Press Release Description

Global Enterprise Asset Management Market to Record a CAGR of 10.8% During 2024-30

The Global Enterprise Asset Management Market was valued at USD 4.4 billion in 2023 and is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. Enterprise Asset Management is a comprehensive business solution that is utilized by organizations to manage their assets effectively across various departments, facilities, business units, and geographic locations.

Enterprise asset management solutions, when implemented, allow companies to possess a holistic view of their infrastructures throughout the entire lifecycle, encompassing design and procurement to operation, maintenance, disposal, and replacement. Initially, asset management in railroads was limited to run-to-failure systems. However, in the 1950s, preventive maintenance systems were introduced, marking a significant shift. Over time, asset management practices such as reliability-centered and condition-based maintenance have been adopted in various industries, including aviation, military, and power sectors.

Global Enterprise Asset Management Market

Recognizing the importance of tracking and managing assets for organizational efficiency, profitability, and resource optimization, enterprises have embraced advanced enterprise asset management solutions. These solutions are particularly prevalent in asset-intensive industries like energy and utilities, transportation and logistics, government and defense, manufacturing, healthcare, and life sciences.

Today, the market offers a variety of vendors providing robust enterprise asset management solutions tailored to the needs of global organizations. These solutions offer the agility and flexibility necessary for effective business operations, cost control, and enhanced productivity, further states the research report, “Global Enterprise Asset Management Market Analysis, 2024.”

Global Enterprise Asset Management Market Segmentation Analysis

Predictive Maintenance Propelling the Market Growth

Based on the Application segment, the market is further bifurcated into Asset Lifecycle Management, Inventory Management, Work Order Management, Labour Management, Predictive Maintenance Facility Management, and Others. Predictive maintenance, a sophisticated methodology, utilizes data analytics, sensor technology, and machine learning algorithms to analyze both real-time & historical data from assets. It aims to optimize the overall performance of assets by continuously monitoring the condition of equipment, identifying performance patterns, and detecting potential failure indicators.

This approach proactively minimizes unexpected downtime, reduces maintenance expenses, and lengthens the lifespan of crucial assets. Hence, this integration of predictive maintenance into EAM significantly boosts operational efficiency, allowing organizations to make data-driven decisions, prioritize maintenance tasks, and allocate resources more effectively for sustained asset reliability.

North America Leading the Global Enterprise Asset Management Market

North America is leading global technological innovation, particularly in technology and IT implementation. Companies in the region are leveraging cutting-edge technologies like IoT, AI, and ML to enhance their Enterprise Asset Management (EAM) systems. By integrating IoT sensors with assets, organizations can monitor assets in real time, predict maintenance needs, and make data-driven decisions. This approach minimizes downtime, reduces maintenance costs, and extends asset lifespan.

In the energy industry, IoT-enabled sensors are used to monitor equipment conditions, predict malfunctions, and optimize maintenance plans. Thus, the increasing popularity of mobile EAM applications has also contributed to higher adoption rates. Moreover, these apps enable maintenance teams to access and update asset information while on the move, enhancing operational efficiency.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including IBM, SAP, Oracle, Hexagon, IFS, Hitachi Energy, IPS Intelligent Process Solutions, Accruent, Aveva, Aptean, Emaint, CGI, Upkeep, Assetworks, Ramco Systems are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Enterprise Asset Management Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography, product & service adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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