Enterprise Asset Management Market

Enterprise Asset Management Market Size & Share - Future Growth Expectations

The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.

The enterprise asset management market is poised for substantial growth in the coming years, driven by several key factors:

  • Digital Transformation Initiatives
  • Need for Asset Optimization and Efficiency
  • Regulatory Compliance and Risk Management
  • Adoption of IoT and Sensor Technology
  • Focus on Predictive Maintenance
  • Shift towards Cloud-based Solutions
  • Rise of Asset-as-a-Service Models
  • Focus on Sustainability and Environmental Stewardship
  • Integration with Enterprise Systems
  • Emphasis on Asset Lifecycle Management

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Digital Transformation Initiatives:

  • Organizations are increasingly investing in digital transformation initiatives to improve operational efficiency, enhance asset performance, and reduce costs. EAM solutions play a crucial role in digital transformation by enabling organizations to digitize asset data, automate maintenance processes, and optimize asset utilization.

Need for Asset Optimization and Efficiency:

  • Organizations across industries recognize the importance of optimizing asset performance and maximizing asset utilization to improve productivity and profitability. EAM solutions provide tools and capabilities to track, monitor, and analyze asset data, enabling organizations to make informed decisions, prioritize maintenance activities, and extend asset lifespan.

Regulatory Compliance and Risk Management:

  • Regulatory requirements and industry standards drive the adoption of EAM solutions to ensure compliance with safety, environmental, and maintenance regulations. EAM systems help organizations maintain asset documentation, implement preventive maintenance programs, and demonstrate compliance with regulatory requirements, reducing the risk of penalties and fines.

Adoption of IoT and Sensor Technology:

  • The proliferation of Internet of Things (IoT) devices and sensor technology enables real-time monitoring of asset performance, condition, and health. Integration of IoT data with EAM systems provides organizations with actionable insights into asset behavior, enabling predictive maintenance, proactive repairs, and optimized asset lifecycle management.

Focus on Predictive Maintenance:

  • Predictive maintenance techniques, powered by IoT sensors, AI, and machine learning, enable organizations to predict equipment failures before they occur and schedule maintenance activities proactively. Predictive maintenance minimizes downtime, reduces maintenance costs, and extends asset lifespan, driving the adoption of EAM solutions with predictive analytics capabilities.

Shift towards Cloud-based Solutions:

  • The adoption of cloud-based EAM solutions is on the rise due to their scalability, flexibility, and cost-effectiveness. Cloud-based EAM platforms offer easy access to asset data from anywhere, streamline maintenance processes, and facilitate collaboration among stakeholders, driving adoption across industries and organizations of all sizes.

These growth factors collectively drive the adoption and expansion of the Enterprise Asset Management market as organizations recognize the strategic importance of efficient and effective asset management in driving business success and competitive advantage.

Enterprise Asset managementMarket Share - Global Industry Landscape

The enterprise asset management market is characterized by the presence of several key players competing for market share. Some of the leading companies in the enterprise asset management industry include:

  • Hitachi Energy (Switzerland),
  • IFS Intelligent Process Solutions (Germany),
  • Accruent (US),
  • AVEVA (UK),
  • CGI (Canada)

Hitachi Energy (Switzerland):

  • Market Share: Hitachi Energy holds a significant share in the EAM market, particularly in the energy and utilities sector.
  • Key Offerings: Hitachi Energy provides comprehensive EAM solutions tailored for the energy industry, including asset performance management, predictive maintenance, and grid optimization. Their offerings incorporate advanced analytics, IoT integration, and AI-driven insights to enhance asset reliability, efficiency, and sustainability.

IFS Intelligent Process Solutions (Germany):

  • Market Share: IFS Intelligent Process Solutions is a key player in the EAM market, with a strong presence in Europe and globally.
  • Key Offerings: IFS offers a range of EAM solutions encompassing asset lifecycle management, maintenance planning, and field service management. Their solutions feature advanced capabilities for asset tracking, compliance management, and resource optimization, designed to streamline asset-intensive processes across industries.

Accruent (US):

  • Market Share: Accruent is a leading provider of EAM solutions, with a significant presence in the United States and other regions.
  • Key Offerings: Accruent offers a comprehensive suite of EAM solutions designed to optimize the management of physical assets, facilities, and real estate portfolios. Their offerings include asset tracking, maintenance management, lease administration, and space planning tools, tailored for industries such as healthcare, retail, and manufacturing.

AVEVA (UK):

  • Market Share: AVEVA is a prominent player in the EAM market, known for its expertise in industrial software solutions.
  • Key Offerings: AVEVA provides EAM solutions that enable organizations to manage and optimize assets across the entire asset lifecycle, from design and construction to operations and maintenance. Their offerings encompass asset performance management, reliability-centered maintenance, and digital twin technology, empowering organizations to improve asset reliability, efficiency, and safety.

CGI (Canada):

  • Market Share: CGI is a notable player in the EAM market, with a strong presence in Canada and global markets.
  • Key Offerings: CGI offers EAM solutions tailored for asset-intensive industries, including utilities, transportation, and government sectors. Their offerings include asset management, work order management, and mobile field service solutions, equipped with advanced analytics, IoT integration, and predictive maintenance capabilities to optimize asset performance and minimize downtime.

Related Reports:

Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Global Forecast to 2028

Enterprise Asset Management Market Size,  Share & Growth Report
Report Code
TC 3454
RI Published ON
4/5/2024
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