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| Global Enterprise Asset Management Market Size |
Enterprise asset management (EAM) solutions help organizations to streamline
maintenance, inspection, and repair activities of physical assets while
maximizing their return on investment. These solutions integrate asset
lifecycle data acquisition, maintenance planning, budgeting, and predictive
analytics to monitor asset performance and improve operational efficiency.
The global
Enterprise Asset Management Market is estimated to be valued at US$ 5.38 billion in 2023 and is
expected to exhibit a CAGR of 7.5%
over the forecast period 2023-2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing focus on management of asset lifecycle operations is one of the
major trends fueling the growth of the enterprise asset management market. EAM
solutions facilitate asset lifecycle planning by integrating historical asset
performance data, preventive maintenance schedules, repair and replacement
information, and other crucial parameters. This helps organizations optimize
asset utilization, plan maintenance schedules, and gain maximum return on
capital assets. Cloud-based SaaS delivery model of EAM is gaining increasing
traction as it offers advantages such as scalability, ease of deployment, lower
upfront costs, and seamless integration with other enterprise systems. Major
EAM vendors are focusing on development of cloud-native solutions and
technologies such as predictive analytics, IoT, mobility, and AR/VR to enhance
their offerings and capitalize on the benefits of digitalization and Industry
4.0 trends.
Segment
Analysis
The global enterprise asset management market is dominated by the software
segment. The software solutions help organizations manage a wide range of
assets including equipment, buildings, vehicles, infrastructure, and other
tangible assets. These solutions enable organizations to track asset location
and performance, schedule maintenance checks, monitor repair and replacement
needs, optimize asset utilization, and extend equipment life. With solutions like
predictive maintenance, condition-based monitoring, and analytics, software
solutions help reduce asset downtime and maximize their ROI.
Key Takeaways
Global
Enterprise Asset Management Market Size is expected to witness high
growth.
Regional
analysis: The North American region dominates the global enterprise asset
management market currently due to strong adoption across industries like oil
and gas, manufacturing, healthcare, and transportation among others. The Asia
Pacific region is expected to witness the highest growth rate during the
forecast period owing to rapid industrialization and infrastructure development
activities in countries like China and India.
Key players: Key players operating in the enterprise asset management market
are IBM, SAP, Oracle, IFS, ABB, Infor, Aptean, CGI, IPS, and Maintenance
Connection. IFS, a Swedish MNC, offers an integrated enterprise asset
management solution called IFS Applications which provides asset lifecycle
management, work management, materials management and service management
capabilities. Oracle's solution Maximo helps optimize asset performance and
operates across industries to manage physical assets and equipment maintenance,
repair and operations processes.
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