Enterprise Asset Management Systems Market Size, Share, Growth Analysis, By Component(Solution, Services), By Application(Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), By Deployment Model(On-premises, Cloud), By Organization Size(SMEs and Large Enterprises), By Vertical(Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), By Region - Industry Forecast 2024-2031

Global Enterprise Asset Management Systems Market size was valued at USD 3.8 billion in 2019 and is poised to grow from USD 4.2 billion in 2023 to USD 10.31 billion by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031).

The market for enterprise asset management systems is expanding as a result of the proliferation of IoT devices across almost all business verticals, integration of drone & AI-based asset management, and rising demand for cloud-based EAM solutions. Additionally, the market is expanding as a result of technical advancements, the growing acceptance of sophisticated technologies for extending asset life cycles, and the appearance of disruptive digital technologies across industrial verticals. One of the biggest issues facing the industry for EAM systems is choosing precise and effective solutions for an organization's business goals.

In line with the booming global economy, there are more start-ups and businesses that are expanding quickly than ever before. A growing requirement for efficient asset management of important organizational assets is being caused by expanding business establishments. Additionally, recently, start-up businesses have been given government funding for new endeavors including the creation of corporate asset management software. Small and large businesses alike continue to choose enterprise asset management software for flexible, fully scalable asset lifecycle optimization that meets organizational objectives.

US Enterprise Asset Management Systems Market is poised to grow at a sustainable CAGR for the next forecast year.