Global Enterprise Asset Management Market Research Report: Forecast (2024-2030)

Market Definition

Enterprise asset management incorporates solutions & services for optimizing production workflow and managing the physical assets of the organization. These services comprise of improved asset performance, reduced downtime, and enhanced overall operational effectiveness.

Market Insights & Analysis: Global Enterprise Asset Management Market (2024-30):

The Global Enterprise Asset Management Market size 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. Enterprise asset management offers a complete business package that empowers organizations to manage their assets efficiently across multiple departments, locations, and units. According to the American Institute of Asset Management, these solutions help in increasing work productivity by 20%. Therefore, companies are adopting enterprise asset management solutions for an all-inclusive understanding of infrastructure throughout its lifecycle, from procurement & design to disposal, operation, replacement, or maintenance.

Over time, industries like aviation, military, and power have implemented asset management strategies, including reliability-centered and condition-based maintenance. As a result, enterprises recognized the positive influence of tracking and managing assets on their organizational efficiency, profitability, and resource optimization. Moreover, AI & ML hold great potential for Enterprise Asset Management (EAM). By analyzing extensive data sets with accuracy in forecasting equipment failures that enhance maintenance schedules while improving overall asset performance, IBM's Maximo is an excellent demonstration of such efficacy in deploying AI to provide valuable insights into equipment health, helping organizations make well-informed decisions. These technological advancements together offer increased efficiency in reducing operational expenses while heightening productivity and ushering EAM solutions into a new era.

Further, these solutions result in equipment downtime & reduce the cost of materials. According to CompareSoft, an asset management company, these advanced asset management solutions help in reducing 20% equipment downtime & approximately 17% reduction in inventory maintenance and repair. Therefore, industries that heavily rely on assets such as energy & utilities, transportation & logistics, government & defense, manufacturing, healthcare, and life sciences have widely adopted advanced enterprise asset management solutions. In the current market landscape, several vendors offer powerful and all-encompassing enterprise asset management solutions tailored to suit multinational corporations' requirements. Such cutting-edge software provides businesses with the essential adaptability and versatility they need to proficiently manage operations while keeping costs in check and boosting overall output levels, further instigating the Enterprise Asset Management Market growth.

Global Enterprise Asset Management Market Driver:

Rising Adoption of Cutting-Edge Technologies & Connected Devices – Internet penetration & smartphone accessibility have increased significantly during historical years. As per the statistics provided by the Data Reportal, in 2023, there were approximately 5.16 billion internet users across the globe, which is approximately 64.4% of the total world population. Similarly, smartphone accessibility across the globe has also increased. This proliferation of smart devices is creating a conducive environment for digital platforms & services.  As a result, several organizations globally have shifted towards digital platforms & started offering their services via digital means. According to the BigCommerce Company, as of 2023, around 20% to 30% of organizations have moved to online platforms & around 60% of enterprises are planning to increase their online presence. Therefore, organizations are increasingly utilizing technology-based solutions to boost their online performance.

Additionally, these companies are adopting sensor technologies, data analytics, and Artificial Intelligence (AI) since these emerging technologies enable the organization to make well-informed decisions. Thus, to improve customer engagement, simplify business operations, and optimize overall operational efficiency, organizations are increasingly using technology-based asset management solutions, driving the Global Enterprise Asset Management Market.

Furthermore, industries across the globe are undergoing Industrial Revolution 4.0, owing to which the manufacturing units require solutions that help in real-time monitoring. Thus, these industries would shift towards Internet of Things (IoT) based enterprise asset management solutions to minimize downtime, consequently enlarging market size in the forecast period.

Global Enterprise Asset Management Market Opportunity:

Increasing Shift Towards Cloud-based Solutions to Amplify Market Growth – In recent years, data generation in different industry verticals has significantly increased. According to the Edge Delta, around 15.87 TB of data is generated every day. The higher data generation is resulting in the top companies opting for solutions that provide secure storage of critical data. Hence, enterprises are increasingly seeking cloud-based solutions. According to the statistics by Colorib, as of 2024, around 90% of companies use cloud software to ease their daily operations. Additionally, the cloud-based platforms offer flexibility & convenience since they allow easy access to the data of its employees. Therefore, organizations following a hybrid working model are increasingly incorporating cloud-based solutions within their digital infrastructure, enhancing market growth.

Moreover, the digitalization initiatives laid out by government authorities across the globe would continue to encourage the adoption of digital services. As a result, the data generation would significantly grow in the forecast years. As per the research studies by Huawei Company, data generation would reach approximately 1 yottabyte by 2030. Consequently, this would facilitate the adoption of cloud-based solutions to ensure the smooth data storage & optimization of tasks within small & large enterprises in the forthcoming years.

Global Enterprise Asset Management Market Challenge:

Concerns Regarding Data Security & Confidentiality Posing a Challenge for Market Growth – As organizations increasingly rely on digital platforms for managing assets, safeguarding sensitive information has become a top priority. Businesses are wary of data breaches & cyberattacks that can compromise crucial operational details like asset performance, maintenance schedules, and the like housed within Enterprise Asset Management (EAM) systems. According to the Statistics provided by Cobalt Labs Inc., one of the leading cybersecurity companies, in 2023, there were around 2,220 cyberattacks every day. These cyber security breaches are resulting in the loss of financial and other critical information. According to the survey by CompTIA company, 29% of the businesses that experience data breach undergoes financial loss.

Therefore, end-users like BFSI, Healthcare, etc., that handle confidential information are apprehensive about opting the digital solutions to avoid data breach incidents. This is consequently hindering the adoption of comprehensive EAM solutions, impeding market growth.

Global Enterprise Asset Management Market (2024-30): Segmentation Analysis

The Global Enterprise Asset Management Market study by MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment & includes predictions for the period 2024–2030 at the global level. In accordance to the analysis, the market has been further classified as:

Based on Application:

• Asset Lifecycle Management
• Inventory Management
• Work Order Management
• Labor Management
• Predictive Maintenance
• Facility Management
• Others

Predictive maintenance is expected to contribute the highest share of the Enterprise Asset Management Market. The employment of predictive maintenance is a state-of-the-art technique that employs data analytics, sensor technology, and machine learning algorithms to scrutinize asset information from both present time as well as historical records. The principal objective behind this method revolves around observing the equipment's operational condition with precision by identifying patterns.

It takes corrective measures at an advanced stage before it fails by detecting potential failure indicators early on while prioritizing tasks for optimal resource management via informed decision-making techniques, all aimed towards achieving enhanced productivity along with the reduction in cost associated with unexpected downtimes or scheduled upkeeps extending durable life spans of significant assets when integrated into EAM systems, ultimately allowing organizations to shift gears from reactive models towards a proactive approach empowering them further through sustainable reliable assets allocation processes resulting in increased efficiency overall.

Based on End User:

• Manufacturing
• Energy & Utilities
• Healthcare & Life Sciences
• Transportation & Logistics
• Telecom
• Government & Public Sector
• Education
• Others

Transportation & Logistics is set to witness the largest market growth on a global scale during the forecast period. The transportation & logistics companies are increasingly using digital management solutions. Based on the Google Trend, as of 2023, around 30% of transportation companies rely on management solutions to optimize their operations. Therefore, in the field of transportation & logistics, EAM solutions are playing a vital role in keeping up with constant changes. Further, this helps transportation enterprises to improve maintenance by tracking and utilization of multiple assets like vehicles, trailers & warehouse equipment, etc. Additionally, these systems provide real-time visibility into their condition & location, enabling companies to implement proactive strategies for extending fleet lifespan.

Moreover, efficient inventory management also facilitates tracking of spare parts & managing the supply chain through EAM's features that enhance overall functional efficiency. Along with it, it helps in reducing fuel consumption & improving route optimization via performance analytics algorithms. EAM integration with other systems such as Transportation Management Systems (TMS) or Warehouse Management Systems (WMS) assures seamless information flow empowering organizations to make data-driven decisions swiftly adapting even when faced with changing logistic requirements, making it evident why they are essential.

Global Enterprise Asset Management Market (2024-30): Regional Projection

Geographically, the Global Enterprise Asset Management Market expands across:

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

North America is anticipated to dominate the Enterprise Asset Management Market. The region stands at the forefront of technological innovation worldwide, with a steadfast commitment to implementing technology and IT across its diverse landscape. In their efforts to enhance EAM system functionality, companies in North America are leveraging advanced technologies, such as IoT sensors, and AI & ML capabilities. By integrating these features into assets databases themselves organizations can effectively monitor them in real-time, resulting in improvements in maintenance scheduling being data-driven. Thus, ensuring that they stay operational longer while reducing downtime-related expenses considerably, making it an effective strategy overall.

Moreover, mobile EAM applications are now widely adopted by businesses as they provide maintenance teams with seamless access to asset information while on the go, resulting in increased overall operational efficiency across the regional scale.

Global Enterprise Asset Management Industry Recent Development

• 2023: AJ Foyt Racing, an American racing team, has recently revealed a long-term collaboration with IFS. This partnership aims to leverage the asset management solution provided by IFS Ultimo for effective parts management, lifting, and maintenance purposes.
• 2022: Hitachi Energy revealed that Energinet has expedited its digital transformation through the implementation of the Lumada APM solution. This partnership aims to assist the Transmission System Operator (TSO) in effectively evaluating the necessary grid reinvestments required to accomplish their ambitious 2030 carbon neutrality objectives.

Gain a Competitive Edge with Our Global Enterprise Asset Management Market Report

• Global Enterprise Asset Management Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Global Enterprise Asset Management Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.