Enterprise Asset Management Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By End-use, By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global enterprise asset management market size was valued at USD 5.00 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 16.7% from 2022 to 2030. The market for enterprise asset management (EAM) is driven by the increased focus of businesses on enhancing asset availability and eliminating asset breakdowns that hinder company operations. The increasing demand for a 360-degree view of assets, elimination of compliance-related overheads, integration of technologies such as IoT, AI, and analytics, and the continued use of IoT platforms and devices to maintain enterprise assets are anticipated to accelerate the EAM market growth. Increasing concerns over data security and the growing penetration of the internet and smartphones that empower and make customers aware of using highly effective software deployments are factors influencing the demand for cloud-based EAM deployments.

The EAM market is undergoing a substantial transformation with supplemental and new technologies. The Internet of Things (IoT), real-time analytics, augmented reality, Artificial Intelligence (AI), digital twins, and telematics are integrated with EAM deployments to assist with more profound insights into asset management. As a result, EAM is increasingly becoming an intelligent program capable of ingesting real-time data, interacting with devices, and providing sophisticated insights to engineers and operators. A maturing market and broad usage of cloud and micro-enterprise size architectures in EAM and facility management software are offering new potential for market growth.

Cloud-based EAM deployments are being used by businesses to manage assets during COVID-19 since they enable day-to-day operations to be performed remotely. Demand for EAM is expected to skyrocket in the forecast period due to its ability to manage assets effectively. Many vertical businesses have adopted the work-from-home model to safeguard employee well-being and maintain operational efficiency, leading to a surge in demand for cloud-based installations. As more firms invest in their IT infrastructure, EAM deployments will continue to grow.

Organizations are concerned about their data, and data security is a high issue because data loss may result in monetary and intangible losses. Organizations that were late to adopt modern EAM systems have grown accustomed to their traditional asset management and maintenance methods. More than 30% of manufacturing organizations wanting to enhance their business productivity, asset management, and industrial operations believe security and compliance as the main barriers restricting the deployment of EAM solutions. Furthermore, numerous businesses report a loss of control when transferring sensitive data to the cloud. As a result, the adoption of cloud-based EAM deployments may be hampered.

Deployment Insights

The on-premise segment accounted for the largest market share of over 60.0% in 2021 and is projected to remain dominant throughout the forecast period. Large enterprises with huge assets and sensitive data prefer deploying an on-premise EAM set-up to meet compliance requirements and relevant legislation. Concerns over data security are contributing to on-premise EAM software adoption. Enterprises demand on-premise asset management deployments where the organizations have low internet, particularly in remote places.

The cloud segment is anticipated to register the highest growth rate during the forecast period. Growing internet penetration, provision of affordable database storage capacity, and increasing demand for user-friendly software deployments drive the adoption rate of cloud-based EAM software in the global market. Cloud EAM deployments are easy and inexpensive to install, and this software also requires low maintenance on the user's part. The cloud provider is responsible for better technical support and enterprise sizes necessary for the cloud-based EAM software.

Enterprise Size Insights

The large enterprise segment accounted for the largest market share of over 60.0% in 2021. Large enterprises rely heavily on EAM software to streamline their operations and gain a competitive edge. The growing need among large enterprises to track KPIs associated with asset performance, fleet, and other facilities and the increasing urge to integrate multiple functions such as maintenance activities, inventory management, work order management, and reporting into a cohesive system are crucial factors driving the segment. Also, implementing EAM software allows heavy machinery industrial organizations to comply with safety codes and industry regulations and avoid expensive penalties. This factor is also expected to trigger the adoption rate of EAM in the heavy machinery industry’s vertical.

The small and medium enterprise segment is expected to witness significant growth. Small and medium enterprises initially depended on spreadsheets and manual methods for scheduling asset management and maintenance activities. However, to gain a competitive advantage in the global market, SMEs have started shifting to modernized deployments that help streamline operations, provide a centralized platform for asset management, and reduce excessive maintenance and management activities costs. Moreover, growing awareness regarding the benefits of cloud-based EAM software in business processes and increasing government support for small businesses across the globe are expected to create numerous opportunities for the EAM vendors during the forecast period.

End-use Insights

The others segment dominated the market and held a revenue share of over 30.0% in 2021. The manufacturing segment accounted for the second-largest share in 2021. The manufacturing industry has been making significant progress by implementing digital solutions in business processes. The growing need among these organizations to control and reduce maintenance costs, improve the usable lifespan of their business assets and equipment, streamline workflow, and maximize production efficiency are critical factors driving the adoption of EAM solutions in the industry. Several large-scale organizations are increasingly dependent on EAM solutions. General Motors (GM), one of the most globally-recognized vehicle manufacturers, relies on its EAM solution data. By using RFID tracking and other connected devices, the company can track and monitor its assets and collect accurate performance data.

The government segment is expected to witness significant growth during the forecast period. Managing and maintaining assets for local, state, and federal government agencies are crucial as security, compliance with standards, and seamless processes are given utmost consideration. Deployment of EAM software helps government organizations extend the life of most critical assets and increase accountability and transparency across the entire organization. The growing need to automate the manual and time-consuming processes of filling spreadsheets, the increasing emphasis on preventing loss of information, and constant communication failures that restrict the organization's overall functioning are primary factors influencing government agencies to teach EAM software in business processes.

Regional Insights

North America accounted for the largest share of over 30.0% in 2021. The presence of major EAM players, such as Aptean; AssetWorks, LLC; CGI Inc.; and Infor, in the region is driving the market. Moreover, early adoption of the latest technologies, the proliferation of cloud-based deployments, a highly developed IT infrastructure, government investments in advanced technologies, and the increasing focus of organizations on meeting regulatory and compliance requirements are factors contributing to regional growth.

The European region is expected to present significant opportunities for industry expansion. European manufacturers and transport operators are increasingly adopting advanced asset management deployments and technologies such as the Internet of Things and predictive analytics. These technologies will help to predict the potential failure of the machinery and equipment and optimize asset maintenance processes. Moreover, over 80% of European companies are ready to introduce enterprise asset management solutions in their business operations to establish a centralized system that streamlines all industrial processes and maintains assets effectively. Thus, enterprise asset management deployments that offer predictive maintenance and management features are in huge demand across a range of industries.

Key Companies & Market Share Insights

The market is highly competitive with several players catering to different sectors. The presence of established players is a crucial factor deterring potential players from entering the market. However, the increasing development of differentiated enterprise asset management deployments and enterprise sizes is expected to create growth opportunities for new entrants. Key players are focusing on expanding their businesses and strengthening their positions through collaborations and partnerships.

Key players are frequently employed to succeed in the market and sustain global supremacy in their respective domains. One of the most effective techniques is to develop an innovative system or product that is in high demand among end-users and customers. For instance, in March 2022, Aptean launched a cloud-based enterprise asset management deployment for manufacturing and other businesses that relayed upon complex equipment to support production. The cloud-based deployment met the needs of small- and medium-sized manufacturing organizations. Additionally, it enabled business intelligence through configurable dashboards and reports, delivering critical KPIs on asset performance to make better-informed decisions. Some prominent players in the global enterprise asset management market include:

• Aptean

• AssetWorks, LLC

• CGI, Inc.

• IFS AB

• Infor

• International Business Machines (IBM) Corporation

• Oracle Corporation

• PcsInfinity (Asset Infinity)

• Sage Group PLC

• SAP SE

Enterprise Asset Management Market Report Scope

Global Enterprise Asset Management Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global enterprise asset management market report based on deployment, enterprise size, end-use, and region:

• Deployment Outlook (Revenue, USD Million, 2017 - 2030)

  • Cloud

  • On-premise

• Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

  • Large Enterprise

  • Small & Medium Enterprise

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Manufacturing

  • Facility Management

  • Healthcare

  • Education

  • Government

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Nordic Region

    • Eastern Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • New Zealand

    • Indonesia

    • Malaysia

    • Singapore

    • Thailand

    • Vietnam

  • Latin America

    • Brazil

  • MEA