As per the research, the global enterprise asset management market is expected to grow from USD 3.5 billion in 2020 and to reach USD 7.02 billion by 2028, growing at a CAGR of 9.1% during the forecast period 2021-2028.
The enterprise asset management market is witnessing significant growth form the past years. This growth is attributed to advanced technologies like IoT, AI, big data, cloud computing, and analytics have spiked the market demand. The major shift from legacy asset management methods to modern asset management by organizations has increased the demand for enterprise asset management. The growing requirement for obtaining a 360- degree view of assets and increased utilization of IoT platforms have fuelled the enterprise asset management market. The primary factor influencing the positive growth of the enterprise asset management market is the adoption of cloud technologies.
Enterprise asset management includes managing and maintaining the physical assets of an enterprise throughout the asset’s lifecycle. Enterprise asset management covers the construction, design, operation, commissioning, and maintenance of plant facilities and equipment. Enterprise asset management is a combination of system, service, and software utilized to control & maintain operational equipment and assets is called enterprise asset management. Enterprise asset management solutions allow businesses to monitor increasing return on investments, aging infrastructure and facilitate asset tracking. Enterprise asset management is an asset lifecycle management approach that supports asset performance. Enterprise asset management is used to plan, execute, track, and optimize the needed maintenance activities. Enterprise asset management includes assets maintenance, supply chain management & environment, work management, planning & scheduling, health & safety initiatives.
The evolution of IoT (Internet of Things) has fuelled the demand for enterprise asset management systems because the IoT helps in procuring and monitoring data from remote sites. The enterprise asset management market has witnessed transformation with the emergence of new technologies and supplementary. The accelerated adoption of new technologies like Industry 4.0 and IoT are analyzed to generate sufficient opportunities for enterprise asset management to play a primary role in asset tracking. The rapid adoption of advanced technologies in enterprise asset management to assist enterprises in assessing, managing, optimizing, and tracking asset reliability & quality has caused a hike in the enterprise asset management market. These are the factors driving the global enterprise asset management market. Factors such as the gap between customer and solution delivered to them, the rising presence of specialist solution providers, and significant vendors are restraining the global market growth of enterprise asset management.
Some notable players in the enterprise asset management market are SAP, IBM Corporation, Oracle Corporation, IFS, Infor, Maintenance Connection, Aveva, Intelligent Process Solutions, Aptean, UpKeep, etc. To gain a significant market share in the global enterprise asset management market, the key players now focus on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. SAP and IBM Corporation are some of the key manufacturers operating in the enterprise asset management market.
For Additional Information, Get a Sample Copy
On-premise segment dominated the market and held the largest market share of 62.1% in the year 2020
On the basis of deployment, the global enterprise asset management market is segmented into cloud and on-premise. The on-premise segment dominated the market and held the largest market share of 62.1% in the year 2020. This growth is attributed to the growing demand by organizations in order to control the security of information about companies and customers.
Asset lifecycle management segment dominated the market and held the largest market share of 21.2% in the year 2020
On the basis of deployment, the global enterprise asset management market is segmented into inventory management, labor management, work order management, asset lifecycle management, predictive management, and facility management. The asset lifecycle management segment dominated the market and held the largest market share of 21.2% in the year 2020. This growth is attributed to the process of optimizing profits produced by assets throughout the lifecycle. The asset lifecycle management assists in increasing the company’s production by helping end-users to make informed decisions on IT services and needs.
Transportation management segment dominated the market and held the largest market share of 16.5% in the year 2020
On the basis of end-use, the global enterprise asset management market is segmented into energy & utilities, government & public sector, transportation & logistics, manufacturing, IT & telecommunications, and education. The transportation dominated the market and held the largest market share of 16.5% in the year 2020. This growth is increased pressure to control costs and maximize returns on assets.
