Enterprise Asset Management Market Size USD 10.6 Bn by 2030

Los Angeles, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The global enterprise asset management market size was valued at USD 1.7 billion in 2021. The demand for the enterprise asset management solutions has increased in the recent years and the consumers are shifting from the use of the traditional methods to these modern methods. Introduction of the cloud-based enterprise asset management solutions will lead to the growth of the market in the coming years period incorporation of artificial intelligence and Internet of Things will help in the growth of the market.

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Key Takeaways:

• Asia-Pacific is expected to grow at a CAGR of 14.8% between 2022 and 2030.
• By component, the solution segment contributed highest revenue share 62% in 2021.
• The cloud segment is expected to grow at a CAGR of 14.5% from 2022 to 2030.
• The services segment is growing at a CAGR of 13.9% between 2022 to 2030.
• North America region has garnered revenue share of over 31.5% in 2021.
  

Regional Snapshots

On the basis of geography, the enterprise asset management system is expected to be adopted on a large scale in the various industries of the North American region. Increase in the amount of investments made by the organizations and acquiring these solutions will lead to the growth of the market in the coming years period most of these systems are adopted by the large-scale industries or enterprises in the North American region. The presence of various market players in this region had played an instrumental role in the growth of the market in the past and they will continue to help in the growth of the market in the coming years. For reducing the cost on overheads and to improve the productivity of a business the demand for these solutions will continue to grow in the coming years. Asia Pacific region is also expected to adopt this technology to a great extent in the coming years period digitization will play an instrumental role in the growth of the market in the coming years period many governments in various regions of the Asia Pacific market are concentrating on the adoption of these technologies for different types of organisations. The complexity of handling the workload has created more demand for these systems. As these solutions are affordable there will be a large-scale adoption of these services in many areas.

Report Highlights

• Asset lifecycle management is one of the functions due to which the demand for enterprise asset management systems is expected to grow in the coming years. The use of these systems helps in the efficient and effective management of the assets. It also helps in executing a project in a better way. The productivity of the organization is also increased as these solutions provide information that help in making better decisions.
• The demand for the on-premise solutions has increased in the recent years as it helps in addressing the concerns of security. The segment is expected to grow in the coming years as the infrastructure is available at the organization and the maintenance is easy. Even though the investment made for the on-premise setup is more it is still preferred by many large scale industries due to the security factor. Updating the systems which are available on premises is a major challenge for the technicians. And any delays in updating the system could hamper the market growth as it would have a negative impact on the productivity of the organization. As the initial money that is invested in acquiring the on-premise infrastructure is high it is not preferred by the small and medium enterprises.
• The demand for enterprise asset management systems is more in the energy and utilities sector. The demand for this system has grown in the utilities and energy sector due to a large number of assets used in the industry. Predictive maintenance plays an extremely important role in this industry and this will help in the growth of the market in the coming years.
  

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Scope of the Report

Market Dynamics

Drivers

A major transition is experienced by the enterprise asset management market. Due to the introduction of the supplementary and the new technologies the demand for the enterprise asset management solutions will grow in the coming years. IoT Has evolved in the recent years and this shall be helpful in creating more demand for the enterprise asset management systems. Internet of Things place a significant role in the growth of the market. And its integration in the enterprise asset management system will provide useful information to the user

Restraints

Enterprise asset management solutions and services has evolved in terms of its operationality. The implementation of the system is successfully done by many organisations but some of the organisations have not yet implemented it. And this is due to the gap between the solutions that are provided to the users and the expectations that the users had. It also becomes a complex and difficult task for different types of industries. Proper understanding is an important aspect of the enterprise asset management systems as it has an effect on the technology the processes as well as the people. Many processes and systems are affected due to the use of enterprise asset management system. All of these factors will hinder the growth of the market in the coming years period

Opportunities

Digitization in different industries has played an instrumental role in the growth of the market and it will provide better opportunities for the growth during the forecast period. The use of this system has helped in enhancing the relationship of the organizations with their customers. The demand for the new and innovative technologies is increasing as it will help in transforming the processes of the business. Most of the large enterprises across the world are constantly engaged in acquiring artificial intelligence, Internet of Things, augmented reality, telematics and predictive maintenance in order to have the correct information about their assets. The demand for these systems is expected to increase in the forecast. As it is seen to have improved the life of the assets.

Challenges

There are a variety of solutions available in the market and selection of the solution is one of the major challenges that the organisations face. A gap between the need of the organization and the solution acquired by the organization could have negative effect on the business. Most of these providers provide free demos before offering their solutions but these are not enough for making the correct selection.

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Recent developments

• SAP acquired AppGyver in the year 2021, to help the partners and the clients in the modification of their information technology solutions depending upon their needs. It will also help in providing optimized accessibility to the applications.
  

Market Segmentation

By Component

• Solutions
  • Asset Lifecycle Management
  • Predictive Maintenance
  • Work Order Management
  • Labor Management
  • Facility Management
  • Inventory Management
• Services
  • Professional Service
  • Managed Service

By Application

• Asset lifecycle management
• Labor management
• Inventory management
• Predictive maintenance
• Work order management
• Others

By Organization

• Large enterprises
• Small and medium enterprises

By Deployment

• Cloud
• On premises

By End User

• Healthcare
• Energy and utilities
• Government and defense
• Automotive and transportation
• Manufacturing
• Retail
• IT and telecom
• BFSI

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  

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