Enterprise Asset Management Market Worth $5.5 Billion By 2026 - Report by MarketsandMarkets™

Chicago, June 22, 2022 (GLOBE NEWSWIRE) -- According to a new market research report "Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026" published by MarketsandMarkets™, The Enterprise Asset Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.

The EAM refers to the combination of software, systems, and services used by enterprises to manage the life cycle of physical assets and equipment for maximizing their lifetime; reducing costs; and improving quality and efficiency, health of assets, and environmental safety. It mainly offers functionalities, such as planning, organizing, and implementing maintenance activities carried out by employees of organizations or third–party entities. Some of the EAM applications are asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, reporting and analytics, Computerized Maintenance Management System (CMMS), and Field Service Management (FSM).

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231 - Tables
51 - Figures
239 - Pages

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Scope of the Report

The Enterprise Asset Management Market is diversified and competitive with many players and expected to grow in the coming years as the adoption of cloud is significantly increasing among enterprises as well as SMEs across several verticals, including manufacturing, government and public sector, healthcare, and IT and telecommunications. Developing countries across APAC and MEA are expected to offer more opportunities for vendors in the market. In current times, the EAM Market is profitable for EAM vendors as several companies from diverse verticals are progressively adopting cloud-based solutions and services. This market is expected to grow further in North America and Europe, whereas it is expected to hold a significant growth rate in APAC, Latin America, and MEA. Factors such as the increased adoption of cloud among SMEs and the Work From Home (WFH) business model due to COVID–19 are expected to drive the market growth.

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The IoT and analytics segment is expected to grow at a higher CAGR during the forecast period. The Enterprise Asset Management Market is undergoing a significant transition with the advent of supplementary and new technologies. The evolution of Industrial Internet of Things (IIoT) has increased the demand for EAM systems. IoT helps in monitoring and procuring data from remote sites. This data is helpful when integrated with EAM systems as it helps in inferring insightful information. IoT is a technology that is progressively adopted by EAM to gain data, which was possible previously. It helps in minimizing downtime and proactively produces alerts. It provides flexibility and helps enterprises dive deep into data.

The cloud deployment segment is expected to grow at a higher rate during the forecast Organizations from various industries are adopting cloud-based EAM software and services. They offer benefits, such as scalability, reduced operational costs, less upfront cost, and improved business agility. This gives the benefit of an overall cost-effective solution, which is used to reduce the overall operating costs. With a cloud-based EAM solution, users can get more functionality and the ability to manage distributed IT environments.

Asset lifecycle management one of the fastest-growing segment, It comprises a few inter-management processes, such as comprehensive asset portfolio management, rigorous project execution, and effective and efficient asset management practices, which help deliver desired outcomes. It helps increase organizational productivity by helping end users to make informed decisions on IT needs and services. It also helps increase organizational productivity by helping organizations to make informed decisions on IT needs and services. Most of the EAM vendors offer the asset lifecycle management solution to streamline asset lifecycle processes, reduce maintenance costs, and improve the quality of IT services.

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North America to dominate the global cloud system management market in 2020

North America is the dominant market for EAM due to the presence of a large number of end users who are technology aware and early adopters of solutions that are enriched with new capabilities. Countries evaluated in North America are the US and Canada. The region holds a market share of 48.0% in 2020 for the EAM Market, and the demand for EAM is expected to be high in the near future. The primary factors for large-scale adoption are the inclination of organizations toward SaaS-based offerings and adoption of digital business strategies.

Key Market Players

The Enterprise Asset Management Market is dominated by companies such as IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), and others. These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them to increase revenues.

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