Enterprise Asset Management Trends and Forecast
The future of the global enterprise asset management market looks promising with opportunities in the manufacturing, facility management, healthcare, education, and government markets. The global enterprise asset management market is expected to reach an estimated $8.1 billion by 2030 with a CAGR of 10.2% from 2024 to 2030. The major drivers for this market are modern asset management techniques are increasingly replacing traditional asset management techniques, rise in the management of corporate assets using IoT platforms and devices, and growing SaaS-based enterprise asset management systems.
• Lucintel forecasts that, within the deployment mode category, on-premise will remain a larger segment over the forecast period because the large organizations with a large number of assets and sensitive data want to establish an on-premise EAM setup to fulfill compliance standards and appropriate regulations.
• In terms of regions, North America will remain the largest region over the forecast period due to early adoption of the most recent technologies, high level of cloud-based deployments, a well-developed it infrastructure, and government investments in cutting-edge technology in the region.
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Emerging Trends in the Enterprise Asset Management Market
The emergence of several trends in the EAM market indicates both technological development and changing business focus.
• IoT and AI Integration: IoT and AI technologies are integrated into the EAM system for predictive maintenance and real-time monitoring of assets. This enhances decision-making capabilities to reduce or avoid downtime and maximize asset performance.
• Adoption of Cloud-Based Solutions: Cloud-based EAM solutions are being increasingly adopted due to their scalability, flexibility, and affordability. These solutions can be remotely accessed and updated with ease, and integrated with other enterprise cloud-based systems, thus enhancing overall efficiency.
• Mobile EAM Applications: The demand for mobile EAM applications is becoming an integral feature of field service management. They provide on-the-spot access to data, updates on the go, and effective communication between field technicians and central systems, thus improving efficiency in asset management and responsiveness in operations.
• Increased Adoption of Digital Twinning: Organizations are adopting digital twinning to create virtual models of their physical assets. This allows for the simulation, analysis, and optimization of asset performance, resulting in better maintenance strategies and lifecycle management.
• Emphasis on Sustainability and Compliance: There is growing interest in the development of EAM systems to include sustainability and compliance with regulatory requirements. This includes tracking environmental impact, managing compliance, and supporting green initiatives that align with global sustainability objectives.
These emerging trends are transforming the EAM market by enhancing asset management capabilities through advanced technologies and system integration. This reflects the shift towards managing assets in a more proactive, efficient, and sustainable manner.
Recent Developments in the Enterprise Asset Management Market
The recent developments within the Enterprise Asset Management market point to some key innovations and trends that move the industry forward.
• Integration of AI for Predictive Maintenance: AI is increasingly being integrated into EAM systems to predict equipment failure well before it occurs. This ability to predict early reduces overall downtime and maintenance costs, as potential issues can be addressed in advance.
• Adoption of Cloud-Based EAM Solutions: Cloud-based EAM solutions continue to rise in popularity due to their scalability and ease of deployment. Such solutions offer flexibility, remote access, and lower upfront costs compared with traditional on-premises systems.
• Improved Mobile EAM Capabilities: Technicians can engage with mobile EAM applications for access to real-time data, updating the status of an asset on the go, and direct communication with central systems. The benefits derived from this enhanced level of functionality include improved operational efficiency and faster response times.
• Adoption of Digital Twins: EAM is increasingly adopting digital twins, which are virtual replicas of physical assets. This enables real-time monitoring, simulation, and optimization of asset performance to create better maintenance and operational strategies.
• Sustainability and Regulatory Compliance: Sustainability and regulatory compliance have emerged as two other priorities for new EAM solutions. This includes tracking environmental impact and ensuring that regulations are met regarding energy consumption, waste, and industry standards to support sustainability.
These developments represent significant changes in the EAM market, driven by advanced technologies, increased integration, and a greater focus on sustainability and efficiency. They reflect the industryÄX%$%Xs adaptation to dynamically changing needs and technological advancements.
Strategic Growth Opportunities for Enterprise Asset Management Market
The different technological developments and the increasing demand for efficiency and optimization have thrust the EAM market into various applications, creating strategic growth opportunities.
• Expansion of Cloud-Based EAM Solutions: Cloud-based EAM solutions offer scalability and flexibility, making them an attractive option for businesses seeking to reduce infrastructure costs and enhance system accessibility. This growth opportunity aligns with the trend toward digital transformation.
• IoT and AI Integration: The potential for growth is significant, considering the use of IoT and AI in predictive maintenance and real-time monitoring. These technologies enable organizations to optimize asset performance by reducing downtime, thus contributing to improved operational efficiency.
• Development of Mobile EAM Applications: The increasing demand for managing field services is one of the key factors contributing to the growth of mobile EAM applications. This solution has enhanced on-site operations, data accuracy, and communication, thereby meeting the needs of a mobile workforce.
• Adoption of Digital Twins: The use of digital twins in asset management opens new opportunities by offering a deeper understanding of how assets perform and simulating their optimization. This technology enables better decision-making and maintenance planning.
• Focus on Sustainability and Compliance: The inclusion of features related to sustainability and compliance within the EAM system offers an opportunity to meet regulatory requirements and environmental objectives. This focus allows organizations to manage their environmental impact while adhering to industry standards and regulations.
These growth opportunities reflect the changing demands and requirements of the EAM market, driven by the increased adoption of advanced technologies. They underline the efficiency, scalability, and sustainability of the asset management industry.
Enterprise Asset Management Market Driver and Challenges
Various drivers and challenges shape the growth and development of the Enterprise Asset Management (EAM) market. These include technological advancements, economic conditions, and regulatory pressures.
The factors driving the enterprise asset management market include:
• Technological advancements: Technology-related innovations in AI, IoT, and cloud computing drive the EAM market by enhancing the functionality of asset management. These technologies facilitate predictive maintenance, real-time monitoring, and better system integration.
• Operational efficiency demand: The increasing demand for operational efficiency and cost reduction encourages the adoption of EAM solutions among firms. Businesses are more interested in systems that optimize asset performance to reduce downtime and decrease maintenance costs.
• Sustainability focus: The growing focus on sustainability and adherence to regulatory policies strengthens the demand for EAM systems that offer functionalities to achieve environmental goals and regulatory compliance. Examples include energy consumption tracking and waste management.
• Increased investment in infrastructure: Investments in infrastructure development and digitization propel the demand for advanced EAM solutions. As industries grow and modernize, the demand for asset management systems also continues to rise.
• Integration with other enterprise systems: EAM solutions may also be integrated with other enterprise systems, such as ERP and CMMS. This enhances the visibility of data and operational efficiency, potentially driving more holistic asset management strategies.
Challenges in the enterprise asset management market include:
• High costs of implementation: Advanced EAM systems can be very costly for many organizations to adopt initially. High upfront investments may slow down the rate of adoption among smaller businesses.
• Integration complexity: EAM system integrations are usually complex and resource-intensive when combined with other enterprise systems and processes. Seamlessness and consistency in data require careful planning and execution.
• Compliance with regulations: There are various regulations and standards that can be cumbersome to adhere to. The EAM system should facilitate compliance, which may also involve dealing with complex and ever-evolving regulations.
The drivers of the EAM market include technological advancements, the demand for efficiency and sustainability, and increased investment in infrastructure. However, to effectively utilize these market opportunities and achieve sound asset management, challenges related to implementation costs, integration complexity, and regulatory compliance must be identified and addressed.
List of Enterprise Asset Management Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies enterprise asset management companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the enterprise asset management companies profiled in this report include-
• Aptean
• AssetWorks
• CGI
• IFS
• Infor
• IBM
• Oracle
• PcsInfinity
• Sage Group
• SAP
Enterprise Asset Management by Segment
The study includes a forecast for the global enterprise asset management by enterprise size, deployment mode, end use, and region.
Enterprise Asset Management Market by Enterprise Size [Analysis by Value from 2018 to 2030]:
• Large Enterprise
• Small & Medium Enterprise
Enterprise Asset Management Market by Deployment Mode [Analysis by Value from 2018 to 2030]:
• Cloud
• On-premise
Enterprise Asset Management Market by End Use [Analysis by Value from 2018 to 2030]:
• Manufacturing
• Facility Management
• Healthcare
• Education
• Government
• Others
Enterprise Asset Management Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Enterprise Asset Management Market
The EAM market is rapidly changing due to continuous improvements in technology, changing business dynamics, and higher dependence on operational efficiency. This trend is resulting in unique developments in each region as businesses adapt to their economic and regulatory environments.
• US: EAM systems are increasingly deploying IoT and AI to predict maintenance needs and enable real-time tracking of assets. Companies have integrated EAM solutions with other enterprise-wide systems to create operational efficiencies and ensure data visibility.
• China: The EAM market in China is growing rapidly due to industrial expansion and smart city initiatives. Significant attention is focused on integrating big data analytics and artificial intelligence with EAM to optimize asset management and support large infrastructure projects.
• Germany: The German EAM market is developing, with an emphasis on integrating Industry 4.0 technologies. Businesses are increasingly deploying EAM solutions embedded with digital twin technology and IoT to improve asset performance, reliability, and maintainability.
• India: The EAM market in India is growing due to increased manufacturing and infrastructure projects. Companies are rapidly adopting cloud-based EAM solutions to bring scalability and economies of scale to operations, while also focusing on mobile EAM applications to facilitate field service management.
• Japan: Resilience and automation are gaining prominence in JapanÄX%$%Xs EAM market. New developments include the use of AI and robotics for scheduled maintenance and asset management, while some recent innovations focus on integrating EAM systems with smart grid technologies to improve operational efficiency.
Features of the Global Enterprise Asset Management Market
Market Size Estimates: Enterprise asset management market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Enterprise asset management market size by enterprise size, deployment mode, end use, and region in terms of value ($B).
Regional Analysis: Enterprise asset management market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different enterprise size, deployment mode, end use, and regions for the enterprise asset management market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the enterprise asset management market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
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FAQ
Q1. What is the enterprise asset management market size?
Answer: The global enterprise asset management market is expected to reach an estimated $8.1 billion by 2030.
Q2. What is the growth forecast for enterprise asset management market?
Answer: The global enterprise asset management market is expected to grow with a CAGR of 10.2% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the enterprise asset management market?
Answer: The major drivers for this market are modern asset management techniques are increasingly replacing traditional asset management techniques, rise in the management of corporate assets using IoT platforms and devices, and growing SaaS-based enterprise asset management systems.
Q4. What are the major segments for enterprise asset management market?
Answer: The future of the global enterprise asset management market looks promising with opportunities in the manufacturing, facility management, healthcare, education, and government markets.
Q5. Who are the key enterprise asset management market companies?
Answer: Some of the key enterprise asset management companies are as follows:
• Aptean
• AssetWorks
• CGI
• IFS
• Infor
• IBM
• Oracle
• PcsInfinity
• Sage Group
• SAP
Q6. Which enterprise asset management market segment will be the largest in future?
Answer: Lucintel forecasts that on-premise will remain the larger segment over the forecast period because the large organizations with a large number of assets and sensitive data want to establish an on-premise EAM setup to fulfill compliance standards and appropriate regulations.
Q7. In enterprise asset management market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region over the forecast period due to early adoption of the most recent technologies, high level of cloud-based deployments, a well-developed it infrastructure, and government investments in cutting-edge technology in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the enterprise asset management market by enterprise size (large enterprise and small & medium enterprise), deployment mode (cloud and on-premise), end use (manufacturing, facility management, healthcare, education, government, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Enterprise Asset Management Market, Enterprise Asset Management Market Size, Enterprise Asset Management Market Growth, Enterprise Asset Management Market Analysis, Enterprise Asset Management Market Report, Enterprise Asset Management Market Share, Enterprise Asset Management Market Trends, Enterprise Asset Management Market Forecast, Enterprise Asset Management Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.