The Global Enterprise Asset Management Market Size is valued at USD 4.61 billion in 2023 and is predicted to reach USD 9.22 billion by the year 2031 at a 9.4% CAGR during the forecast period for 2024-2031.
Enterprise asset management includes services that help companies keep track of their real assets and improve the way they make things. These kinds of services improve asset performance, cut down on downtime, and make operations more efficient. The growing requirement for optimizing assets is fueled by enterprises’ demand to enhance operational efficiency while decreasing maintenance expenses. The expansion of sectors like energy, utilities, and manufacturing, as well as rising environmental initiatives and regulatory compliance requirements, are further factors driving market growth.
In addition, the market is anticipated to be pushed up by increased government investments in research and development to optimize better global enterprise asset management service processes. The biggest companies in this market also offer cutting-edge enterprise asset management services that make operations more sustainable and efficient by improving asset performance, making sure they follow all the rules, and using IoT and cloud computing to set up predictive maintenance plans.
However, the market expansion is hindered by obstacles such as high costs, shortage of expertise, and problems with regulation and compliance. Several variables can hinder adoption in this market. In addition, COVID-19 hastened the adoption of digital solutions in the worldwide enterprise asset management market. Companies worked hard to cut costs, improve operational efficiency, remote tracking, and predictive maintenance, and make sure their businesses would keep running even when there were problems or fewer workers were available. In the next few years, global markets grew because more people were interested in preventive maintenance and worried about how it would affect the environment.
Competitive Landscape
Some Major Key Players In The Global Enterprise Asset Management Market:
- International Business Machines Corporation (IBM)
- SAP SE
- Oracle Corporation
- Hexagon AB
- IFS AB
- Hitachi Energy Ltd.
- IPS Intelligent Process Solutions GmbH
- Accruent, LLC
- Aveva Group plc
- Aptean, Inc.
- Emaint Enterprises, LLC
- CGI Inc.
- UpKeep Technologies, Inc.
- AssetWorks LLC
- Ramco Systems Limited
- Other Market Players
Market Segmentation:
The enterprise asset management market is categorized based on Offering, application, organization size, deployment mode and end-user. The Offering segment includes Solutions, Services (Professional Services, Planning and Consulting, Training and Education, Support and Maintenance), and Managed Services. The application segment comprises asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, and others. By end-users, the market is segmented into manufacturing, energy and utilities, healthcare and life sciences, transportation and logistics, telecom, government and public sector, education, and others.The Organization Size segment comprises Large Enterprises, SMEs. At last, the Deployment Mode segment includes Cloud, On-Premises.
As Per The Application, The Predictive Maintenance Segment Is Accounted As A Major Contributor To The Global Enterprise Asset Management Market
Predictive maintenance in the global enterprise asset management market is expected to lead with a signigicant global market share because it reduces downtime, improves asset performance, and lowers the cost of upkeep. Additionally, using cutting-edge technologies like IoT and AI, predictive maintenance allows for real-time tracking, early problem detection, and proactive maintenance, which makes businesses more efficient overall.
Energy & Utilities Segment To Witness Growth At A Rapid Rate
The energy & utilities segment is projected to grow rapidly in the global enterprise asset management market because of the growing importance of effective asset monitoring, meeting regulatory requirements, and achieving sustainability objectives. Additionally, enterprise asset management performance optimization, operational cost reduction, and reliability assurance are all growing by enterprise asset management solutions as the industry tackles aging infrastructure and increasing energy demands. Renewable energy and smart grid initiatives are pushing enterprise asset management use in this industry even further.
In The Region, The North American Global Enterprise Asset Management Market Holds A Significant Revenue Share.
The North American global enterprise asset management market is expected to note the highest market share in the near future due to a number of factors, including strong regulatory frameworks, a greater emphasis on sustainability, and a high demand for asset optimization in sectors including manufacturing, energy, and utilities also contribute to the expansion of the market. In addition, Europe is projected to expand rapidly in the global enterprise asset management market because of the growing use of advanced technology, industrialization, and infrastructure development. Moreover, efficient asset management, regulatory compliance, and rising sustainability these factors are growing demands in the industrial, energy, and utilities sectors.
Global Enterprise Asset Management Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 4.61 Bn |
|
Revenue Forecast In 2031 |
USD 9.22 Bn |
|
Growth Rate CAGR |
CAGR of 9.4% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Offering, Application, Organization Size, Deployment Mode And End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
IBM, SAP, Oracle, Hexagon, IFS, Hitachi Energy, IPS Intelligent Process Solutions, Accruent, Aveva, Aptean, Emaint, CGI, Upkeep, Assetworks, and Ramco Systems. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
