IoT integration will bolster the market prospects during 2022-2028. In 2022, North America will hold 27.5% of the global enterprise asset management market share. Elevated demand for asset lifecycle management will drive the U.S. enterprise asset
The global enterprise asset management market is anticipated to reach a valuation of US$ 4.86 Bn by 2028, with sales growing at a strong CAGR of 7.1% from 2022 to 2028. By the end of 2022, the target market is set to reach an estimated US$ 3.21 Bn. Owing to a growing global economy and the rise of various start-ups and enterprises, the need for effective asset management is also escalating. In addition, the integration of technologically advanced tools into this market will further aid the growth of the enterprise asset management market during the forecast period.
In the past few years, many start-up ventures have been receiving government funds for new projects and enterprise asset management software development. Small and large enterprises continue to choose enterprise asset management software owing to cost-effective asset lifecycle optimization for a modular and fully scalable solution that satisfies organizational needs. This bodes well for the target market.
Again, the use of enterprise asset management (EAM) solutions comes with a set of benefits that further promote its market growth. EAM systems provide asset visibility that gives precise information on identities, materials, and supplies. Enterprise asset management software solutions also allow the control or elimination of overstocking and stockpiling and help lessen fixed capital investments. EAM software proposes far more robust analytical systems for managing assets, workflow analysis, and preventative maintenance.
“Advantages of EAM solutions as well as high adoption rates of Artificial Intelligence and drone-based enterprise solutions will likely propel the global growth of the enterprise asset management market over the forecast period,” says an FMI analyst.
Key Takeaways:
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Competitive Landscape
Oracle Corporation, SAP SE, Schneider Electric SE, ABB Ltd., MRI Software LLC, CGI Inc., Industrial and Financial Services (IFS) AB, Infor Inc., Ramco Systems Limited, Rockwell Automation Inc., and Bentley Systems Incorporated among others are some of the major players in the enterprise asset management market profiled in the full version of the report.
Leading market players are focusing on offering new and innovative solutions, with a variety of features and other updates, rather than traditional ones. These businesses employ strategic mergers and acquisition tactics to gain the upper hand in the market.
According to the latest FMI reports, based on segmentation, the on-premise deployment type is predicted to contribute significantly to the global enterprise asset management market growth. This segment will generate several business opportunities owing to a preference for on-premise EAM systems by companies that need control over the protection of consumer and company data. In terms of end-user, the manufacturing industry will be one of the biggest users of the target market during the projected period.
Based on region, the enterprise asset management market in North America will demonstrate considerable growth during 2022-2028. In 2022, the region will account for 27.5% of the enterprise asset management market share with the market in the United States acting as a major contributor.
The strong presence of a well-developed IT infrastructure, increasing adoption of asset lifecycle management solutions, and enterprises’ heightened focus on observing regulatory and compliance standards are all fueling the growth of the target market in the U.S. In addition to the U.S., China will also present notable growth in the enterprise asset management market during the forecast period.
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Key Segments of Enterprise Asset Management Industry Research
Enterprise Asset Management Market by Deployment:
Enterprise Asset Management Market by Industry:
Enterprise Asset Management Market by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 06, 2023
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