The Enterprise Asset Management Marketis expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, according to new research report by MarketsandMarkets™
Get a Sample PDF: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=54576143
By offering, the solutions segment will hold a larger market size during the forecast period.
Enterprise Asset Management (EAM) solutions are comprehensive software systems designed to manage and optimize the entire lifecycle of an organization’s physical assets. These solutions offer a robust framework for asset tracking, maintenance planning, and performance optimization. Core functionalities of EAM systems typically include a Computerized Maintenance Management System (CMMS), which enables organizations to schedule and track maintenance activities, reducing downtime and extending asset lifespan. For instance, Sund & Baelt partnered with IBM to develop an AI-driven IoT solution named IBM Maximo for Civil Infrastructure.
This innovative system utilizes sensors and algorithms to extend the operational life of aging infrastructure, including bridges, tunnels, highways, and railways. Through the automation of inspection processes, the company aims to boost productivity by 14-25% and achieve a significant reduction of over 30% in time-to-repair for these critical assets. Asset performance management (APM) is another integral component, focusing on monitoring and enhancing the reliability and efficiency of assets. EAM solutions often incorporate predictive maintenance capabilities, leveraging data analytics and IoT sensors to anticipate equipment failures before they occur, minimizing unplanned downtime and reducing maintenance costs.
By Application, the facility management segment holds the second-largest market share during the forecast period.
Facility management software supports companies in optimizing the human and material resources required for facility maintenance. This type of software is used by maintenance teams in industries such as construction, real estate, retail, and manufacturing. Companies use facility management software to maintain buildings, properties, plants, warehouses, or infrastructure; this software allows companies to ensure the safety and well-being of their tenants and employees while monitoring maintenance activities and productivity.
By Region, Asia Pacific will grow at the highest CAGR during the forecast period.
The Asia Pacific (APAC) region is witnessing a significant uptick in the adoption of Enterprise Asset Management (EAM) solutions, propelled by substantial IT investments, widespread cloud adoption, and robust economic growth. Organizations across diverse sectors in APAC recognize the pivotal role of EAM in optimizing asset lifecycle management and operational efficiency. The region’s strong economic growth, particularly in manufacturing, utilities, and infrastructure, translates to a growing dependence on high-value assets; this, in turn, fuels the demand for sophisticated EAM tools to ensure optimal asset performance and uptime, maximizing returns on investment.
In addition, China, with its burgeoning IoT landscape and ambitious infrastructure plans, is predicted to host over 7.7 billion connected devices by 2030, driving EAM demand. Likewise, India’s rapid manufacturing expansion and focus on smart cities act as potent catalysts. Thus, Asia Pacific is at the forefront of the EAM revolution, with its tech-savvy businesses recognizing the immense value these solutions offer in propelling them towards operational excellence and sustainable growth.
Request For Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=54576143
Key Players
Some of the key players operating in the enterprise asset management market are – IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
