Enterprise Asset Management Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.
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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.
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Unique Features in the Enterprise Asset Management Market
With the help of EAM solutions, businesses can track, manage, and optimise their assets from acquisition to disposal, maximising asset utilisation and reducing downtime. These capabilities provide comprehensive asset lifecycle management.
By utilising IoT sensors and predictive analytics, these systems facilitate predictive maintenance, which lowers maintenance costs and increases asset uptime and reliability by enabling organisations to proactively detect and address asset issues before they worsen.
By providing field technicians and maintenance teams with mobile accessibility through mobile applications, EAM solutions enhance worker productivity and reaction times by allowing them to access asset information, work orders, and maintenance tasks while on the go.
Asset management and maintenance activities are subject to safety standards, environmental rules, and regulatory requirements that organisations must monitor and follow. EAM solutions come equipped with tools for managing regulatory compliance.
These systems provide data-driven decision-making and ongoing asset management strategy improvement by offering sophisticated analytics and reporting tools to assess asset performance, maintenance history, downtime, and reliability measures.
Major Highlights of the Enterprise Asset Management Market
In order to maximise the value and performance of their assets throughout their entire lifecycle—from purchase to disposal—organizations are giving priority to asset lifecycle management strategies. They are also utilising enterprise asset management (EAM) systems to maximise asset utilisation, reliability, and maintenance.
Predictive maintenance capabilities within enterprise asset management (EAM) solutions are becoming increasingly important. These capabilities leverage machine learning algorithms, IoT sensors, and predictive analytics to enable condition-based and predictive maintenance strategies, which lower maintenance costs, minimise downtime, and extend asset lifespan.
Organisations can track and follow industry best practices and regulatory standards to ensure compliance and mitigate risks. Enterprise Asset Management (EAM) solutions meet regulatory compliance requirements relating to asset management, maintenance, safety, and environmental legislation.
The seamless data exchange and integration across asset management, maintenance, inventory, procurement, and financial processes that EAM platforms provide improves cross-functional visibility and coordination. These systems include ERP, CMMS, financial, and procurement systems.
By providing field technicians and maintenance teams with mobile accessibility through mobile applications, EAM systems enhance worker productivity, collaboration, and responsiveness by allowing them to access asset information, work orders, maintenance tasks, and asset documentation on portable devices.
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Top Key Companies in the Enterprise Asset Management Market
Major vendors in this market are in North America, Europe, and the Asia Pacific region. IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden) are among the leading players operating in the enterprise asset management market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand market presence.
IBM
IBM offers comprehensive EAM solutions, such as IBM Maximo, which cover the entire asset lifecycle; this includes asset planning, procurement, operation, maintenance, and retirement. The platform provides a centralized system for managing various assets across diverse industries. IBM incorporates advanced analytics and Artificial Intelligence (AI) capabilities into its EAM solutions; this enables predictive maintenance, where organizations can anticipate equipment failures and optimize maintenance schedules, reducing downtime and extending the life of assets. Its EAM solutions have mobile applications that empower field technicians and maintenance teams to access critical information, update work orders, and perform tasks on the go, enhancing overall operational efficiency.
SAP
SAP is a German multinational software company based in Walldorf, Baden-Württemberg. It develops enterprise resource planning (ERP) software to manage business operations and customer relations. SAP plays a significant role in the realm of Enterprise Asset Management (EAM) through its SAP Service and Asset Manager (SAM) solution. This cloud-based software helps businesses of all sizes manage the entire lifecycle of their physical assets, from acquisition and installation to maintenance, optimization, and eventual disposal. The company is the world’s leading enterprise resource planning software vendor. SAP is constantly investing in research and development to improve its EAM solutions. They are at the forefront of adopting new technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), to further enhance the value of their offerings.
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