USD 3.92 Billion
Enterprise Asset Management Market Size, Share, Growth Analysis, By Offering(Solutions, Services), By Deployment(On-premises, Cloud, Hybrid), By Enterprise Size(Small & Medium Enterprises (SMEs), Large Enterprises), By Application(Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), By Vertical(IT & Telecommunications, Transportation & Logistics, Government & Public Sector, Healthcare & Life Sciences), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45F2098 |
Region:
Global |
Published Date: June, 2024
Pages:
165
|Tables:
149
|Figures:
78
Enterprise Asset Management Market Insights
Enterprise Asset Management Market size was valued at USD 3.92 Billion in 2022 and is poised to grow from USD 4.21 Billion in 2023 to USD 7.74 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).
Enterprise asset management solutions or systems help enterprises track, monitor, and manage their physical assets throughout their lifecycles. Rising emphasis on productivity and efficiency enhancement is slated to primarily drive enterprise asset management demand. Growing demand for regulatory compliance, increasing complexity in asset management, and adoption of predictive maintenance are other factors that are estimated to bolster enterprise asset management market development going forward. Integration of artificial intelligence and other technologies could help market players improve the capabilities of their offerings. However, complexity in integration, budget constraints, and the absence of a skilled workforce are slated to be key restraints for enterprise asset management companies in the long run.
US Enterprise Asset Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On Premises
Fastest Growth
On Cloud
Growth Rate
8.2% CAGR
Enterprise Asset Management Market ($ Bn)
Country Share for North America Region (%)
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Enterprise Asset Management Market Segmental Analysis
The global enterprise asset management market segmentation is based on offering, application, deployment, enterprise size, vertical, and region. Based on offering the market is segmented into solutions and services. Based on the application the market is segmented into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance and facility management, and others. Based on deployment the market is segmented as on-premises, cloud, and hybrid. Based on organization size the market is segmented into small and medium-sized enterprises and large enterprises. Based on vertical, the market is segmented into IT & telecommunications, transportation & logistics, government & public sector, healthcare & life sciences, education, manufacturing, energy & utilities, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Deployment
On-premises deployment of enterprise asset management holds a dominant share of the global market. Large enterprises with multiple assets prefer to keep their sensitive data in-house, which is why they prefer on-premises enterprise asset management solutions. Moreover, on-premises enterprise asset management solutions don’t require continuous internet connectivity, and some can even function without them, making them a perfect fit for remote locations with poor connectivity infrastructure.
On the other hand, the demand for cloud-based enterprise asset management is slated to increase at a notable pace across the study period and beyond. Advancements in cloud technologies and growing realization about the benefits of cloud platforms are making this the most lucrative segment for all enterprise asset management providers. Easy access, high scalability, flexibility, and subscription-based payments are some key benefits of cloud-based enterprise asset management solutions that will generate new opportunities from this segment in the future.
Analysis by Organization Size
Large enterprises are projected to account for a dominant share of the global enterprise asset management demand outlook. High spending potential and the need for managing a wide number of assets is what helps this segment hold sway over others. Moreover, the need for cohesive compliance management in large enterprises to ensure smooth operation will also promote enterprise asset management adoption going forward.
Meanwhile, the demand for enterprise asset management in small and medium enterprises (SMEs) is forecasted to rise rapidly over the coming years. Growing affordability of enterprise asset management solutions and increasing awareness regarding its benefits among SMEs are expected to create new opportunities for enterprise asset management companies in the long run.
Enterprise Asset Management Market By Component
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Enterprise Asset Management Market Regional Insights
North America secures the top spot in the global enterprise asset management market. Rapid adoption of advanced technologies and presence of multiple multinational organizations makes this region a highly lucrative one for enterprise asset management companies. Rising investments in smart technology adoption in this region will also supplement enterprise asset management demand going forward. Canada and the United States will be the most opportune markets for enterprise asset management providers in this region. Rising use of automation in businesses will help the United States lead enterprise asset management adoption in North America through 2031.
Robust industrialization and urbanization in the Asia Pacific region set it up as the fastest-growing market in the world. Growing investments in infrastructure development and rising emphasis on the digitization of business operations are also expected to favor enterprise asset management adoption in this region. The presence of a strong start-up ecosystem also offers new opportunities for market players. India, China, and Japan are slated to be the key markets in this region going forward.
Enterprise Asset Management Market By Region
- Largest
- Fastest
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Enterprise Asset Management Market Dynamics
Drivers
Need for Regulatory Compliance
- Enterprises are subject to strict regulatory compliance mandates, which is why they need to track and maintain proper records of their assets to stay compliant. Enterprise asset management solutions help them achieve this, thereby driving market growth going forward.
Demand for Predictive Maintenance
- Enterprises around the world are focusing on opting for predictive maintenance to reduce their operational costs and improve profits all while extending the lifecycle of their assets. Enterprise asset management plays a crucial role in helping organizations manage predictive maintenance and creates new opportunities for market players.
Restraints
High Costs of Implementation
- From development to deployment, enterprise asset management solutions require multiple resources, and this makes them expensive. Even the maintenance of enterprise asset management solutions is also quite expensive, further adding up to the overall costs and slowing down enterprise asset management market development potential.
Dearth of Skilled Workforce
- Implementing and managing enterprise asset management solutions and services is quite an extensive task which requires skilled professionals, and dearth of the same is projected to hamper enterprise asset management demand outlook in the future.
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Enterprise Asset Management Market Competitive Landscape
Rapidly expanding infrastructure development activities and imposition of stringent regulatory mandates for enterprise assets are slated to be key factors that enterprise asset management companies should focus on going forward. Launching new enterprise asset management solutions and services with advanced capabilities will be the prime focus of all enterprise asset management providers. Expansion of business scope by integrating advanced technologies such as artificial intelligence and predictive analytics will also be a key strategy for enterprise asset management companies.
Top Player’s Company Profiles
- IBM Corporation (United States)
- SAP SE (Germany)
- Oracle Corporation (United States)
- Infor (United States)
- IFS AB (Sweden)
- ABB Group (Switzerland)
- Schneider Electric SE (France)
- Siemens AG (Germany)
- GE Digital (United States)
- AssetWorks LLC (United States)
- AVEVA Group plc (United Kingdom)
- Archibus, Inc. (United States)
- Maintenance Connection, Inc. (United States)
- eMaint Enterprises, LLC (United States)
- UpKeep Maintenance Management (United States)
- Accruent LLC (United States)
- Dude Solutions, Inc. (United States)
- Fingent Corporation (United States)
- Fiix Inc. (Canada)
- MPulse Maintenance Software (United States)
Recent Developments
- In March 2023, a new enterprise asset management solution was launched by OpenGov. The company is known for its expertise in enterprise solutions around the world and is a key provider for multiple solutions for the United States’ public agencies.
- Back in March 2022, a new cloud-based enterprise asset management solution was launched. The new offering was also capable of acting as a computerized maintenance management system for manufacturing end users and was launched by Aptean.
Enterprise Asset Management Key Market Trends
- Integration with ERP Solutions: Enterprise asset management companies can integrate ERP (enterprise resource planning) capabilities in their solutions to offer their users more features and more centralized access to all their asset management needs. Providing a unified platform for all things asset-related will be a good proposition for users and help enterprise asset management companies maximize their reach in the future.
Enterprise Asset Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing emphasis of organizations on improving efficiency and productivity and imposition of strict asset-related regulations are slated to drive the demand for enterprise asset management over the coming years. On the contrary, high costs of implementation and absence of skilled workforce to manage enterprise asset management solutions will hamper market growth potential. North America is estimated to hold a dominant stance in the global enterprise asset management market owing to favorable regulatory environment for enterprise asset management adoption. Integrating enterprise resource planning and other capabilities with enterprise asset management solutions will pay off big time in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.92 Billion |
| Market size value in 2031 | USD 7.74 Billion |
| Growth Rate | 8.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Enterprise Asset Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Enterprise Asset Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Enterprise Asset Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Enterprise Asset Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Enterprise Asset Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Enterprise Asset Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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