Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical and Region

The enterprise asset management market size is expected to grow from USD 4.2 billion in 2022 to USD7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The inclination of organizations toward cloud-based deployments to overcome on-premises limitations is driving the growth of the global enterprise asset management market.

Large enterprises segment to account for larger market size during forecast period

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The adoption of EAM solutions is higher in the large enterprises segment, and the trend is expected to continue during the forecast period. EAM solutions are important for large enterprises, as they have a large fleet of assets, bigger work orders to be managed, and critical information to be taken care of. If work orders are not managed efficiently by large enterprises, it can lead to increased costs and lesser productivity. Additionally, this can hamper customer loyalty and market share.

Manufacturing vertical to hold largest market share in 2022

Asset management for manufacturing companies covers the entire lifecycle of plant assets, such as equipment, parts, production lines, and the plant buildings themselves. It includes making decisions about asset usage, asset investment and disinvestment policies, and managing the asset portfolio. As a process, the manufacturing industry is becoming more competitive with the increasing customer demand and changing market conditions, companies require EAM solutions to meet safety requirements, comply with environmental regulations, fluctuating energy costs, maintenance schedules, track and monitor inventory usage, and improve auditing, reporting, and budgeting activities.

North America to hold largest market share of enterprise asset management market in 2022

North America is one of the early adopters of technology, focusing on continuous innovation. The region comprises two major economies: US and Canada. The growing size of the region's asset-intensive industry is driving the demand for asset management solutions. These industries utilize AI and cloud-based applications to enhance their customer base and streamline business operations. Further, the growing digitalization initiatives in the region are driving the demand for digital asset management strategies to manage cybersecurity and associated risks. These factors boost the demand for the enterprise asset management market across North America.

The future of Enterprise Asset Management (EAM) is poised to revolutionize how businesses optimize and maintain their valuable resources. As technology continues its rapid advancement, EAM is evolving beyond traditional maintenance schedules.

One key aspect of the future EAM landscape is predictive analytics. By harnessing the power of data and machine learning, businesses can anticipate asset failures and plan proactive maintenance, minimizing downtime and maximizing efficiency. This shift from reactive to predictive maintenance transforms operations and reduces costs.

Moreover, the integration of Internet of Things (IoT) devices is set to play a pivotal role. These interconnected sensors gather real-time data from assets, enabling remote monitoring and performance tracking. This real-time visibility empowers businesses to make informed decisions and allocate resources more effectively.

Cloud technology will also shape the future of EAM, offering scalable and accessible solutions that transcend geographical boundaries. Cloud-based EAM systems streamline collaboration, allowing teams to work cohesively on asset management and maintenance, irrespective of their locations.

Furthermore, sustainability considerations are influencing EAM practices. Future-focused EAM will prioritize energy efficiency, environmental impact, and regulatory compliance. This holistic approach ensures long-term viability while aligning with global efforts toward greener practices.

In conclusion, the future of Enterprise Asset Management holds a tech-driven transformation. Predictive analytics, IoT integration, cloud solutions, and sustainability will converge to reshape how businesses manage their assets, enhancing operational resilience and enabling agile responses to an ever-evolving market.

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