Enterprise asset management (EAM) refers to the process of managing the lifecycle of physical assets of an organization. EAM solutions enable organizations to maintain their assets through predictive maintenance, effective repairs, real-time tracking of asset performance, and optimized inventory management. Key industries adopting EAM solutions include energy and utilities, transportation, government, healthcare, manufacturing, and others.

The enterprise asset management market is estimated to be valued at US$ 4069.27 Mn in 2023 and is expected to exhibit a CAGR of 8.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising need for predictive maintenance across industries is expected to drive the demand for EAM solutions over the forecast period. Predictive maintenance helps detect faults before they occur and minimize downtime of assets. Furthermore, growing focus on effective inventory management and asset tracking is also estimated to propel the enterprise asset management market growth. EAM solutions help businesses optimize inventory levels by monitoring asset usage patterns and automating replenishment. They also aid in real-time location tracking of mobile assets.

Development of technologies such as Big Data, cloud computing, Internet of Things (IoT), and artificial intelligence (AI) is revolutionizing the EAM industry. Integration of these technologies enhances the capabilities of EAM solutions by enabling predictive analysis of large asset data and condition-based monitoring. This is expected to boost the adoption of EAM solutions among industries.

SWOT Analysis
Strength: Enterprise Asset Management (EAM) systems provide organizations with visibility into asset performance and conditions through data collection and analysis capabilities. EAM solutions help streamline maintenance processes and improve productivity. They offer predictive maintenance capabilities to avoid unexpected downtime through condition monitoring of assets.
Weakness: Implementing an EAM system requires large investment and has a long return on investment period. Many small and medium enterprises cannot afford the high costs associated with commercial EAM solutions.
Opportunity: The use of emerging technologies such as IoT, AR, VR, cloud, and AI provides huge opportunities for EAM vendors to integrate these technologies into their solutions. They can enhance asset management capabilities. Growing infrastructure development projects in developing regions also offer new growth prospects.
Threats: Open-source and low-cost EAM solutions pose significant threats to commercial vendors. Growing adoption of cloud-based solutions also threatens the on-premise EAM systems.

Key Takeaways

The global Enterprise Asset Management market size is expected to witness high growth, exhibiting CAGR of 8.9% over the forecast period, due to increasing need for optimization of maintenance strategies and reduction of operational costs. Rising popularity of cloud-based EAM solutions and integration of emerging technologies such as IoT, AR, and AI are fueling the EAM market growth.

The North America region dominates the global EAM market accounting for the largest share, owing to the presence of major EAM vendors and early adoption of advanced technologies. Europe is the second largest market for EAM globally. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to rapid industrial development and increasing investments in infrastructure projects across China, India, and other Asian countries.

Key players operating in the Enterprise Asset Management market are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., Infor, Inc., Ultimo Software Solutions BV, CARL International SA, eMaint Enterprises, LLC, Mainsaver, Inc., MEX Pty Ltd., Asset Works LLC, and CGI, Inc. Major players are focusing on innovations and integration of emerging technologies in their EAM solutions to meet evolving customer needs. They are also concentrating on partnerships and acquisitions to strengthen their market presence.

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