Global Enterprise Asset Management Market to Reach US$ 13.7 Billion by 2032, Facilitated by Increasing Adoption of EAM in SMEs

According to the latest report by IMARC Group, titled "Enterprise Asset Management Market by Component (Solution, Services), Deployment (On-premises, Cloud-based), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Predictive Maintenance, and Others), Industry Vertical (Manufacturing, Transportation and Logistics, Government, IT and Telecommunications, Energy and Utilities, Healthcare, Education, and Others), and Region 2024-2032," the global enterprise asset management market size reached US$ 5.8 Billion in 2023. Enterprise asset management (EAM) refers to a combination of software, systems, and services that manage the physical assets of an organization throughout its life cycle. It comprises capital planning, performance, maintenance, procurement, installation, compliance, risk management, and asset disposal. It requires accurate tracking of asset information, such as location, condition, and maintenance history. It assists in maximizing the value of assets while minimizing the cost of ownership by optimizing their performance, availability, and utilization. It also increases operation efficiency, improves asset reliability and decision-making, and monitors real-time asset performance. 

Global Enterprise Asset Management Market Trends:

The increasing adoption of EAM in small and medium-scale enterprises (SMEs) to enhance operational activities on account of the rising cloud-based solutions and remote working models represent one of the major factors impelling the market growth around the world. Moreover, the advent of mobile applications for EAM that enables field technicians and other individuals to access asset information and perform maintenance tasks from mobile devices, which helps improve efficiency and reduce downtime by allowing faster response times to asset issues, is favoring the growth of the market. In addition, EAM finds application in the banking, financial services and insurance (BFSI) industry for streamlining banking operations. This, coupled with the growing utilization of online banking services, is influencing the market positively. Apart from this, the integration of the internet of things (IoT) and artificial intelligence (AI) in EAM to improve asset tracking, maintenance, and performance and collect real-time data is propelling the growth of the market. Furthermore, governments of different countries are undertaking measures to encourage EAM to improve public services, reduce costs, and optimize asset performance. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.7 Billion by 2032, exhibiting a CAGR of 10.05% during 2024-2032. 

Market Summary:

• On the basis of the component, solution holds the largest market share, followed by services.
• Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based. On-premises currently accounts for the biggest market share.
• On the basis of the organization size, large enterprises dominates the market, followed by small and medium-sized enterprises.
• Based on the application, the market has been segregated into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, and others. Asset lifecycle management exhibits a clear dominance in the market.
• On the basis of the industry verticals, the market has been classified into manufacturing, transportation and logistics, government, IT and telecommunications, energy and utilities, healthcare, education, and others. Energy and utilities currently represent the biggest market segment.
• Region-wise, the market has been divided into North America (the United States and Canada); Europe (Germany, France, United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others); Latin America (Brazil, Mexico and others); and the Middle East and Africa. Amongst these, North America (the United States and Canada) enjoys the leading position in the market.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Aptean Inc., Asset Infinity, Asset Panda, AVEVA Group plc (Schneider Electric SE), IFS AB, International Business Machines Corporation, IPS Intelligent Process Solutions GmbH, SAP SE, and UpKeep Technologies Inc.

Report Scope:

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