Enterprise Asset Management Market

Enterprise Asset Management Market by Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Component, Organization Size, Deployment Model, Vertical (Manufacturing, Energy & Utilities) and Region - Global Forecast to 2027

Report Code: TC 3454 Dec, 2022, by marketsandmarkets.com

[240 Pages Report] The Enterprise asset management market size was valued USD 4.2 billion in 2022 and is projected to reach USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period. The convergence of AI, IoT, and analytics and the growing need for gaining a 360-degree view of assets is expected to boost the adoption of EAM solutions during the forecast period.

Enterprise Asset Management Market

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Enterprise Asset Management Market Dynamics

Driver: Emergence of mobility in EAM solutions

The ubiquity of mobility and mobile devices, including smartphones, tablets, and phablets, drive a “mobile-first” mentality across businesses and industries. This increased use of mobile devices is expected to expand the reach of mobility in EAM solutions. The handheld smart devices have grown in capability alongside EAM and field service systems with technologies such as GPS, GIS, RFID, and embedded cameras.

With modern mobile devices and ruggedized versions of these devices, life can be easier and more productive for EAM users. Maintenance workers can access work order instructions, equipment hierarchies, part numbers, inventory data, and similar information at their fingertips. Hence, EAM and CMMS software providers have addressed this data duplication by creating mobile applications that can easily be integrated with the core system. Due to the integration with the central system, even remote employees could enter the data safely and quickly.

Restraint: Concerns over data security and confidentiality

With the growing digitization, cyber-attacks are also increasing drastically. Therefore, data security has become an important factor for the organizations to remain competitive in the global market. Organizations embracing new advanced digital technologies are making their data vulnerable to risks. There is a significant rise in cybersecurity concerns with the transfer of data from the field to the cloud platform, as malicious parties can attack servers, networks, and communication channels. As per Ultimo Enterprise Asset Management Trend Report 2022, over 80% organizations are using software-based solutions, such as cloud or on-premises EAM software, to manage their assets, cybersecurity does not appear to be a priority for the respondents. While most saw security features as somewhat important criteria in future asset management software, over 30% disregarded. The increasing level of connectivity and integration between devices and solutions can create new vulnerabilities that are challenging to address if staff don't know what to look out for.

Opportunity: Adoption of a digital asset management strategy to drive better return on assets

Digital asset management strategy forms an important part of businesses. Improving assets' reliability and performance are among organizations' top priorities. Implementing and deploying EAM solutions across organizations can be complex and involve many strategic and technical decisions. Businesses are focusing on controlling costs and maximizing value from their investments. The major challenge businesses face is that they have no digital asset management strategy. However, organizations have started recognizing the potential of the digital asset management strategy and made significant improvements in labor utilization and reduced equipment downtime and inventory needs. With multiple touchpoints, a well-formulated asset management strategy would help organizations make the best use of their assets.

Challenge: Integration of EAM with the third-party ERP systems

Asset management is essential for smooth operations across a wide range of industries. Asset-intensive organizations need Enterprise Resource Planning (ERP) and EAM systems. The effective integration of these systems enables organizations to put their asset management capabilities to greater use and improve their core business processes. Integrating EAM and ERP systems at times becomes quite challenging as many organizations have their legacy ERP systems in place. This could cause great difficulty for these organizations to upgrade to new ERP systems with built-in EAM components.

Enterprise asset management market ecosystem

Enterprise Asset Management Market

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Based on applications, predictive maintenance application segment to grow at higher CAGR during forecast period

 

Today, there is a growing market for digital technologies in asset management. For instance, mobile applications provide maintenance personnel with real-time information on the issues detected in the assets, which prevents unplanned downtime. "Predictive maintenance systems aim to improve maintenance schedules, costs, and identify problems within the organization’s fixed assets. It helps in improving productivity, increasing sales, and improving profit margins. EAM vendors offer predictive maintenance solutions to asset-centric organizations that help resolve system downtime issues and anomalies with AI and ML-based algorithms.

Based on deployment models, cloud deployment model to grow at higher CAGR during forecast period

Cloud-based EAM solutions offer a significant number of benefits over on-premises EAM solutions. These solutions save upfront installation and maintenance costs as the third part vendor governs it. The vendor takes care of the necessary upgrades and installation, resulting in low maintenance costs. Most cloud-based EAM solution providers offer advanced security tools and support GDPR compliance. Vendors have experts in place to overcome cyberattacks and provide 24/7 security monitoring.

Based on verticals, transportation & logistics vertical to grow at highest CAGR during forecast period

EAM solutions help businesses in the transportation and logistics industry minimize the costs of managing and maintaining transportation assets, such as bridges, roads, tunnels, and rails. The geotechnical monitoring of transportation assets enables organizations to perform maintenance operations whenever and wherever required. Following best practices help in making strategic decisions for asset performance, enhancing asset lifecycle, and maintaining public transit infrastructure for transportation and logistics authorities. EAM solutions also provide "fleet management capabilities, cost optimization, and improved return on assets (RoA).

Asia Pacific to grow at highest CAGR during forecast period

Asia Pacific is one of the world's fastest-growing and most emerging economies. The region continuously focuses on innovation and digitalization to develop the IT infrastructure. Countries such as China, Japan, India, and Australia utilize advanced technologies such as AI, IoT, and cloud to innovate EAM offerings. Further, the region has many asset-intensive industries such as manufacturing, energy & utilities, and transportation, which is boosting the adoption of EAM solutions in the region. The growing usage of cloud-based applications is generating a huge amount of data, which leads to difficulty in managing data manually, which is acting as a major driver for the adoption of cloud-based EAM solutions and services in the region. Further, the presence of key players offering EAM solutions in the region is also expected to drive the demand during the forecast period.

Enterprise Asset Management Market Size, and Share

Key Market Players

The enterprise asset management market is dominated by companies such as IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks(US), and Ramco Systems (India). These vendors have a large customer base and a strong geographic presence with distribution channels globally to drive business revenue and growth.

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Scope of the Report

Report Metrics

Details

Historical data 2018–2027
Base year for estimation 2021
Forecast period 2022–2027
Quantitative units Value (USD Billion)
Segments covered Enterprise asset management market by Application, Component, Organization Size, Deployment Model, Vertical (Energy & Utilities, Government & Public Sector, Manufacturing, Transportation & Logistics), and Region
Regions covered North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Key companies profiled IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India)

This research report categorizes the enterprise asset management market to forecast revenue and analyze trends in each of the following submarkets:

Based on Application:
  • Asset Lifecycle Management
  • Inventory Management
  • Work Order Management
  • Labor Management
  • Predictive Maintenance
  • Facility Management
  • Other Applications
Based on Component:
  • Solutions
  • Services
    • Professional Services
    • Managed Services
Based on Deployment Model:
  • On-premises
  • Cloud
Based on Organization Size:
  • Large Enterprises
  • SMEs
Based on Verticals:
  • Manufacturing
  • Energy & Utilities
  • Healthcare & Life Sciences
  • Transportation & Logistics
  • IT & Telecom
  • Government & Public Sector
  • Education
  • Other Verticals
Based on Regions:
  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • Australia and New Zealand
    • Rest of Asia Pacific
  • Middle East & Africa
    • Kingdom of Saudi Arabia
    • United Arab Emirates
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America

Recent Developments

  • In September 2022, IBM announced the acquisition of Dialexa, a US digital product engineering company, to help enterprises achieve digital transformation and drive innovation.
  • In February 2021, SAP launched SAP Learning Hub for its partners, who combine all the learning content required by their partners.
  • In October 2022, Oracle introduced a new asset-based service solution for Oracle Fusion Cloud Applications Suite. It will help businesses predict and prevent asset downtime to reduce costs, optimize service efficiency, and enhance customer experience.
  • In December 2022, Hexagon announced the release of HxGN EAM v12, the latest version of SaaS EAM. It offers further extended capabilities of APM with Root Cause Analysis (RCA) features, enables calculation and visualization of Asset Investment Planning (AIP), and increases the capability of HxGN EAM Digital
  • In March 2021, SAP acquired Singavio, one of the leaders in the enterprise business process intelligence and process management space, to help companies quickly understand, improve, transform and manage their business processes at scale.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION 
    1.1 OBJECTIVES OF THE STUDY 
    1.2 MARKET DEFINITION 
    1.3 MARKET SCOPE 
           1.3.1 INCLUSIONS AND EXCLUSIONS
           1.3.1 MARKET SEGMENTATION
           1.3.2 REGIONS COVERED
           1.3.3 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY CONSIDERED 
    1.5 STAKEHOLDERS 
    1.6 SUMMARY OF CHANGES 
 
2 RESEARCH METHODOLOGY 
    2.1 RESEARCH DATA 
           2.1.1 SECONDARY DATA
           2.1.2 PRIMARY DATA
                    2.1.2.1 Breakup of primary profiles
                    2.1.2.2 Key industry insights
    2.2 DATA TRIANGULATION 
    2.3 MARKET SIZE ESTIMATION 
           2.3.1 BOTTOM UP APPROACH
           2.3.2 TOP DOWN APPROACH
    2.4 MARKET FORECAST 
    2.5 RESEARCH ASSUMPTIONS  
    2.6 LIMITATIONS OF THE STUDY 
 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
    4.1 ATTRACTIVE OPPORTUNITIES IN THE ENTERPRISE ASSET MANAGEMENT MARKET 
    4.2 MARKET, BY COMPONENT  (2022 VS 2027)  
    4.3 MARKET, BY APPLICATION  (2022 VS 2027)  
    4.4 MARKET, BY DEPLOYMENT MODEL (2022 VS 2027) 
    4.5 MARKET, BY ORGANIZATION SIZE (2022 VS 2027) 
    4.6 MARKET, BY VERTICAL (2022 VS 2027) 
    4.7 ENTERPRISE ASSET MANAGEMENT MARKET: REGIONAL SCENARIO (2022 VS 2027) 
    4.8 MARKET INVESTMENT SCENARIO 
 
5 MARKET OVERVIEW AND INDUSTRY TRENDS 
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
           5.2.1 DRIVER
           5.2.2 RESTRAINTS
           5.2.3 OPPORTUNITIES
           5.2.4 CHALLENGES
    5.3 CASE STUDY ANALYSIS 
           5.4.1 CASE STUDY 1
           5.4.2 CASE STUDY 2
           5.4.3 CASE STUDY 3
           5.4.4 CASE STUDY 4
           5.4.5 CASE STUDY 5
           5.4.6 CASE STUDY 6
    5.4 TECHNOLOGICAL  ANALYSIS 
    5.4 VALUE CHAIN ANALYSIS 
    5.5 ECOSYSTEM 
    5.6 PORTER’S FIVE FORCES ANALYSIS 
           5.6.1 THREAT OF NEW ENTRANTS
           5.6.2 THREAT OF SUBSTITUTES
           5.6.3 BARGAINING POWER OF SUPPLIERS
           5.6.4 BARGAINING POWER OF BUYERS
           5.6.5 INTENSITY OF COMPETITIVE RIVALRY
    5.7 PRICING ANALYSIS 
    5.8 PATENT ANALYSIS 
    5.9 REGULATORY LANDSCAPE 
 
6  ENTERPRISE ASSET MANAGEMENT MARKET , BY COMPONENT 
    6.1 INTRODUCTION 
           6.1.1 MARKET DRIVERS
    6.2 SOLUTIONS 
    6.3 SERVICES 
           6.3.1 PROFESSIONAL SERVICES
           6.3.1 MANAGED SERVICES
 
7 MARKET, BY APPLICATION 
    7.1 INTRODUCTION 
           7.1.1 MARKET DRIVERS
    7.2 ASSET LIFECYCLE MANAGEMENT 
    7.3 INVENTORY MANAGEMENT 
    7.4 WORK ORDER MANAGEMENT 
    7.5 LABOR MANAGEMENT 
    7.6 PREDICTIVE MAINTENANCE 
    7.7 FACILITY MAINTENANCE 
    7.8 OTHER APPLICATIONS 
 
8 ENTERPRISE ASSET MANAGEMENT MARKET , BY DEPLOYMENT MODEL
    8.1 INTRODUCTION 
           8.1.1 MARKET DRIVERS
    8.2 ON-PREMISES 
    8.3 CLOUD 
 
9 MARKET , BY ORGANIZATION SIZE
    9.1 INTRODUCTION 
           9.1.1 MARKET DRIVERS
    9.2 LARGE ENTERPRISES 
    9.3 SMALL AND MEDIUM-SIZED ENTERPRISES 
 
10 ENTERPRISE ASSET MANAGEMENT MARKET, BY VERTICAL 
     10.1 INTRODUCTION 
             10.1.1 MARKET DRIVERS
     10.2 MANUFACTURING 
     10.3 ENERGY & UTILITIES 
     10.4 HEALTHCARE & LIFE SCIENCES 
     10.5 TRANSPORTATION & LOGISTICS 
     10.6 IT & TELECOMMUNICATIONS 
     10.7 GOVERNMENT & PUBLIC SECTOR 
     10.8 EDUCATION 
     10.9 OTHER VERTICALS 
 
11 ENTERPRISE ASSET MANAGEMENT MARKET, BY REGION 
     11.1 INTRODUCTION 
     11.2 NORTH AMERICA 
             11.2.1 MARKET DRIVERS
             11.2.2 RECESSION IMPACT
             11.2.3 UNITED STATES
             11.2.4 CANADA
     11.3 EUROPE 
             11.3.1 MARKET DRIVERS
             11.3.2 RECESSION IMPACT
             11.3.3 UNITED KINGDOM
             11.3.4 GERMANY
             11.3.5 FRANCE
             11.3.6 REST OF EUROPE
     11.4 ASIA PACIFIC 
             11.4.1 MARKET DRIVERS
             11.4.2 RECESSION IMPACT
             11.4.3 CHINA
             11.4.4 JAPAN
             11.4.5 AUSTRALIA AND NEW ZEALAND
             11.4.6 REST OF ASIA PACIFIC
     11.5 MIDDLE EAST & AFRICA 
             11.5.1 MARKET DRIVERS
             11.5.2 RECESSION IMPACT
             11.5.3 UNITED ARAB EMIRATES 
             11.5.4 KINGDOM OF SAUDI ARABIA
             11.5.5 SOUTH AFRICA
             11.5.6 REST OF MIDDLE EAST & AFRICA
     11.6 LATIN AMERICA 
             11.6.1 MARKET DRIVERS
             11.6.2 RECESSION IMPACT
             11.6.3 BRAZIL
             11.6.4 MEXICO
             11.6.5 REST OF LATIN AMERICA
 
12 COMPETITIVE LANDSCAPE 
     12.1 INTRODUCTION 
     12.2 MARKET EVALUATION FRAMEWORK 
     12.3 MARKET SHARE ANALYSIS 
     12.4 REVENUE ANALYSIS 
     12.5 KEY MARKET DEVELOPMENTS 
             12.5.1 NEW LAUNCHES
             12.5.2 DEALS
             12.5.3 OTHERS
     12.6 SMES EVALUATION QUADRANT 
             12.6.1 DEFINITIONS AND METHODOLOGY
             12.6.2 PROGRESSIVE COMPANIES
             12.6.3 RESPONSIVE COMPANIES
             12.6.4 DYNAMIC COMPANIES
             12.6.5 STARTING BLOCKS
     12.7 COMPANY EVALUATION QUADRANT 
             12.7.1 DEFINITIONS AND METHODOLOGY
             12.7.2 STARS
             12.7.3 EMERGING LEADERS
             12.7.4 PERVASIVE
             12.7.5 PARTICIPANTS
             12.7.6 COMPANY PRODUCT FOOTPRINT ANALYSIS
 
13 COMPANY PROFILES 
     13.1 INTRODUCTION 
     13.2 IBM 
     13.3 SAP 
     13.4 ORACLE 
     13.5 INFOR 
     13.6 IFS  
     13.7 ABB 
     13.8 IPS INTELLIGENT PROCESS SOLUTIONS 
     13.9 MAINTENANCE CONNECTION 
     13.10 AVEVA 
     13.11 APTEAN 
     13.12 EMAINT 
     13.13 CGI  
     13.14 UPKEEP  
     13.15 RFGEN SOFTWARE 
     13.16 ASSETWORKS 
     13.17 ULTIMO 
SMES/ STARTUP PLAYERS
  1 ASSET PANDA 
  2 EZOFFICEINVENTORY 
  3 EZMAINTAIN  
  4 INNOMAINT  
  5 ASSET INFINITY 
  6 FRACTAL SOLUTIONS 
  7 CLOUDGIN 
  8 MAINTAIN X 
  9 LIMBLE CMMS 
  10 TRACKX 
  11 CHEQROOM 
  12 THE ASSET GUARDIAN 
  13 FLEETIO 
  14 GOCODES 
  15 REDLIST 
 
14 ADJACENT MARKET 
     14.1 INTRODUCTION TO ADJACENT MARKETS 
     14.2 LIMITATIONS 
     14.3 ENTERPRISE ASSET MANAGEMENT MARKET ECOSYSTEM AND ADJACENT MARKETS 
     14.4 ADJACENT MARKET 1 
     14.5 ADJACENT MARKET 2 
 
15 APPENDIX 
     15.1 DISCUSSION GUIDE 
     15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     15.3 AVAILABLE CUSTOMIZATIONS 
     15.4 RELATED REPORTS 
     15.5 AUTHOR DETAILS 

The study involved four major activities to estimate the current market size of the enterprise asset management market. Extensive secondary research was done to collect information on the market, the competitive market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, the market breakup and data triangulation procedures were used to estimate the market size of the various segments in the market.

Secondary Research

This research study used extensive secondary sources, directories, and databases, such as D&B Hoovers, DiscoverOrg, Factiva, vendor data sheets, product demos, Cloud Computing Association (CCA), Vendor Surveys, Asia Cloud Computing Association, and The Software Alliance. All these sources were referred to for identifying and collecting information useful for this technical, market-oriented, and commercial study of the enterprise asset management market.

Primary Research

Primary sources were several industry experts from the core and related industries, preferred software providers, hardware manufacturers, distributors, service providers, technology developers, alliances, and organizations related to all segments of the industry’s value chain. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess the market’s prospects.

The following figure depicts the breakup of the primary profiles:

Enterprise Asset Management Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The bottom-up and top-down approaches were utilized to estimate and validate the total enterprise asset management market. They were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets have been identified through paid and unpaid secondary resources.
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakup procedures were employed, wherever applicable. The data was triangulated by studying several factors and trends from both the demand and supply sides, in the enterprise asset management market.

Report Objectives

  • To define, describe, and forecast the enterprise asset management market based on component, application, deployment model, organization size, industry vertical, and region.
  • To provide detailed information about the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market
  • To analyze the market with respect to individual growth trends, prospects, and contributions to the overall market
  • To analyze the impact of the recession on the global market
  • To forecast the market size of main regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America
  • To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
  • To profile the key players in the market and comprehensively analyze their core competencies in each subsegment
  • To track and analyze competitive developments, such as mergers and acquisitions, new product launches, and partnerships and collaborations, in the market

Available Customizations

With the given market data, MarketsandMarkets offers customizations per the company’s specific needs and on best effort basis for profiling additional market players.

Report Code
TC 3454
Published ON
Dec, 2022
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