• IFS AB
• Accruent LLC
• Ramco Systems Limited
• Fingent Corporation
• MRI Software LLC
• Ultimo Software Solutions BV
• AssetWorks LLC
• Rosmiman Software Corporation
• Mainsaver Software
• Maintenance Connection
• UpKeep Technologies Inc.
• MPulse Software Inc.
• CHEQROOM
• eWorkOrders
• EZOfficeInventory
• MVP Plant
• Real Asset Management plc
• MicroMain Corporation
• AMTdirect Inc.
• ManagerPlus
• Nuvolo
• Limble CMMS
What are the Regional Insights into the Enterprise Asset Management Market?
North America was the largest region in the enterprise asset management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
