The global Enterprise Asset Management Software Market size was valued at USD 3.9 billion in 2021 and is expected to reach at approx. USD 10.6 billion by 2030, and is projected to grow at a CAGR of 11.75% during the forecast period 2022 to 2030.
Enterprise Asset Management Software Market Overview:
Enterprise asset management software is very beneficial for organizations as it helps to plan, optimize, execute and track all activities of maintenance according to priorities, tools, materials, cost, technology and different types of information. The enterprise asset management software market is expected to grow smoothly in the coming years as it helps in improving the performance of assets and helps in the growth of an industry or a company.
Enterprise Asset Management Software market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Enterprise Asset Management Software market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Enterprise Asset Management Software market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
Significant Enterprise Asset Management Software Market Dynamics and Growth Factors:
Driver: Growing use of IoT platforms and devices to manage enterprise assets
The enterprise asset management software market is undergoing significant change with the advent of complementary and new technologies. The evolution of the Industrial Internet of Things (IIoT) has increased the demand for EAM systems. IoT helps monitor and procure data from remote sites. This data is useful when integrating with EAM systems as it helps you infer insightful information.
Restraints: Implementation Challenges for Companies with Diverse Operating Structures
EAM has evolved into an operating platform in recent years. While many organizations have reported successful implementations of EAM, some have not fully implemented EAM. One of the main reasons behind this is the significant gap between customer expectations and the solutions offered. For organizations with different functional areas, implementing EAM can be a difficult and complex task. To avoid complexity, asset managers must have a good understanding of the working process of an asset or component that may change during the implementation process. Enterprise asset management software impacts people, processes and technology. Therefore, it is important to have a good understanding of all these entities while implementing an EAM system. Implementing an EAM system requires coordination between functions as it affects multiple systems and processes.
Challenges: Choosing the Right Combination of Solutions
As awareness of EAM utilities increases and the presence of major vendors and specialist solutions providers increases, it becomes difficult for asset-intensive organizations to choose the right combination of solutions. Several EAM service providers offer free demos of their solutions, but there are no specific criteria for selecting the right solution. Organizations are concerned about their data and data security is a top priority as data loss can cause both tangible and intangible loss.
Opportunity: Need to extend asset life with the help of advanced technology
Digitization across multiple verticals is creating new opportunities for organizations to optimize their relationships with customers. Many asset-intensive organizations are focused on investing in new and groundbreaking technologies to fundamentally transform and improve their operational processes. In today's competitive business environment, asset-intensive businesses succeed or fail based on how they manage complexity in the face of increasing competition. Best-in-class organizations are embracing emerging technologies such as AR, IoT, AI, predictive maintenance, digital twins, and telematics. The impact of enterprise asset management software goes beyond simply increasing your bottom line. According to several key respondents and industry experts, organizations readily adopt modern EAM solutions to extend the life of their assets.
- In January 2021, IBM collaborated with Atos to accelerate digital transformation in enterprises with AI and RedHat Open Shift technologies. The collaboration offers asset life cycle management solutions; asset monitoring and MRO optimization solutions; SMART waste/energy monitoring and optimization solutions; and packaging, transportation, and logistics optimization solutions to end users.
- In February 2021, SAP launched SAP Learning Hub for its partners, who combine all the learning content required by their partners
Top Key Players include in the Enterprise Asset Management Software Market are
IFS AB, Oracle Corporation, SAP SE, International Business Machines Corporation, ABB Ltd, CGI Group et al., and others.
The Enterprise Asset Management Software market research report is categorized based on type, applications and region.
On the Basis of Type:
On the Basis of Application:
- Oil & Gas
On the Basis of Region:
Geographically, the global Enterprise Asset Management Software market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Enterprise Asset Management Software region is dominating this market in the upcoming future.
Geographically, North America has dominated the market with the largest share in terms of revenue in the past and is expected to grow well in the coming years. Demand for enterprise asset management software has grown significantly in North America due to the availability of new technologies. The growing use of Internet of Things in various industries is expected to drive the market well in the coming years. The Internet of Things plays an important role in getting and monitoring data from multiple sites.
Apart from North America, the Asia Pacific region is also expected to witness significant growth in the coming years. Some of the factors that will help Rocket's growth in the Asia Pacific region are the growing number of vendors providing enterprise asset management software, stringent regulatory policies related to asset management, and other favorable support provided by governments for enterprise asset management software.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Enterprise Asset Management Software Market report scope
CAGR of 11.75% during the forecast period.
Government, Manufacturing, Healthcare, Transportation, Oil & Gas, Aerospace, Defence
IFS AB, Oracle Corporation, SAP SE, International Business Machines Corporation, ABB Ltd, CGI Group et al.
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Enterprise Asset Management Software market?
Who are the key vendors of the global Enterprise Asset Management Software market?
What are the leading key industries of the global Enterprise Asset Management Software market?
Which factors are responsible for driving the global Enterprise Asset Management Software market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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