Global Enterprise Asset Management (EAM) Market Overview

Global Enterprise Asset Management (EAM) Market was valued at USD 4.42 billion in 2021 and is expected to reach USD 8.83 billion by the year 2028, at a CAGR of 10.4%.

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 numbers 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. Moreover, organizations can productively maintain, control, and analyze their physical assets and infrastructure during all phases of the asset lifecycle, including maintenance, acquisition, and disposal with the help of the comprehensive Enterprise asset management (EAM) process. This wide-range suite of capabilities provides asset managers full transparency into the present and historical state of assets so they can enhance asset quality and utilization, improve uptime, reduce operational costs, and ultimately increase revenue and Rate of Interest. Additionally, Enterprise asset management (EAM) includes work management, asset maintenance, planning and scheduling, supply chain management, and environmental, health and safety initiatives. With the rise in the Internet of Things (IoT) era, with everything from valves to vehicles connected by sensors and systems, practitioners are integrating advanced analytics and artificial intelligence (AI) into enterprise asset management. Moreover, data collected from instrumented assets is evaluated using AI techniques thus, the resulting insights help maintenance teams make better decisions, perform preventive maintenance, elevate efficiency, and maximize investments in their physical assets.

COVID-19 Impact on Enterprise asset management (EAM) Market

The outbreak of COVID-19 in 2020 resulted in a worldwide shutdown of various industries. Various restrictions were imposed by governments of several countries to curb the spread of the virus. With the rise in the COVID-19 patients, some companies changed their priorities owing to market conditions compelling some companies to change asset strategies from maximizing asset utilization to cost control. The change in priorities of companies was managed by simple adjustment within Enterprise asset management, thus Enterprise asset management (EAM) proved to be beneficial to companies during the pandemic. Furthermore, Supply Chain Management teams have been utilizing the inventory management services within Enterprise asset management (EAM) to prepare for the COVID-19 pandemic. Additionally, when the virus, rapidly spread in the countries where operatives of some companies were based, they had full, up-to-the-minute visibility and control of their PPE stock levels.  The procurement workflows within the Enterprise asset management (EAM) system ensure that all stock levels are carefully monitored, and new equipment is ordered as necessary, recognizing order lead times and transit to (often remote) sites. Enterprise asset management (EAM) enabled enterprises to maintain a full log of COVID-19 related work completed such as risk assessment site visits, cleaning, decontamination, staff testing and results, and immunization records. During the pandemic it was necessary, at times, to decrease the frequency that, individuals are rotated on remote sites. Shift patterns, therefore, needed to be interchanged so that those on-site are given enough rest. The impact of change in shift pattern on the current workload and work plans can be analyzed and adjusted accordingly within the system with the help of Enterprise asset management. To summarize, Enterprise asset management (EAM)has helped various enterprises to solve the issues aroused due to the COVID-19 pandemic, thus pandemic supported the Enterprise asset management (EAM) market growth.

Market Dynamics And Key Factors Of Enterprise Asset Management (EAM) Market

Drivers:

Enterprise asset management, informs maintenance managers regarding the whereabouts of an asset, what are its requirements, who should work on it, and when. Enterprise asset management (EAM) automates critical asset management workflows and makes them accessible and auditable thus, creating centralized asset information. Moreover, to maintain equipment for stable and continuous operations Enterprise asset management (EAM) software supports preventive skills. It helps certify warranty compliance and preempt issues that interrupt production thus, promoting the growth of the Enterprise asset management (EAM) market in the period of forecast. Additionally, AI-powered remote monitoring provides actionable insight into current and anticipated states of assets. It aggregates data across departments and information silos, permitting for fewer, more accurate alerts and enhanced decision-making thus, monitoring data more smartly.

Moreover, historical and real-time data accumulated from IoT devices and analytical and diagnostic tools aids extend the reliability, availability, and usable life of physical assets. Equipment lifecycles of aging assets are extended through more informed maintenance strategies and by incorporating risk management into business processes to enhance return on investment thus, driving the development of the Enterprise asset management (EAM) market throughout forecast. Furthermore, IoT, AI, and analytics elevate equipment maintenance practices. Additionally, due to the use of AI and IoT, asset traceability and tracking meet increasingly complex environmental, health and safety demands. Enterprise asset management (EAM) aids in establishing a single technology system to manage virtually all asset types. Furthermore, processes are integrated and standardized for wide-ranging asset functions across an enterprise thus, strengthening the expansion of the Enterprise asset management (EAM) market during the forecast period.

Restraints:

Many enterprises suffer from a lack of understanding of the inherent design capabilities of their assets and secondly, how best to utilize within their ranges to increase the asset life cycle. For some assets, operating below or above the design range may negatively affect the life of the asset thus retarding the Enterprise asset management (EAM) market development. Moreover, during the functional phase of assets, there are many issues regarding the maintenance such as over maintenance and under maintenance, these both issues can incur huge costs thus, restricting the growth of the Enterprise asset management (EAM) market growth. With the rise in the adoption of cloud-based solutions, there has been a significant rise in cyber-attacks. As cloud-based solutions require the transfer of data from the field to the cloud, the chances of malicious attacks on servers, networks, and communication channels increase thus, hampering the growth of the Enterprise asset management (EAM) market. Furthermore, the gap between the customer expectations and the solutions delivered by the vendors is one of the major factors hindering the Enterprise asset management (EAM) market expansion during the forecast period.

Market Segmentation

Depending on the 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 the enterprises towards controlling cost with lesser maintenance are the main factors driving the growth of this segment. Additionally, an increase in the production hours and increased asset life is further promoting the growth of this segment.

Depending on the Technology Used, 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.

Depending on Enterprise Type, large enterprises are predicted to lead the Enterprise asset management (EAM) market. Large enterprises are involved in many businesses and to maintain a proper record of business-related work they are opting for solutions provided by the enterprise asset management. Many problems related to logistics, frequency of workers as well to enhance the life cycle of the asset, large enterprises are incorporating the usage of Enterprise asset management (EAM) systems. The small enterprise segment is projected to expand at the highest growth rate in the forecast period owing to the rise in the number of small enterprises and the growing demand for Enterprise asset management (EAM) among them. To ensure proper usage of assets and to increase assets life expectancy, small enterprises are incorporating the usage of the Enterprise asset management (EAM) system.

Depending on the Function, the asset lifecycle management segment is expected to grow at a significant rate. As asset management and utilization is an important task for the enterprises and to cut down the cost involved in the purchase of new physical assets, asset lifecycle management plays an important role thus, stimulating the growth of this segment.

Depending on the End-User, the transportation segment is predicted to expand at the highest growth rate owing to the rapid growth in the demand for connected automated vehicles. Moreover, with the global enterprise's transition to industry 4.0, smart manufacturing, and the rise in the number of electronic contents per vehicle are driving the growth of this segment.

Players Covered in Enterprise Asset Management (EAM) market are :

  • 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.

Regional Analysis of Enterprise asset management (EAM) Market:

North America region is forecasted to dominate the enterprise asset management (EAM) market owing to the presence of major players, 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.

Asia-Pacific region is expected to grow at the highest growth rate owing to the high investments and the growing demand for automation technology. Moreover, due to the presence of a highly developed IT sector and a rapid rise in cloud-based solutions is driving the growth of the market in countries such as China, Japan, India, and Australia. The rise in the number of enterprise asset management (EAM) providers and to meet the stringent regulatory compliances are some factors stimulating the market growth.

Europe region is estimated to grow at a significant growth rate owing to the rapid adoption of enterprise asset management (EAM) systems in this region. The growing awareness about the beneficial effects of Enterprise asset management (EAM) in this region and the readiness for adoption shown by the major small and large companies are the major factors strengthening the expansion of the market in this region.

Key Industry Developments In Enterprise Asset Management (EAM) Market

  • In September 2020, the Government National Mortgage Association (Ginnie Mae) chose CGI, to authorize the agency's Digital Asset Management Solution via a blanket purchase agreement including one base year and four option years. CGI will aid Ginnie Mae to create an enterprise-wide strategy for document, record, and content management to encourage the digital transformation of its operations and enhance the user experience of its stakeholders.
  • In August 2020, Dude Solutions Inc., the major software-as-a-service (SaaS) provider of operations management solutions, declared the incorporation of a strategic asset management tool, Capital Predictor, to its connected suite of solutions for educational institutions and local and regional governments. This declaration follows the company's purchase of Assetic, the leading strategic asset management software and services firm, and addresses the increasing need to elevate asset longevity and reduce maintenance and renewal costs. 
  • In October 2021, IBM revealed plans to purchase the Adobe Workfront consulting unit and assets from Rego Consulting Corporation to further enhance its hybrid cloud and AI strategy.  Building on IBM's strategic partnership with Adobe, the consultancy has expertise in work management software consulting for enterprise clients.
  • In October 2021, Hexagon AB, a global leading company in digital reality solutions, declared the completion of the previously publicized acquisition of Infor's global EAM business and has rectified an issue in kind of consideration shares. Completion of the agreement was subject to regulatory approvals and other customary closing conditions, which have now been obtained. The superior, SaaS-based asset management solution, Infor EAM, is utilized to track assets, digitalize maintenance operations and enable customers in nearly any industry to reach optimum operational efficiency.

Global Enterprise Asset Management (EAM) Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 4.42 Bn.

Forecast Period 2022-28 CAGR:

10.4%

Market Size in 2028:

USD 8.83 Bn.

Segments Covered:

By Component

  • Solutions
  • Services

By Deployment Type

  • Cloud-Based
  • On-Premise

By Enterprise Size

  • Large Enterprises
  • SMEs

By End Users

  • Energy & Utilities
  • Chemicals
  • Petroleum & Mining
  • Manufacturing
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Usage of Devices to Manage Enterprise Assets

Key Market Restraints:

  • Gap Between the Customer Expectations and the Solutions Delivered by the Vendors

Key Opportunities:

  • Innovations and Advancements in Technology

Companies Covered in the report:

  • ABB (Switzerland), CGI Inc. (Canada), Dude Solutions Inc. (US), eMaint Enterprises LLC (US), IBM Corporation (US), and Other major players.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Component
 3.2 By Deployment Type
 3.3 By Enterprise Size
 3.4 By End Users

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Enterprise Asset Management (EAM) Market by Component
 5.1 Enterprise Asset Management (EAM) Market Overview Snapshot and Growth Engine
 5.2 Enterprise Asset Management (EAM) Market Overview
 5.3 Solutions
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Solutions: Grographic Segmentation
 5.4 Services
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Services: Grographic Segmentation

Chapter 6: Enterprise Asset Management (EAM) Market by Deployment Type
 6.1 Enterprise Asset Management (EAM) Market Overview Snapshot and Growth Engine
 6.2 Enterprise Asset Management (EAM) Market Overview
 6.3 Cloud-Based
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Cloud-Based: Grographic Segmentation
 6.4 On-Premise
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 On-Premise: Grographic Segmentation

Chapter 7: Enterprise Asset Management (EAM) Market by Enterprise Size
 7.1 Enterprise Asset Management (EAM) Market Overview Snapshot and Growth Engine
 7.2 Enterprise Asset Management (EAM) Market Overview
 7.3 Large Enterprises
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2016-2028F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Large Enterprises: Grographic Segmentation
 7.4 SMEs
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2016-2028F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 SMEs: Grographic Segmentation

Chapter 8: Enterprise Asset Management (EAM) Market by End Users
 8.1 Enterprise Asset Management (EAM) Market Overview Snapshot and Growth Engine
 8.2 Enterprise Asset Management (EAM) Market Overview
 8.3 Energy & Utilities
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size (2016-2028F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Energy & Utilities: Grographic Segmentation
 8.4 Chemicals
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size (2016-2028F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Chemicals: Grographic Segmentation
 8.5 Petroleum & Mining
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size (2016-2028F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Petroleum & Mining: Grographic Segmentation
 8.6 Manufacturing
  8.6.1 Introduction and Market Overview
  8.6.2 Historic and Forecasted Market Size (2016-2028F)
  8.6.3 Key Market Trends, Growth Factors and Opportunities
  8.6.4 Manufacturing: Grographic Segmentation
 8.7 Others
  8.7.1 Introduction and Market Overview
  8.7.2 Historic and Forecasted Market Size (2016-2028F)
  8.7.3 Key Market Trends, Growth Factors and Opportunities
  8.7.4 Others: Grographic Segmentation

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Positioning
  9.1.2 Enterprise Asset Management (EAM) Sales and Market Share By Players
  9.1.3 Industry BCG Matrix
  9.1.4 Ansoff Matrix
  9.1.5 Enterprise Asset Management (EAM) Industry Concentration Ratio (CR5 and HHI)
  9.1.6 Top 5 Enterprise Asset Management (EAM) Players Market Share
  9.1.7 Mergers and Acquisitions
  9.1.8 Business Strategies By Top Players
 9.2 ABB
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Operating Business Segments
  9.2.5 Product Portfolio
  9.2.6 Business Performance
  9.2.7 Key Strategic Moves and Recent Developments
  9.2.8 SWOT Analysis
 9.3 CGI INC.
 9.4 DUDE SOLUTIONS INC.
 9.5 EMAINT ENTERPRISES LLC
 9.6 IBM CORPORATION
 9.7 IFS AB
 9.8 INFOR
 9.9 ORACLE CORPORATION
 9.10 RAMCO SYSTEMS LTD.
 9.11 SAP SE
 9.12 SCHNEIDER ELECTRIC SA
 9.13 IPS
 9.14 ACCRUENT
 9.15 AVEVA GROUP PLC
 9.16 APTEAN
 9.17 PROFESSIONAL DATASOLUTIONS INC.
 9.18 ASSETWORKS LLC
 9.19 ULTIMO SOFTWARE SOLUTIONS INC.
 9.20 EZOFFICEINVENTORY
 9.21 ASSETINFINITY
 9.22 INNOMAINT SOFTWARE
 9.23 ALADINME
 9.24 LIMBLE
 9.25 REDLIST
 9.26 TRACKX
 9.27 CHEQROOM
 9.28 THE ASSET GUARDIAN
 9.29 GOCODES
 9.30 FLEETIO
 9.31 UPKEEP MAINTENANCE MANAGEMENT
 9.32 OTHER MAJOR PLAYERS

Chapter 10: Global Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 10.1 Market Overview
 10.2 Historic and Forecasted Market Size By Component
  10.2.1 Solutions
  10.2.2 Services
 10.3 Historic and Forecasted Market Size By Deployment Type
  10.3.1 Cloud-Based
  10.3.2 On-Premise
 10.4 Historic and Forecasted Market Size By Enterprise Size
  10.4.1 Large Enterprises
  10.4.2 SMEs
 10.5 Historic and Forecasted Market Size By End Users
  10.5.1 Energy & Utilities
  10.5.2 Chemicals
  10.5.3 Petroleum & Mining
  10.5.4 Manufacturing
  10.5.5 Others

Chapter 11: North America Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Component
  11.4.1 Solutions
  11.4.2 Services
 11.5 Historic and Forecasted Market Size By Deployment Type
  11.5.1 Cloud-Based
  11.5.2 On-Premise
 11.6 Historic and Forecasted Market Size By Enterprise Size
  11.6.1 Large Enterprises
  11.6.2 SMEs
 11.7 Historic and Forecasted Market Size By End Users
  11.7.1 Energy & Utilities
  11.7.2 Chemicals
  11.7.3 Petroleum & Mining
  11.7.4 Manufacturing
  11.7.5 Others
 11.8 Historic and Forecast Market Size by Country
  11.8.1 U.S.
  11.8.2 Canada
  11.8.3 Mexico

Chapter 12: Europe Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Component
  12.4.1 Solutions
  12.4.2 Services
 12.5 Historic and Forecasted Market Size By Deployment Type
  12.5.1 Cloud-Based
  12.5.2 On-Premise
 12.6 Historic and Forecasted Market Size By Enterprise Size
  12.6.1 Large Enterprises
  12.6.2 SMEs
 12.7 Historic and Forecasted Market Size By End Users
  12.7.1 Energy & Utilities
  12.7.2 Chemicals
  12.7.3 Petroleum & Mining
  12.7.4 Manufacturing
  12.7.5 Others
 12.8 Historic and Forecast Market Size by Country
  12.8.1 Germany
  12.8.2 U.K.
  12.8.3 France
  12.8.4 Italy
  12.8.5 Russia
  12.8.6 Spain
  12.8.7 Rest of Europe

Chapter 13: Asia-Pacific Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Component
  13.4.1 Solutions
  13.4.2 Services
 13.5 Historic and Forecasted Market Size By Deployment Type
  13.5.1 Cloud-Based
  13.5.2 On-Premise
 13.6 Historic and Forecasted Market Size By Enterprise Size
  13.6.1 Large Enterprises
  13.6.2 SMEs
 13.7 Historic and Forecasted Market Size By End Users
  13.7.1 Energy & Utilities
  13.7.2 Chemicals
  13.7.3 Petroleum & Mining
  13.7.4 Manufacturing
  13.7.5 Others
 13.8 Historic and Forecast Market Size by Country
  13.8.1 China
  13.8.2 India
  13.8.3 Japan
  13.8.4 Singapore
  13.8.5 Australia
  13.8.6 New Zealand
  13.8.7 Rest of APAC

Chapter 14: Middle East & Africa Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Component
  14.4.1 Solutions
  14.4.2 Services
 14.5 Historic and Forecasted Market Size By Deployment Type
  14.5.1 Cloud-Based
  14.5.2 On-Premise
 14.6 Historic and Forecasted Market Size By Enterprise Size
  14.6.1 Large Enterprises
  14.6.2 SMEs
 14.7 Historic and Forecasted Market Size By End Users
  14.7.1 Energy & Utilities
  14.7.2 Chemicals
  14.7.3 Petroleum & Mining
  14.7.4 Manufacturing
  14.7.5 Others
 14.8 Historic and Forecast Market Size by Country
  14.8.1 Turkey
  14.8.2 Saudi Arabia
  14.8.3 Iran
  14.8.4 UAE
  14.8.5 Africa
  14.8.6 Rest of MEA

Chapter 15: South America Enterprise Asset Management (EAM) Market Analysis, Insights and Forecast, 2016-2028
 15.1 Key Market Trends, Growth Factors and Opportunities
 15.2 Impact of Covid-19
 15.3 Key Players
 15.4 Key Market Trends, Growth Factors and Opportunities
 15.4 Historic and Forecasted Market Size By Component
  15.4.1 Solutions
  15.4.2 Services
 15.5 Historic and Forecasted Market Size By Deployment Type
  15.5.1 Cloud-Based
  15.5.2 On-Premise
 15.6 Historic and Forecasted Market Size By Enterprise Size
  15.6.1 Large Enterprises
  15.6.2 SMEs
 15.7 Historic and Forecasted Market Size By End Users
  15.7.1 Energy & Utilities
  15.7.2 Chemicals
  15.7.3 Petroleum & Mining
  15.7.4 Manufacturing
  15.7.5 Others
 15.8 Historic and Forecast Market Size by Country
  15.8.1 Brazil
  15.8.2 Argentina
  15.8.3 Rest of SA

Chapter 16 Investment Analysis

Chapter 17 Analyst Viewpoint and Conclusion

Global Enterprise Asset Management (EAM) Market

Base Year:

2021

Forecast Period:

2022-2028

Historical Data:

2016 to 2020

Market Size in 2021:

USD 4.42 Bn.

Forecast Period 2022-28 CAGR:

10.4%

Market Size in 2028:

USD 8.83 Bn.

Segments Covered:

By Component

  • Solutions
  • Services

By Deployment Type

  • Cloud-Based
  • On-Premise

By Enterprise Size

  • Large Enterprises
  • SMEs

By End Users

  • Energy & Utilities
  • Chemicals
  • Petroleum & Mining
  • Manufacturing
  • Others

By Region

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Usage of Devices to Manage Enterprise Assets

Key Market Restraints:

  • Gap Between the Customer Expectations and the Solutions Delivered by the Vendors

Key Opportunities:

  • Innovations and Advancements in Technology

Companies Covered in the report:

  • ABB (Switzerland), CGI Inc. (Canada), Dude Solutions Inc. (US), eMaint Enterprises LLC (US), IBM Corporation (US), and Other major players.

LIST OF TABLES

TABLE 001. EXECUTIVE SUMMARY
TABLE 002. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BARGAINING POWER OF SUPPLIERS
TABLE 003. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BARGAINING POWER OF CUSTOMERS
TABLE 004. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET COMPETITIVE RIVALRY
TABLE 005. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET THREAT OF NEW ENTRANTS
TABLE 006. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET THREAT OF SUBSTITUTES
TABLE 007. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BY COMPONENT
TABLE 008. SOLUTIONS MARKET OVERVIEW (2016-2028)
TABLE 009. SERVICES MARKET OVERVIEW (2016-2028)
TABLE 010. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BY DEPLOYMENT TYPE
TABLE 011. CLOUD-BASED MARKET OVERVIEW (2016-2028)
TABLE 012. ON-PREMISE MARKET OVERVIEW (2016-2028)
TABLE 013. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BY ENTERPRISE SIZE
TABLE 014. LARGE ENTERPRISES MARKET OVERVIEW (2016-2028)
TABLE 015. SMES MARKET OVERVIEW (2016-2028)
TABLE 016. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET BY END USERS
TABLE 017. ENERGY & UTILITIES MARKET OVERVIEW (2016-2028)
TABLE 018. CHEMICALS MARKET OVERVIEW (2016-2028)
TABLE 019. PETROLEUM & MINING MARKET OVERVIEW (2016-2028)
TABLE 020. MANUFACTURING MARKET OVERVIEW (2016-2028)
TABLE 021. OTHERS MARKET OVERVIEW (2016-2028)
TABLE 022. NORTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COMPONENT (2016-2028)
TABLE 023. NORTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY DEPLOYMENT TYPE (2016-2028)
TABLE 024. NORTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY ENTERPRISE SIZE (2016-2028)
TABLE 025. NORTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY END USERS (2016-2028)
TABLE 026. N ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COUNTRY (2016-2028)
TABLE 027. EUROPE ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COMPONENT (2016-2028)
TABLE 028. EUROPE ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY DEPLOYMENT TYPE (2016-2028)
TABLE 029. EUROPE ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY ENTERPRISE SIZE (2016-2028)
TABLE 030. EUROPE ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY END USERS (2016-2028)
TABLE 031. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COUNTRY (2016-2028)
TABLE 032. ASIA PACIFIC ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COMPONENT (2016-2028)
TABLE 033. ASIA PACIFIC ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY DEPLOYMENT TYPE (2016-2028)
TABLE 034. ASIA PACIFIC ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY ENTERPRISE SIZE (2016-2028)
TABLE 035. ASIA PACIFIC ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY END USERS (2016-2028)
TABLE 036. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COUNTRY (2016-2028)
TABLE 037. MIDDLE EAST & AFRICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COMPONENT (2016-2028)
TABLE 038. MIDDLE EAST & AFRICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY DEPLOYMENT TYPE (2016-2028)
TABLE 039. MIDDLE EAST & AFRICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY ENTERPRISE SIZE (2016-2028)
TABLE 040. MIDDLE EAST & AFRICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY END USERS (2016-2028)
TABLE 041. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COUNTRY (2016-2028)
TABLE 042. SOUTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COMPONENT (2016-2028)
TABLE 043. SOUTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY DEPLOYMENT TYPE (2016-2028)
TABLE 044. SOUTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY ENTERPRISE SIZE (2016-2028)
TABLE 045. SOUTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY END USERS (2016-2028)
TABLE 046. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET, BY COUNTRY (2016-2028)
TABLE 047. ABB: SNAPSHOT
TABLE 048. ABB: BUSINESS PERFORMANCE
TABLE 049. ABB: PRODUCT PORTFOLIO
TABLE 050. ABB: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 050. CGI INC.: SNAPSHOT
TABLE 051. CGI INC.: BUSINESS PERFORMANCE
TABLE 052. CGI INC.: PRODUCT PORTFOLIO
TABLE 053. CGI INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 053. DUDE SOLUTIONS INC.: SNAPSHOT
TABLE 054. DUDE SOLUTIONS INC.: BUSINESS PERFORMANCE
TABLE 055. DUDE SOLUTIONS INC.: PRODUCT PORTFOLIO
TABLE 056. DUDE SOLUTIONS INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 056. EMAINT ENTERPRISES LLC: SNAPSHOT
TABLE 057. EMAINT ENTERPRISES LLC: BUSINESS PERFORMANCE
TABLE 058. EMAINT ENTERPRISES LLC: PRODUCT PORTFOLIO
TABLE 059. EMAINT ENTERPRISES LLC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 059. IBM CORPORATION: SNAPSHOT
TABLE 060. IBM CORPORATION: BUSINESS PERFORMANCE
TABLE 061. IBM CORPORATION: PRODUCT PORTFOLIO
TABLE 062. IBM CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 062. IFS AB: SNAPSHOT
TABLE 063. IFS AB: BUSINESS PERFORMANCE
TABLE 064. IFS AB: PRODUCT PORTFOLIO
TABLE 065. IFS AB: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 065. INFOR: SNAPSHOT
TABLE 066. INFOR: BUSINESS PERFORMANCE
TABLE 067. INFOR: PRODUCT PORTFOLIO
TABLE 068. INFOR: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 068. ORACLE CORPORATION: SNAPSHOT
TABLE 069. ORACLE CORPORATION: BUSINESS PERFORMANCE
TABLE 070. ORACLE CORPORATION: PRODUCT PORTFOLIO
TABLE 071. ORACLE CORPORATION: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 071. RAMCO SYSTEMS LTD.: SNAPSHOT
TABLE 072. RAMCO SYSTEMS LTD.: BUSINESS PERFORMANCE
TABLE 073. RAMCO SYSTEMS LTD.: PRODUCT PORTFOLIO
TABLE 074. RAMCO SYSTEMS LTD.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 074. SAP SE: SNAPSHOT
TABLE 075. SAP SE: BUSINESS PERFORMANCE
TABLE 076. SAP SE: PRODUCT PORTFOLIO
TABLE 077. SAP SE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 077. SCHNEIDER ELECTRIC SA: SNAPSHOT
TABLE 078. SCHNEIDER ELECTRIC SA: BUSINESS PERFORMANCE
TABLE 079. SCHNEIDER ELECTRIC SA: PRODUCT PORTFOLIO
TABLE 080. SCHNEIDER ELECTRIC SA: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 080. IPS: SNAPSHOT
TABLE 081. IPS: BUSINESS PERFORMANCE
TABLE 082. IPS: PRODUCT PORTFOLIO
TABLE 083. IPS: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 083. ACCRUENT: SNAPSHOT
TABLE 084. ACCRUENT: BUSINESS PERFORMANCE
TABLE 085. ACCRUENT: PRODUCT PORTFOLIO
TABLE 086. ACCRUENT: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 086. AVEVA GROUP PLC: SNAPSHOT
TABLE 087. AVEVA GROUP PLC: BUSINESS PERFORMANCE
TABLE 088. AVEVA GROUP PLC: PRODUCT PORTFOLIO
TABLE 089. AVEVA GROUP PLC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 089. APTEAN: SNAPSHOT
TABLE 090. APTEAN: BUSINESS PERFORMANCE
TABLE 091. APTEAN: PRODUCT PORTFOLIO
TABLE 092. APTEAN: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 092. PROFESSIONAL DATASOLUTIONS INC.: SNAPSHOT
TABLE 093. PROFESSIONAL DATASOLUTIONS INC.: BUSINESS PERFORMANCE
TABLE 094. PROFESSIONAL DATASOLUTIONS INC.: PRODUCT PORTFOLIO
TABLE 095. PROFESSIONAL DATASOLUTIONS INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 095. ASSETWORKS LLC: SNAPSHOT
TABLE 096. ASSETWORKS LLC: BUSINESS PERFORMANCE
TABLE 097. ASSETWORKS LLC: PRODUCT PORTFOLIO
TABLE 098. ASSETWORKS LLC: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 098. ULTIMO SOFTWARE SOLUTIONS INC.: SNAPSHOT
TABLE 099. ULTIMO SOFTWARE SOLUTIONS INC.: BUSINESS PERFORMANCE
TABLE 100. ULTIMO SOFTWARE SOLUTIONS INC.: PRODUCT PORTFOLIO
TABLE 101. ULTIMO SOFTWARE SOLUTIONS INC.: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 101. EZOFFICEINVENTORY: SNAPSHOT
TABLE 102. EZOFFICEINVENTORY: BUSINESS PERFORMANCE
TABLE 103. EZOFFICEINVENTORY: PRODUCT PORTFOLIO
TABLE 104. EZOFFICEINVENTORY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 104. ASSETINFINITY: SNAPSHOT
TABLE 105. ASSETINFINITY: BUSINESS PERFORMANCE
TABLE 106. ASSETINFINITY: PRODUCT PORTFOLIO
TABLE 107. ASSETINFINITY: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 107. INNOMAINT SOFTWARE: SNAPSHOT
TABLE 108. INNOMAINT SOFTWARE: BUSINESS PERFORMANCE
TABLE 109. INNOMAINT SOFTWARE: PRODUCT PORTFOLIO
TABLE 110. INNOMAINT SOFTWARE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 110. ALADINME: SNAPSHOT
TABLE 111. ALADINME: BUSINESS PERFORMANCE
TABLE 112. ALADINME: PRODUCT PORTFOLIO
TABLE 113. ALADINME: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 113. LIMBLE: SNAPSHOT
TABLE 114. LIMBLE: BUSINESS PERFORMANCE
TABLE 115. LIMBLE: PRODUCT PORTFOLIO
TABLE 116. LIMBLE: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 116. REDLIST: SNAPSHOT
TABLE 117. REDLIST: BUSINESS PERFORMANCE
TABLE 118. REDLIST: PRODUCT PORTFOLIO
TABLE 119. REDLIST: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 119. TRACKX: SNAPSHOT
TABLE 120. TRACKX: BUSINESS PERFORMANCE
TABLE 121. TRACKX: PRODUCT PORTFOLIO
TABLE 122. TRACKX: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 122. CHEQROOM: SNAPSHOT
TABLE 123. CHEQROOM: BUSINESS PERFORMANCE
TABLE 124. CHEQROOM: PRODUCT PORTFOLIO
TABLE 125. CHEQROOM: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 125. THE ASSET GUARDIAN: SNAPSHOT
TABLE 126. THE ASSET GUARDIAN: BUSINESS PERFORMANCE
TABLE 127. THE ASSET GUARDIAN: PRODUCT PORTFOLIO
TABLE 128. THE ASSET GUARDIAN: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 128. GOCODES: SNAPSHOT
TABLE 129. GOCODES: BUSINESS PERFORMANCE
TABLE 130. GOCODES: PRODUCT PORTFOLIO
TABLE 131. GOCODES: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 131. FLEETIO: SNAPSHOT
TABLE 132. FLEETIO: BUSINESS PERFORMANCE
TABLE 133. FLEETIO: PRODUCT PORTFOLIO
TABLE 134. FLEETIO: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 134. UPKEEP MAINTENANCE MANAGEMENT: SNAPSHOT
TABLE 135. UPKEEP MAINTENANCE MANAGEMENT: BUSINESS PERFORMANCE
TABLE 136. UPKEEP MAINTENANCE MANAGEMENT: PRODUCT PORTFOLIO
TABLE 137. UPKEEP MAINTENANCE MANAGEMENT: KEY STRATEGIC MOVES AND DEVELOPMENTS
TABLE 137. OTHER MAJOR PLAYERS: SNAPSHOT
TABLE 138. OTHER MAJOR PLAYERS: BUSINESS PERFORMANCE
TABLE 139. OTHER MAJOR PLAYERS: PRODUCT PORTFOLIO
TABLE 140. OTHER MAJOR PLAYERS: KEY STRATEGIC MOVES AND DEVELOPMENTS

LIST OF FIGURES

FIGURE 001. YEARS CONSIDERED FOR ANALYSIS
FIGURE 002. SCOPE OF THE STUDY
FIGURE 003. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY REGIONS
FIGURE 004. PORTER'S FIVE FORCES ANALYSIS
FIGURE 005. BARGAINING POWER OF SUPPLIERS
FIGURE 006. COMPETITIVE RIVALRYFIGURE 007. THREAT OF NEW ENTRANTS
FIGURE 008. THREAT OF SUBSTITUTES
FIGURE 009. VALUE CHAIN ANALYSIS
FIGURE 010. PESTLE ANALYSIS
FIGURE 011. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COMPONENT
FIGURE 012. SOLUTIONS MARKET OVERVIEW (2016-2028)
FIGURE 013. SERVICES MARKET OVERVIEW (2016-2028)
FIGURE 014. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY DEPLOYMENT TYPE
FIGURE 015. CLOUD-BASED MARKET OVERVIEW (2016-2028)
FIGURE 016. ON-PREMISE MARKET OVERVIEW (2016-2028)
FIGURE 017. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY ENTERPRISE SIZE
FIGURE 018. LARGE ENTERPRISES MARKET OVERVIEW (2016-2028)
FIGURE 019. SMES MARKET OVERVIEW (2016-2028)
FIGURE 020. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY END USERS
FIGURE 021. ENERGY & UTILITIES MARKET OVERVIEW (2016-2028)
FIGURE 022. CHEMICALS MARKET OVERVIEW (2016-2028)
FIGURE 023. PETROLEUM & MINING MARKET OVERVIEW (2016-2028)
FIGURE 024. MANUFACTURING MARKET OVERVIEW (2016-2028)
FIGURE 025. OTHERS MARKET OVERVIEW (2016-2028)
FIGURE 026. NORTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 027. EUROPE ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 028. ASIA PACIFIC ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 029. MIDDLE EAST & AFRICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COUNTRY (2016-2028)
FIGURE 030. SOUTH AMERICA ENTERPRISE ASSET MANAGEMENT (EAM) MARKET OVERVIEW BY COUNTRY (2016-2028)

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Frequently Asked Questions :

What would be the forecast period in the Enterprise Asset Management (EAM) Market research report?

The forecast period in the Enterprise Asset Management (EAM) Market research report is 2022-2028.

Who are the key players in 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.

What are the segments of the Enterprise Asset Management (EAM) Market?

The Enterprise Asset Management (EAM) Market is segmented into component, deployment model, enterprise size, end users, and region. By Component, the market is categorized into Solutions and Services. By Deployment Type, the market is categorized into Cloud-Based and On-Premise. By Enterprise Size, the market is categorized into Large Enterprises and SMEs. By End Users, the market is categorized into Energy & Utilities, Chemicals, Petroleum & Mining, Manufacturing, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

What is the Enterprise Asset Management (EAM) Market?

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.

How big is the Enterprise Asset Management (EAM) Market?

The Enterprise Asset Management (EAM) Market was valued at USD 4.42 Billion in 2021 and is projected to reach USD 8.83 Billion by 2028, growing at a CAGR of 10.4% from 2022 to 2028.