Enterprise Asset Management Market Size Worth $19.68 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 27, 2022 /PRNewswire/ -- The global enterprise asset management market size is estimated to reach USD 19.68 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 16.7% from 2022 to 2030. Several companies use enterprise asset management (EAM) systems to improve work productivity, streamline processes, increase company agility, and manage facilities. Cloud-based EAM solutions and services optimize critical enterprise assets and gather business intelligence for decision-making. Furthermore, these solutions allow businesses to reduce their overhead costs. Technical support and services, such as managed services with integrated debugging and performance monitoring tools, are better with cloud-based EAM systems. EAM solutions will continue to rise as more businesses invest in their IT infrastructure.

Key Industry Insights & Findings from the report:

• The cloud deployment segment is anticipated to emerge as the fastest-growing segment during the forecast period. The software-as-a-service (SaaS) based models provide numerous benefits over on-premise software.
• The small and medium enterprise size segment is anticipated to emerge as the fastest-growing segment from 2022 to 2030. SMEs have started shifting to modernized solutions and are investing in cloud-based EAM software. It requires low initial investment and allows users to go mobile and manage assets remotely, thereby providing employees more flexibility in their work.
• The government end-use segment is anticipated to emerge as the fastest-growing segment during the forecast period. The deployment of EAM software helps government organizations extend the life of most critical assets and increase accountability and transparency across the entire organization.
• APAC is estimated to be the fastest-growing region during the forecast period, offering lucrative growth opportunities for the industry players. Businesses in developing APAC economies such as India are focusing on globalization for developing a regional business environment, thereby creating traction in the regional EAM market.

Read 120 page full market research report, "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", published by Grand View Research.

Enterprise Asset Management Market Growth & Trends

Organizations are discovering new ways to improve consumer interactions due to digitization in several industries. Many asset-intensive firms focus on investing in innovative and ground-breaking technology to restructure and improve their operational processes drastically. Asset–intensive organizations prosper or fail in today's highly competitive business environment based on how they handle complications in the face of growing competition. The next big thing in industrial services would be to accurately foresee the future of physical assets; therefore, many enterprises comprise emerging technologies such as digital twins, AR, AI, IoT, predictive maintenance, and telematics. Moreover, EAM solutions have a far more significant impact than simply increasing profits, and organizations are quickly adopting current EAM solutions to boost asset longevity.

The outbreak of the pandemic and the subsequent lockdowns, travel bans, restrictions on the movement of people, and business shutdowns took a severe toll on the overall economy and affected several businesses worldwide. Several corporations worldwide implemented EAM solutions to ensure efficient and effective management of assets, machinery, IT infrastructure, and other resources; prevent potential hardware or machine failures; reduce machine downtime; and ensure continuous operations. The demand for EAM solutions remained consistent during the pandemic as several organizations facilitated remote working as part of the efforts to protect and safeguard the well-being of their employees in the wake of the pandemic outbreak.

Organizations across the world are increasingly concerned about data security at the time of implementation of an advanced IT or cloud-based EAM solution. 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. However, several marketers, government agencies, and professionals are creating awareness regarding the benefits of digital transformation, which are poised to encourage organizations to switch from traditional approaches to modern and data-driven strategies.

Enterprise Asset Management Market Segmentation

Grand View Research has segmented the global enterprise asset management market based on deployment, enterprise size, end-use, and region:

Enterprise Asset Management Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud
• On-premise

Enterprise Asset Management Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprise
• Small & Medium Enterprise

Enterprise Asset Management Market - End-use Outlook (Revenue, USD Million, 2017 - 2030)

• Manufacturing
• Facility Management
• Healthcare
• Education
• Government
• Others

Enterprise Asset Management Market - 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
• Middle East & Africa

List of Key Players of the Enterprise Asset Management Market

• Aptean
• AssetWorks, LLC
• CGI, Inc.
• IFS AB
• Infor
• International Business Machines (IBM) Corporation
• Oracle Corporation
• PcsInfinity (Asset Infinity)
• Sage Group PLC
• SAP SE

Check out more related studies published by Grand View Research:

• Infrastructure Asset Management Market - The global infrastructure asset management market size is expected to reach at USD 41.04 billion by 2025, registering a CAGR of 8.9% from 2019 to 2025, according to a new report by Grand View Research, Inc. Technological advancements such as Internet of Things (IoT) and automation for infrastructure have resulted in application of analytical and business intelligence tools for infrastructure management solutions.
• Asset Performance Management Market - The global asset performance management market size is expected to reach USD 47.18 billion by 2030, registering a CAGR of 11.8% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has evolved in response to technological advancements and the changing needs of incumbents in many end-use industries and sectors, particularly small and medium businesses. The market for asset performance management is predicted to increase due to the increasing usage of asset performance management (APM) solutions to achieve operational excellence. Companies are becoming more capable of maximizing the use and upkeep of their operational assets, such as plants, equipment, and infrastructure. Heavy machinery, heavy equipment, turbine engines, power transformers, and other assets are among the assets that firms adopting APM systems regularly monitor.
• AI In Asset Management Market - The global AI in asset management market size is expected to reach USD 13.43 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 37.1% from 2020 to 2027. Artificial intelligence in asset management refers to the automation of IT assets lifecycles with intuitive workflows and making informed decisions about asset vendors and capacity. Asset and wealth management firms are exploring potential artificial intelligence-based solutions to improve their investment decisions and extract insights out of their historical data. The current landscape of artificial intelligence (AI) applications in asset and investment management includes the management of digital assets and physical assets and investment advisory consumer applications. For instance, The Vanguard Group, Inc., a U.S.-based investment firm, offers the PAS (Personal Advisor Services), which runs on automated algorithms and can potentially prompt customers with investments-related advisories with insights from human advisors.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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