Enterprise Asset Management (EAM) System Market Size, Share, Growth, And Global Industry Analysis by Type (Cloud-Based and On-Premises) By Application (Government, Oil and Gas, Healthcare, Transportation and Logistics, Manufacturing, Energy and Utilities, Others [Retail, and metal and mining]), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

ENTERPRISE ASSET MANAGEMENT (EAM) SYSTEM MARKET REPORT OVERVIEW

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The global enterprise asset management (EAM) system market size was USD 4719.3 million in 2021 and is expected to reach USD 12053.8 million in 2031, at a CAGR of 9.7% during the forecast period. 

An enterprise asset management (EAM) system is an integration of different software, services, and systems that maintain operational assets. The main objective of an enterprise asset management (EAM) system is to improve the quality and utilization of assets and reduce costs. Enterprise asset management (EAM) systems aid in centralizing asset information, making them accessible and capable of being audited. It makes assets smarter and resolves issues before they even arise.

An enterprise asset management (EAM) helps in managing the work of the organization, helps in tracking the maintenance of assets, and prepares plans and schedules for carrying out the tasks efficiently. Integrating the enterprise asset management (EAM) system with supply chain management also aids in the effective management of the entire process. Analytics can also be studied using the enterprise asset management (EAM) system to gain insights into the business environment. Cloud-based software helps in reducing costs and provides much-needed flexibility to the systems.

COVID-19 Impact: Remote Working to Stimulate Demand

The global COVID-19 pandemic has been unprecedented and staggering, with retail e-commerce software experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the enterprise asset management (EAM) system market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 pandemic paved the way for a new style of working. Even after the restrictions have been lifted, more people now prefer to work remotely rather than in an office space. The demand for enterprise asset management (EAM) systems surged during the pandemic. As people worked remotely, the enterprise asset management (EAM) system allowed them to execute their everyday tasks effectively. Cloud-based software is being used now more than ever before as it makes it easy for employees to navigate through different tasks and communicate and share work effectively throughout the organization.

Latest Trends

"Rise in E-Commerce Activities to Boost Demand"

E-commerce has seen an exponential rise in the last few years. This is due to more and more people having access to smartphones and the internet. The COVID-19 pandemic also accelerated the growth of e-commerce. As e-commerce grows, warehouses and distribution centers are adopting technologies to ensure proper inventory management and ensure on-time delivery. Warehouses are now adopting an enterprise asset management (EAM) system for this purpose. The enterprise asset management (EAM) system streamlines the process of repairs and prevents frequent maintenance, which leads to improved levels of output. The enterprise asset management (EAM) system also helps in planning the life cycles and helps track costs. Growing e-commerce will help in improving the Enterprise asset management (EAM) system market size.

ENTERPRISE ASSET MANAGEMENT (EAM) SYSTEM MARKET SEGMENTATION

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• By Type Analysis

On the basis of type, the enterprise asset management (EAM) system market can be segmented into cloud-based and on-premises. The cloud-based segment will dominate the market share during the next few years.

• By Application Analysis

According to application, the enterprise asset management (EAM) system market can be bifurcated into government, oil and gas, healthcare, transportation and logistics, manufacturing, energy and utilities, and others (retail, metal and mining). The government segment is anticipated to hold the dominant market share through 2028.

Driving Factors

"Extensive Use of IoT Devices to Stimulate Growth"

IoT is now extensively used in smartphones and laptops. When IoT is integrated with an enterprise asset management (EAM) system, it provides the advantage of better performance and controlling modifications throughout. This integration is also anticipated to be a major factor in the development of smart cities. It can help in monitoring the infrastructure. It also provides better accuracy in the analysis of data which will lead to improved decision-making. As the demand for IoT increases, it is going to be a significant aid in the growth of the enterprise asset management (EAM) system market.

"Rise in the Use of Cloud-Based Software to Boost Demand"

Cloud-based software in Enterprise asset management (EAM) systems is used to improve productivity, streamline processes and manage different facilities of the organizations. Furthermore, they can be used to control corporate assets and acquire business analytics. They also allow enterprises to cut down on costs as the overhead cost is significantly reduced by the use of cloud-based software. The technical support provided by the system also improves and it helps in debugging and monitoring technological performance. This is why there is an increased demand for cloud-based software which is going to stimulate the Enterprise asset management (EAM) system market.

Restraining Factors

"Complexity in Implementation to Challenge Growth"

Organizations around the world have been rapidly adopting the enterprise asset management (EAM) system as an operational platform. While it has been successfully implemented by many, it is still a challenge for others. Organizations that have various functional domains find it difficult to implement enterprise asset management (EAM) systems. It is an extremely tedious and complex task in this situation. To avoid these problems, the asset managers need to study and understand the entire work process of assets and check if there are any components that may be affected or changed during the process of implementation. It requires a high level of coordination among the processes without which it would not be a success. This could be a hindrance to the Enterprise asset management (EAM) system market growth.

ENTERPRISE ASSET MANAGEMENT (EAM) SYSTEM MARKET REGIONAL INSIGHTS

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The Asia Pacific region is the leader in the enterprise asset management (EAM) system market. The Asia Pacific is growing rapidly in terms of technological advancements. Countries in the Asia Pacific are also experiencing rapid digitization. Governments of countries such as China and India are pushing to rapidly digitize the economy. These countries are adopting new technologies such as AI, IoT, and cloud services. Clou services have led to rise in the amount of data. This data is extremely complex and managing this data manually is extremely tedious. So, more and more enterprises are adopting enterprise asset management (EAM) systems to ease business processes.

North America and Europe follow the Asia Pacific in terms of market size. These countries hold a lot of major players working in the market such as IBM, IFS AB, and ABB. These regions are technologically advanced and are using the technologies of IoT and cloud for their processes extensively.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profile

• ABB Ltd (Switzerland)
• CGI Group Inc. (Canada)
• Dude Solutions Inc. (U.S.)
• eMaint (U.S.)
• IBM Corporation (U.S.)
• IFS AB (Sweden)
• Infor (U.S.)
• Oracle Corporation (U.S.)
• Ramco Systems (India)
• SAP SE (Germany)
• Schneider Electric SE (France)
• Vesta Partners LLC (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.