Enterprise Asset Management Market Size, Share & Trends Analysis By Deployment (Cloud, On-premise), By Enterprise Size (Large Enterprise, Small & Medium Enterprise), By End Use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global enterprise asset management market size was valued at USD 5.74 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 16.9% from 2023 to 2030.  The market's growth is driven by a stronger emphasis on improving asset availability and reducing asset breakdowns that impair business operations. The enterprise asset management (EAM) market is expected to grow more rapidly due to the rising demand for a 360-degree view of assets, the elimination of compliance-related overheads, the integration of technologies such as IoT, AI, and analytics, and the ongoing use of IoT platforms and devices to sustain enterprise assets. The demand for cloud-based EAM setups has been affected by increased internet enterprise size adoption, rising data security concerns, and cell phones that empower and inform users about using highly effective software.

The EAM market is undergoing a substantial transformation with supplemental and new technologies. The Internet of Things (IoT), real-time analytics, augmented reality, Artificial Intelligence (AI), digital twins, and telematics are integrated with EAM deployments to assist with more profound insights into asset management. As a result, EAM is increasingly becoming an intelligent program capable of ingesting real-time data, interacting with devices, and providing sophisticated insights to engineers and operators. A maturing market and broad usage of cloud and micro-enterprise size architectures in EAM and facility management software are offering new potential for market growth.

Severalpublic sector organizations, such as government entities, municipalities, and public institutions, use EAM software to manage public infrastructure, facilitate predictive maintenance, ensure compliance, save costs, and improve citizen services. For instance, in August 2022, Infor, a cloud software company, upgraded Infor Public Sector (IPS) asset and work management software in the city of Calgary in Alberta, Canada. The upgrade allows mobility businesses in the city to capitalize on functionalities, including GIS data integration, mobile applications, and improved performance.

Organizations are concerned about their data, and data security is a high issue because data loss may result in monetary and intangible losses. Organizations that were late to adopt modern EAM systems have grown accustomed to their traditional asset management and maintenance methods. For instance, in March 2023, CGI partnered with Akita, an asset management bank. Through the partnership, Aktia can improve the operation and development of current banking products and services and expedite the development of new offerings to serve customers better and compete more successfully in the rapidly evolving finance industry.

Deployment Insights

The on-premise segment accounted for the largest market share of over 64.5% in 2022 and is projected to remain dominant throughout the forecast period. Large enterprises with huge assets and sensitive data prefer deploying an on-premise EAM set-up to meet compliance requirements and relevant legislation. Concern regarding data security is a significant driving factor contributing to on-premise EAM software adoption. Enterprises demand on-premise asset management deployments where the organizations have low internet, particularly in remote places.

The cloud segment is anticipated to register the highest growth rate over the forecast period. Cloud-based EAM software can provide several advantages for asset portfolio management, including maximizing ROI, scheduling maintenance, enhancing decision-making, simplifying asset portfolio tracking, and improving efficiency. For instance, in November 2022, Cohesive Solutions, an IT service management company, announced the acquisition of Vetasi, an EAM provider. The acquisition would help the former company to strengthen its position in the market.

Enterprise Size Insights

The large enterprise segment accounted for the largest market share of over 61.3% in 2022. Large enterprises rely heavily on EAM software to streamline their operations and gain a competitive edge. The growing need of large enterprises to track KPIs associated with asset performance, fleet, and other facilities and the increasing urge to integrate multiple functions such as maintenance activities, inventory management, work order management, and reporting into a cohesive system are observed as crucial factors driving the segment growth.Also, implementing EAM software allows heavy machinery industrial organizations to comply with safety codes and industry regulations and avoid expensive penalties. This factor is also attributed to triggering the adoption rate of EAM in the heavy machinery industry’s vertical.

The small & medium enterprise segments in the market for enterprise asset management also increased significantly. Small & medium enterprises initially depended on spreadsheets and manual methods for scheduling asset management and maintenance activities. However, to gain a competitive advantage in the global market, SMEs have started shifting to modernized deployments that help streamline operations, provide a centralized platform for asset management, and reduce excessive maintenance and management activities costs. Moreover, growing awareness regarding the benefits of cloud-based EAM software in business processes and increasing government support for small businesses across the globe are further expected to create numerous opportunities for EAM vendors over the forecasted period.

End Use Insights

The manufacturing segment accounted for a considerable market share of over 19.4% in 2022. The manufacturing industry has been making significant progress by implementing digital solutions in business processes. The growing need of these organizations to control and reduce maintenance costs, improve the usable lifespan of their business assets and equipment, streamline workflow, and maximize production efficiency are critical factors driving the adoption of enterprise asset management (EAM) solutions in the industry. Several large-scale organizations are increasingly dependent on EAM solutions. General Motors (GM) relies on its EAM solution data, one globally recognized vehicle manufacturer. By using RFID tracking and other connected devices, the company can track and monitor its assets and collect accurate performance data.

The government segment in the enterprise asset management market also increases significantly. Managing and maintaining assets for local, state, and federal government agencies is crucial as security, compliance with standards, and seamless processes are given utmost consideration. Deployment of EAM software helps government organizations extend the life of most critical assets and increase accountability and transparency across the entire organization. The growing need to automate the manual and time-consuming processes of filling spreadsheets, the increasing emphasis on preventing loss of information, and constant communication failures that restrict the organization's overall functioning are primary factors influencing government agencies to teach EAM software in business processes.

Regional Insights

The North American market accounted for over 33.3% of the global market share in 2022. The presence of major EAM players such as Aptean, AssetWorks, LLC, CGI Inc.; and Infor, among others in the region, are the key driving factors of the region. Moreover, early adoption of the latest technologies, the proliferation of cloud-based deployments, a highly developed IT infrastructure, government investments in advanced technologies, and the increasing focus of organizations on meeting regulatory and compliance requirements are all factors that contribute to this region's large share.

The European region is expected to present significant opportunities for industry expansion. European manufacturers and transport operators are increasingly adopting advanced asset management deployments and technologies such as the Internet of Things and predictive analytics. These technologies will help to predict the potential failure of the machinery and equipment and optimize asset maintenance processes. For instance, in December 2022, Asset Lifecycle Intelligence a division of Hexagon AB, released HxGN EAM v12, a new version of a SaaS-based enterprise asset management product. The product will offer an Asset Performance Management (APM) module with Root Cause Analysis (RCA) features which enables visualization of Asset Investment Planning (AIP) using EcoSys.

Key Companies & Market Share Insights

The market is highly competitive, with several players catering to different sectors. The presence of established players is a crucial factor deterring potential players from entering the market. However, the increasing development of differentiated enterprise asset management deployments and enterprise sizes is expected to create growth opportunities for new entrants. Market players are focusing on expanding their businesses and strengthening their market positions through collaborations and partnerships.

Key players are frequently employed to succeed in the market and sustain global supremacy in their respective domains. One of the most effective techniques is to develop an innovative system or product that is in high demand by end-users and customers. For instance, in April 2023, Trimble Inc., a provider of industrial technology, announced the launch of Trimble Unity AMS, an enterprise asset management solution for electric utilities. The solution is based on the company’s Cityworks platform. The solution allows utilities to manage asset infrastructure from construction, maintenance, and replacements. Some of the prominent players operating in the global enterprise asset management market include:

• Aptean

• AssetWorks, LLC

• CGI, Inc.

• IFS AB

• Infor

• International Business Machines (IBM) Corporation

• Oracle Corporation

• PcsInfinity (Asset Infinity)

• Sage Group PLC

• SAP SE

Enterprise Asset Management Market Report Scope

Global Enterprise Asset Management Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global enterprise asset management market report based on deployments, enterprise sizes, end use, and regions:

• Deployment Outlook (Revenue, USD Million; 2018 - 2030)

  • Cloud

  • On-premise

• Enterprise Size Outlook (Revenue, USD Million; 2018 - 2030)

  • Large Enterprise

  • Small & Medium Enterprise

• End Use Outlook (Revenue, USD Million; 2018 - 2030)

  • Manufacturing

  • Facility Management

  • Healthcare

  • Education

  • Government

  • Others

• Regional Outlook (Revenue, USD Billion; 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Nordic Region

    • Eastern Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • New Zealand

    • Indonesia

    • Malaysia

    • Singapore

    • Thailand

    • Vietnam

  • Latin America

    • Brazil

  • Middle East & Africa