Pune, May 18, 2023 (GLOBE NEWSWIRE) -- “According to SNS Insider, the size of Enterprise Asset Management (EAM) Software Market was valued at USD 4.04 billion in 2022. It is projected to reach USD 8.14 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 9.13% during the forecast period from 2023 to 2030.”
Market Overview
Enterprise Asset Management (EAM) software provides a centralized platform that integrates various functionalities, including asset tracking, maintenance management, inventory control, procurement, scheduling, and analytics. These features allow businesses to streamline their asset management processes, increase productivity, minimize downtime, reduce costs, and enhance overall operational efficiency. Maintenance management is another vital aspect of EAM software. It helps organizations establish proactive maintenance practices by scheduling regular inspections, preventive maintenance tasks, and timely repairs. By implementing a systematic approach to maintenance, businesses can prevent unexpected breakdowns, extend asset lifespan, and optimize resource allocation.
Enterprise Asset Management (EAM) Software Market Analysis
Businesses face various regulatory requirements and industry standards that demand strict adherence to asset maintenance, safety, and documentation protocols. EAM solutions simplify compliance management by automating workflows, generating audit-ready reports, and ensuring that assets meet regulatory standards. This not only reduces compliance-related overheads but also minimizes the risk of penalties and operational disruptions caused by non-compliance. Furthermore, the continued utilization of IoT platforms and devices to maintain enterprise assets has bolstered the growth of the enterprise asset management (EAM) software market. IoT-enabled asset tracking systems provide real-time visibility into the location, status, and usage of assets. This capability facilitates efficient asset utilization, reduces losses due to theft or misplacement, and enables proactive maintenance planning.
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Key Company Profiles Listed in this Report are:
- ABB Ltd.
- Assets Works, LLC
- CGI Group Inc.
- IFS
- IBM Corporation
- Infor
- Oracle Corporation
- SAP SE
- SSG Insights
- UpKeep Technologies, Inc. & Others
Impact of Recession on Enterprise Asset Management (EAM) Software Market 2023
A recession significantly influences the enterprise asset management (EAM) software market. While there may be a decline in overall demand and longer sales cycles, the focus on efficiency, adoption of cloud-based solutions, market consolidation, and increased competition can shape the market's trajectory during challenging economic times. EAM software vendors need to adapt their strategies and offerings to align with the changing needs and priorities of organizations facing financial constraints.
Enterprise Asset Management (EAM) Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 4.04 Bn |
| Market Size by 2030 | US$ 8.14 Bn |
| CAGR | CAGR of 9.13% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segmentation | • By Component (Solution and Services) • By Deployment Model (On-Premise and Cloud) • By Enterprise Size (Large Enterprises and Small and Medium-Sized Enterprises) • By Application (Asset Lifecycle Management, Predictive Maintenance, Facility Management, Inventory Management, Labor Management, Work Order Management, Others) • By Industry Vertical (Energy and Utility, Transportation and Logistics, Manufacturing, Healthcare & Life Science, Government & Public Sector, Education, IT and Telecommunications, Others) |
| Key Regional Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
Key Regional Developments
Government investments in advanced technologies have played a significant role in propelling the adoption of EAM solutions in the North American region. North American governments have recognized the potential of digital transformation and have been actively investing in initiatives to promote the adoption of technology-driven solutions across various industries. These investments have not only spurred innovation but have also encouraged businesses to embrace EAM software to enhance asset performance, reduce operational costs, and maintain a competitive edge in the enterprise asset management (EAM) software market.
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Key Takeaway from Enterprise Asset Management (EAM) Software Market Study
- As the EAM software market continues to evolve, the large enterprise segment is expected to maintain a leadership position. The growing need for efficient asset management, coupled with the scalability and integration capabilities of EAM solutions, aligns well with the requirements of large organizations.
- The asset lifecycle management segment is expected to continue its high growth trajectory due to the increasing demand for EAM software among various industries such as manufacturing, energy, healthcare, and transportation.
Recent Developments Related to Enterprise Asset Management (EAM) Software Market
- Aptean, a leading global provider of enterprise software solutions, has recently unveiled its latest innovation in the form of a cloud-based Enterprise Asset Management (EAM) solution, which includes a Computerized Maintenance Management System (CMMS) specifically designed for manufacturers. This cutting-edge offering aims to revolutionize how manufacturers manage and maintain their valuable assets.
- IFS, a leading global enterprise software company, has announced its expanded strategic investment in the IFS Ultimo Enterprise Asset Management (EAM) solution in North America. By enhancing its investment in IFS Ultimo, IFS aims to address the growing demand for efficient asset management solutions in the North American market.
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Enterprise Asset Management (EAM) Software Market Segmentation, by Component
9. Enterprise Asset Management (EAM) Software Market Segmentation, by Deployment Model
10. Enterprise Asset Management (EAM) Software Market Segmentation, by Enterprise Size
11. Enterprise Asset Management (EAM) Software Market Segmentation, by Application
12. Enterprise Asset Management (EAM) Software Market Segmentation, by Industry Vertical
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion
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