Market Overview:
The Global Enterprise Asset Management (EAM) Market size is expected to grow from USD 5.39 billion in 2023 to USD 13.23 billion by 2032, at a CAGR of 10.49% during the forecast period (2024-2032).
Enterprise asset management (EAM) systems emerged in the 1980s as an extension of the Computerized Maintenance Management Systems (CMMS). Enterprise asset management (EAM) systems were designed to substitute manual maintenance systems, and also to satisfy a need to establish robust asset management procedures as the number of assets utilized by enterprises grew. Enterprise asset management (EAM) is a critical business area for any large enterprise that depends on physical assets for production. Furthermore, Enterprise asset management (EAM) refers to a set of tools, software, and practices including Enterprise asset management (EAM) software, that allows organizations to operate productive facility management.
Top Key Players for Enterprise Asset Management (EAM) Market:
ABB (Switzerland), CGI Inc. (Canada), Dude Solutions Inc. (US), eMaint Enterprises LLC (US), IBM Corporation (US), IFS AB (Sweden), Infor (US), Oracle Corporation (US), Ramco Systems Ltd. (Chennai), SAP SE (Germany), Schneider Electric SA (France), IPS (Germany), Accruent (US), AVEVA Group plc (UK), Aptean (US), Professional Datasolutions Inc (US), AssetWorks LLC (US), Ultimo Software Solutions Inc (US), EZOfficeInventory (US), AssetInfinity (India), InnoMaint Software (India), Aladinme (UAE), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), GoCodes (US), Fleetio (US), Upkeep Maintenance Management (US), and other major players.
Market Dynamics and Factors for Enterprise Asset Management (EAM) Market:
Drivers:
Emergence of mobility in EAM solutions
The ubiquity of mobility and mobile devices, including smartphones, tablets, and phablets, drive a “mobile-first” mentality across businesses and industries. This increased use of mobile devices is expected to expand the reach of mobility in EAM solutions. The handheld smart devices have grown in capability alongside EAM and field service systems with technologies such as GPS, GIS, RFID, and embedded cameras. With modern mobile devices and ruggedized versions of these devices, life can be easier and more productive for EAM users. Maintenance workers can access work order instructions, equipment hierarchies, part numbers, inventory data, and similar information at their fingertips. Hence, EAM and CMMS software providers have addressed this data duplication by creating mobile applications that can easily be integrated with the core system. Due to the integration with the central system, even remote employees could enter the data safely and quickly.
Opportunities:
Adoption of a digital asset management strategy to drive better return on assets
Digital asset management strategy forms an important part of businesses. Improving assets' reliability and performance are among organizations' top priorities. Implementing and deploying EAM solutions across organizations can be complex and involve many strategic and technical decisions. Businesses are focusing on controlling costs and maximizing value from their investments. The major challenge businesses face is that they have no digital asset management strategy. However, organizations have started recognizing the potential of the digital asset management strategy and made significant improvements in labor utilization and reduced equipment downtime and inventory needs. With multiple touchpoints, a well-formulated asset management strategy would help organizations make the best use of their assets.
Segmentation Analysis of the Enterprise Asset Management (EAM) Market:
By Component, the solutions segment is anticipated to have the highest share of the enterprise asset management (EAM) market. The rapid growth in the demand for advanced solutions for robust and cost-effective Enterprise asset management (EAM) systems and the growing inclination of enterprises towards controlling cost with lesser maintenance are the main factors driving the growth of this segment. Additionally, an increase in production hours and increased asset life is further promoting the growth of this segment.
By Technology, the Enterprise asset management (EAM) market is segmented into cloud-based and on-premises technology. Cloud-based technology is anticipated to dominate the market in the period of forecast owing to the low implementation cost and very fast implementation by the provider. Moreover, storage options can be extended according to the needs without any problem. Automatic updates are provided by the vendors therefore, no need for the IT department to worry about maintenance or payment for future upgrades. With remote access, employees can access the information wherever they are, and uses less energy as compared to traditional data centers. Furthermore, there is no need to implement hardware and components that can take hours or days to install on the premises.
Regional Analysis of the Enterprise Asset Management (EAM) Market:
North American region is forecasted to dominate the enterprise asset management (EAM) market owing to the presence of major players, the rise in the adoption of advanced technologies and the investments by governments to develop advanced technologies are some major factors promoting the growth of Enterprise asset management (EAM) market in this region. Moreover, the favorable conditions for the emergence of new private businesses are fueling the growth of the market in this region.
Key Industry Developments in Enterprise Asset Management (EAM) Market
In March 2023, OpenGov, a leading cloud software provider, launched its Enterprise Asset Management Software, which focuses on GIS-based asset tracking, work order management, and infrastructure maintenance for public agencies in the U.S. The software has become increasingly important due to national issues of deferred maintenance and the Infrastructure Investment and Jobs Act, offering significant opportunities for the "EAM" space.
In December 2022, Hexagon's Asset Lifecycle Intelligence division released HxGN EAM v12, the latest version of its SaaS-based Enterprise Asset Management product. The update includes an expansion of the Asset Performance Management module with Root Cause Analysis features, the ability to calculate and visualize Asset Investment Planning with EcoSys, and enhanced capabilities for HxGN EAM Digital Work Mobile.
