The Global Enterprise Asset Management (EAM) Market Size accounted for USD 5.7 Billion in 2022 and is projected to achieve a market size of USD 25.9 Billion by 2032 growing at a CAGR of 16.3% from 2023 to 2032.

Enterprise Asset Management Market Key Highlights

• Global enterprise asset management market revenue is expected to increase by USD 25.9 Billion by 2032, with a 16.3% CAGR from 2023 to 2032
• North America region led with more than 31% of enterprise asset management market share in 2022
• Asia-Pacific EMS market growth will record a CAGR of more than 17% from 2023 to 2032
• The manufacturing industry holds the largest share of the EAM market, accounting for more than 23% of the total revenue in 2022
• According to a survey by ARC Advisory Group, 71% of companies reported an increase in equipment reliability and availability after implementing EAM, and 67% reported a decrease in maintenance costs
• According to a report by Deloitte, asset-intensive industries such as oil and gas, mining, and utilities can achieve a 20-30% increase in productivity through the use of EAM solutions
• Rising adoption of digital twins and augmented reality in asset management, drives the enterprise asset management market value

Enterprise asset management (EAM) refers to the process of managing an organization's physical assets throughout its entire lifecycle, from acquisition to disposal. This includes tracking the assets' maintenance, repairs, upgrades, and replacements, as well as their location, usage, and performance. The primary goal of EAM is to maximize asset uptime, optimize its use, reduce costs, and ensure compliance with regulatory standards.

The EAM market has been growing steadily over the past few years, driven by the increasing demand for asset optimization, predictive maintenance, and regulatory compliance. The growth is driven by the increasing need for organizations to optimize their asset utilization, reduce maintenance costs, and improve return on investment (ROI). Furthermore, the rise of cloud-based EAM solutions, the growing adoption of the Internet of Things (IoT) in asset management, and the integration of Artificial Intelligence (AI) and Machine Learning (ML) are also contributing to the market growth.

The EAM market is also witnessing significant growth due to the increasing demand from industries such as manufacturing, energy and utilities, transportation and logistics, and healthcare. These industries require efficient management of their critical assets to ensure operational efficiency and reduce downtime, leading to increased demand for EAM solutions.

Global Enterprise Asset Management Market Trends

Market Drivers

• Increasing need for organizations to optimize asset utilization and reduce maintenance costs
• Growing adoption of cloud-based EAM solutions
• Integration of AI and ML in EAM software
• Rising demand for EAM solutions in industries such as manufacturing, energy and utilities, transportation and logistics, and healthcare

Market Restraints

• High initial costs associated with implementing EAM solutions
• Lack of skilled workforce to manage and operate EAM software

Market Opportunities

• Increasing adoption of predictive maintenance techniques
• Rising adoption of digital twins and augmented reality in asset management

Enterprise Asset Management Market Report Coverage

Enterprise asset management aids companies and enterprises in minimizing their overall downtime as well as increasing the overall efficiency of their production through real-time monitoring of solutions. Owing to the increasing number of healthcare and government organizations adopting advanced enterprise asset management solutions, the global enterprise asset management market has witnessed a tremendous increase across all the crucial economies, globally. Moreover, rising infrastructural development across the globe coupled with increasing spending on information & communication technologies, especially in the field of asset management are some of the key factors driving the overall demand for enterprise asset management.

The enterprise asset management market is anticipated to witness a moderate pace of growth over the forecast period. In addition, North America is projected to account for the largest share of the global enterprise asset management market. It is also expected to register the highest adoption of enterprise asset management solutions over the forecast period. Furthermore, the long-term benefits of adopting enterprise asset management solutions can furnish and aid the enterprise and organizations to narrow down overall costs related to several business operations and processes and improve the maintenance and management control of their respective assets.

Some of the key factors supporting the market growth include a rapid paradigm shift towards cloud-based services and the rising trend of the internet of things. Also, organizations are gradually investing in software as a substitute for manual human labor which is a key factor expected to bolster the growth of the global enterprise asset management market over the forecast period. However, high initial costs associated with implementing and designing enterprise asset management solutions are a key factor hampering the growth of the global enterprise asset management market. In addition, the lack of strategic planning after the installation of enterprise asset management solutions coupled with the lack of skilled labor required to manage enterprise asset management processes is some other key aspects anticipated to hinder the growth of the global enterprise asset management market over the forecast period.

Enterprise Asset Management Market Segmentation

The global enterprise asset management market segmentation is based on component, deployment model, organization size, application, industry vertical, and geography.

Enterprise Asset Management Market By Component

• Services
• Solution

According to enterprise asset management industry analysis, the solution segment held the largest market share in 2022. EAM software helps organizations manage their assets effectively by providing features such as asset tracking, maintenance management, and real-time monitoring. The increasing need for organizations to optimize their asset utilization and reduce maintenance costs is driving the demand for EAM software. Cloud-based EAM solutions offer several benefits, such as lower implementation costs, scalability, and the ability to access real-time data from anywhere. These solutions also provide better security and backup options, as well as automatic updates, reducing the need for manual maintenance. Additionally, cloud-based EAM solutions enable organizations to deploy the latest technologies, such as IoT and AI, for better asset tracking and maintenance.

Enterprise Asset Management Market By Deployment Model

• On-premises
• Cloud

In terms of the deployment model, the on-premises segment is dominating the market in 2022. On-premises EAM solutions involve the installation of the software on the organization's own servers and infrastructure and the management of the software and data in-house. This segment is expected to experience slower growth than cloud-based solutions due to the higher costs and limitations of on-premises solutions. However, some organizations still prefer on-premises EAM solutions due to data security and privacy concerns or because their IT infrastructure is not compatible with cloud-based solutions. On-premises solutions also offer more customization options and greater control over the software and data.

Enterprise Asset Management Market By Organization Size

• Large Enterprises
• SMEs

According to the enterprise asset management market forecast, the SME (Small and Medium-sized Enterprises) segment is expected to witness significant growth in the coming years. The adoption of cloud-based EAM solutions is particularly attractive to SMEs due to their lower implementation costs and scalability. These solutions also offer SMEs the ability to access real-time data from anywhere, which can be particularly beneficial for remote workers. Additionally, cloud-based solutions provide SMEs with the latest technologies, such as IoT and AI, for better asset tracking and maintenance, without the need for costly in-house IT resources. Moreover, some EAM vendors are also offering more affordable solutions specifically designed for SMEs, with features and pricing that cater to their needs.

Enterprise Asset Management Market By Application

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

Based on the application, the asset lifecycle management segment is expected to witness significant growth in the coming years. This segment includes features such as asset tracking, maintenance planning, and inventory management. Asset lifecycle management solutions help organizations optimize their asset utilization, reduce maintenance costs, and improve overall operational efficiency. The asset lifecycle management segment is expected to grow at a significant rate during the forecast period, driven by the increasing need for organizations to manage their assets more efficiently. Asset lifecycle management solutions provide a comprehensive approach to asset management, enabling organizations to track and manage assets from the moment of acquisition until the end of their useful life. This approach includes maintenance planning and scheduling, monitoring asset performance, and determining the optimal time for disposal or replacement.

Enterprise Asset Management Market By Industry Vertical

• Energy and Utilities
• Government
• Transportation and Logistics
• Manufacturing
• IT and Telecommunications
• Education
• Healthcare
• Others

In terms of industry verticals, the IT and telecommunications sector has been experiencing significant growth in recent years. This growth is driven by several factors, including the increasing adoption of cloud-based EAM solutions, the need for more efficient asset management in data centers, and the increasing use of IoT and AI technologies in asset tracking and maintenance. Cloud-based EAM solutions are particularly attractive to organizations in the IT and telecommunications sector due to their scalability, cost-effectiveness, and ease of access from anywhere. These solutions provide real-time data on asset performance, enabling organizations to make data-driven decisions about maintenance and replacement. Additionally, data centers require specialized asset management solutions to manage their complex infrastructure and optimize resource utilization.

Enterprise Asset Management Market Regional Outlook