According to a research report "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" published by MarketsandMarkets, the enterprise asset management market size is expected to grow from USD 4.2 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
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By component, services segment is expected to grow at a higher CAGR during forecast period
Based on components, the market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professionals, specialists, or experts offer professional services to support different businesses. These services include planning & consulting, training & education, and support & maintenance. The latest techniques, strategies, and skills adopted by professionals are helping organizations in adopting EAM solutions. These services also offer customized implementation and risk assessment and assist in deploying via industry-defined best practices. As far as implementation services are concerned, vendors cover all solution implementation phases, such as planning, deployment, support, and ongoing optimization.
Security systems must be upgraded regularly to counter newly available threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies rapidly outsource their asset security concerns to specialized service providers such as Managed Security Service Providers (MSSPs). Managed services secure data generated from assets and provide confidentiality, integrity, and availability. Regulatory compliances are achieved, and the reduction in data breaches and protection of the intellectual property is guaranteed.
Work order management application segment to hold significant market share in 2022
Work order management paves the way for various large enterprises to efficiently service customers and creates sustainable growth. The work order management solution lets organizations record workers’ data and track their performance, customers, and enterprise information. It offers various benefits, including real-time updates (on completion of jobs and assignments) and simplified job scheduling, tracking, monitoring, and forecasting. Real-time updates about field employees’ location and the status of job completion enable managers to monitor, manage, and allocate service requests from customers to available employees. This results in enhanced customer experiences, new business opportunities, and increased revenue generation for organizations.
North America holds the largest market size in 2022
The presence of well-established EAM vendors, such as IBM, Oracle, and SAP, which have diversified product portfolios and robust partner ecosystems, is one of the major reasons for adopting EAM solutions in the region. Enterprises are restructuring their budgets to accommodate EAM, supporting the growth of the enterprise asset management market in North America. Organizations have invested in advanced technologies to gain a competitive position in the market. Further, adopting technologies, such as AI, ML, and cloud, supports organizations in enhancing their customer base. The EAM market is expected to grow steadily as enterprises are adopting SaaS-based solutions and services at various levels as part of digitalization to ensure business continuity and manage resources efficiently.
The major players operating in the enterprise asset management market include 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).
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