Enterprise Asset Management Market

Enterprise Asset Management Market Overview

The enterprise asset management market size is projected to grow from $6.6 billion in 2024 to $21.33 billion by 2035, representing a CAGR of 11.26%, during the forecast period 2024-2035.

To learn more about this report, request a free sample copy

The new research study consists of industry trends, detailed market analysis, key market trends of enterprise asset management market, SWOT analysis and value chain analysis.

Enterprise Asset Management (EAM) uses the power of systems, tools, sensors, processes, and EAM software technology to manage assets during their lifecycle. These assets include a variety of machinery equipment, vehicle facilities, and other physical infrastructure. The purpose of EAM is to maximize an asset’s uptime, utilization, and lifespan while decreasing operational costs, enhancing asset functionalities, and complying with regulatory requirements. With technological advancements, EAM software has emerged as a more simplified asset management tool, which offers a deep comprehension of asset health.

The rising awareness of the advantages of EAM solutions in asset tracking, lifecycle management, inventory management, and predictive management spurs the demand for EAM software and solutions in the application industries to process and transport valuable material and complex assets to lengthen their lifecycle with less expenditure in inventory. Further, the increasing trend of AI-powered predictive maintenance and generative AI is transforming the way organizations handle and optimize their assets. AI-powered solutions can predict when equipment is likely to fail by analyzing sensor data historical records and operating conditions.

Additionally, the expanding end-user industries, such as BFSI, education, government & public sector, healthcare, IT and telecommunication, aerospace and defense, manufacturing, and others are increasingly embracing the EAM software solutions and services. 
Considering this fact, the industry players are increasingly embracing innovative technology and enhancing the capabilities of their software and solutions. Consequently, the growing demand for operational efficiency across diverse industries to optimize asset utilization, minimize downtime, and reduce operational costs and the rising adoption of cloud-based software integrated with AI and IoT technology coupled with other factors, are projected to grow at an outstanding CARG in the coming decade.

Enterprise Asset Management Market Share Insights

The market report presents an in-depth analysis of the various service providers that are involved in offering enterprise asset management services, across different segments, as defined in the table below:

Enterprise Asset Management Market: Report Attributes / Market Segmentations

Key Report Attribute	Details
Historical Trend	2019-2023
Base Year	2023
Forecast Period	2024-2035
Market Size Value in 2024	$ 6.6 Billion
Market Size Value by 2035	$ 21.33 Billion
Growth Rate	CAGR of 11.26% from 2024 to 2035
Type of Component	Software Services
Type of Solution	Asset Lifecycle Management Core Asset Management Facility Management Inventory Management Maintenance Management Work Order Management
Type of  Service	Managed Services Professional Services
Type of Deployment Mode	Cloud-based Hybrid On-Premises
Type of Organization	Large Enterprises Small and Medium-Sized Enterprises (SMEs)
Type of Application	Asset MRO Field Service Management Inventory Management Labor Management Linear Assets Non-Linear Assets Predictive Maintenance
Type of End Use	BFSI Education Government & Public Sector  Healthcare IT and Telecommunication Aerospace and Defense Manufacturing  Oil and Gas Retail  Transport and Logistics Others
Geographical Regions	North America  US Canada Mexico  Other North American countries Europe  Austria Belgium Denmark France Germany Ireland Italy Netherlands Norway Russia Spain Sweden Switzerland UK  Other European countries Asia  China India Japan Singapore South Korea  Other Asian countries Latin America  Brazil Chile Colombia Venezuela  Other Latin American countries Middle East and North Africa  Egypt Iran Iraq Israel Kuwait Saudi Arabia UAE  Other MENA countries Rest of the World  Australia New Zealand  Other countries
Leading Market Players	AB Aptean  Asset Works Bentley System CGI Hexagon IFS Infor International Business Machines (IBM) Oracle PcsInfinity (Asset Infinity) Sage Group SAP SE Ultimo
PowerPoint Presentation (Complimentary)	Available
Customization Scope	15% Free Customization
Excel Data Packs  Complimentary)	Competitive Landscape Market Forecast and Opportunity Analysis Source: Roots Analysis

Enterprise Asset Management Market Key Segments

Market Share by Type of Component

The global enterprise asset management market offers two types of components; these include software and services. The software component captures the major market share and is anticipated to lead the segment during this forecast period. The growth of this segment can be ascribed to the core functionality of the enterprise asset management (EAM) system as it provides necessary functionalities for asset management like tracking, maintenance, scheduling, work order management, and inventory management. These are crucial capabilities that form the backbone of any EAM system. In addition, advanced technologies, including AI and big data analytics notably boost the potential and value proposition of EAM software solutions as their flexibility and scalability features allow organizations to customize and extend their functionalities as per their requirement. However, the service component also plays a pivotal role in enterprise asset management, which offers professional services and managed services that aid entities in implementation and optimization of EAM systems. Therefore, the service segment is projected to grow at a faster CAGR which will likely propel the enterprise asset management market growth over the forecast period 2024-2035.

Market Share by Type of Solutions

The segment underscores the variety of solutions in the global enterprise asset management market, which include asset lifecycle management, core asset management, facility management, inventory management, maintenance management, and work order management. As per market research, among the given categories, the asset lifecycle management solution is expected to hold the largest market share and will likely dominate the segment until 2035. The benefits of asset lifecycle management systems in tracking asset performance, optimizing asset utilization, and planning for asset replacement are the considerable factors that contribute to the segment’s growth. Further, their features, like lifecycle cost analysis and capital planning and budgeting raise the demand for the solution. Additionally, the predictive maintenance segment is witnessing higher demand due to the rising need for real-time condition monitoring where this proactive approach helps in reducing unexpected downtime and maintenance costs by using advanced analytics and IoT to predict asset failures before they occur. As a result, the segment is expected to grow with a noteworthy CAGR throughout the period 2024-2035.

Market Share by Type of Services

This section highlights the distribution of the enterprise asset management market based on the type of services which is split into managed services and professional services. According to our projection, professional services are predicted to acquire the major market share and will be a dominating segment till 2035. This can be accredited to the significance of the service in the successful deployment and optimization of EAM solutions, where these services ensure that entities benefit from their EAM investment and achieve their asset management targets. Due to these factors, professional services are driving the growth of the market. Moreover, managed services are gaining higher demand due to the increasing trend of outsourcing for specific asset management functions to focus on their core business and benefit from specialized expertise. Consequently, these factors are considered to uplift the growth of the segment with a higher CAGR during this projection timeline.

Market Share by Mode of Deployment

This segment explains the mode of deployment of the enterprise asset management market, such as cloud-based, hybrid, and on-premises. The cloud-based deployment leads the segment and is projected to obtain the highest enterprise asset management market share in terms of revenue. The growth of the cloud segment is attributed to the accessibility and scalability of cloud-based software solutions which offer accessibility from anywhere through an internet connection that facilitates remote and mobile workforce. Also, the advantage of cost-effectiveness of cloud deployment due to its subscriptions-based pricing model makes it more accessible for small and medium-sized enterprises (SMEs), thereby, fostering the growth of the segment. Nevertheless, being a traditional deployment, on-premises is expected to experience significant growth due to its benefit in offering higher data security better organizational control, and specific performance requirements.

Market Share by Type of  Organization

The distribution of the enterprise asset management market is classified into two types of organizations; these include large enterprises and small and medium-sized enterprises. The large enterprise segment is estimated to be a leading segment with the maximum share of the market. Majorly, large enterprises extensively invest in comprehensive EAM solutions due to their complex asset management needs for their great and diverse portfolio, such as physical infrastructure, machinery, equipment, and vehicles which require robust EAM solutions. Nevertheless, small and medium-sized enterprises are also increasingly embracing EAM solutions and services owing to advanced technologies, such as AI and IoT which have boosted the potential of the solution cost-effectively. Thereby, the SME segment will likely drive the growth of the market at a substantial CAGR in the coming decade.

Market Share by Type of Application

The segment describes the type of applications in the global enterprise asset management market, such as asset MRO, field service management, inventory management, labor management, linear assets, non-linear assets, and predictive maintenance. As per market research, predictive maintenance is a dominating segment that holds the largest market share in terms of revenue. This trend will continue to grow in the upcoming decade due to its great impact on reducing downtime, extending asset life, and optimizing maintenance schedules. The segment improves operational efficiency and resource utilization by utilizing data analytics and IoT sensors, in which predictive maintenance identifies the optimal time for maintenance and ensures that maintenance operations are performed when necessary. While growing emphasis on the comprehensive management of asset maintenance, repair, and overhaul activities to ensure assets are maintained in optimal condition, is likely to augment the market growth. Consequently, asset MRO is likely to experience a faster growth rate over the forecast 2024-2035.

Market Share by Type of  End User

Based on the type of end-user, the enterprise asset management market is classified into a wide range of ranch of end-use industries, such as BFSI, education, government & public sector, healthcare, IT and telecommunication, aerospace, defense, manufacturing, oil and gas, retail, transport and logistics, and others. The manufacturing segment acquires the highest market share and is likely to lead the segment over the projection period. Rapid industrialization and automation have influenced the manufacturing industry to adopt digital technology for enhanced service and field operations. As EAM solutions help manufacturers optimize asset performance, reduce cost, and prevent unplanned downtime, the manufacturing industry is increasingly using software solutions and advancing their operational efficacy and productivity. Furthermore, EAM solutions are widely being deployed to manage public infrastructure, like buildings, roads, and utilities. Therefore, government organizations are implementing EAM solutions to maintain public assets efficiently within budget constraints. This extends the life of crucial assets and increases accountability and transparency across the entire organization. As a result, the government and public sector segment is poised to grow at an exceptional CAGR over this forecast period.

Market Share by Type of Geographical Regions

This segment highlights the distribution of the Enterprise Asset Management Market across various geographical regions such as North America, Europe, Asia Pacific, Latin America, Middle East, North Africa and rest of the world. Among these regions, North America has been holding a strong position with the maximum share in the global market for enterprise asset management. This leading position can be credited to the high adoption rate of advanced technology, increased proliferation of cloud-based deployment, and a rising preference for enterprise operations efficiency. Also, the presence of industry players in the region significantly fuels the growth of the market in North America. Additionally, Asia Pacific is anticipated to experience the fastest growth range over this forecast. The rapid infrastructure development like transportation networks, utilities, smart home, smart cities, and industrial expansion have escalated the demand for enterprise asset management solutions to handle and maintain the assets efficiently. In addition, the expanding manufacturing sector and the rise in adoption of Industry 4.0 technologies are further likely to uplift the growth of the market in Asia Pacific.

Enterprise Asset Management Market Key Insights

The “Enterprise Asset Management Market, Till-2035: Distribution by Type of Component (Software and Service), Type of Solution, (Asset Lifecycle Management, Core Asset Management, Facility Management, Inventory Management, Maintenance Management, Work Order Management), Type of Service (Professional Services and Managed Services), Type of Deployment Mode (Cloud-based, Hybrid and On-Premises) Type of Organization (Large Enterprises and Small and Medium-Sized Enterprises (SMEs)), Type of Application (Asset MRO, Field Service Management, Inventory Management, Labor Management, Linear Assets, Non-Linear Assets, Predictive Maintenance), Type of End User (BFSI, Education, Government & Public Sector, Healthcare, IT and Telecommunication, Aerospace and Defense, Manufacturing, Oil and Gas, Retail, Transport and Logistics, and Others), and Key Geographical Regions (North America, Europe, Asia, Latin America and Middle East and North Africa and Rest of the World): Industry Trends and Global Forecasts” report features an extensive study of the current market landscape, market size and future opportunity within the Enterprise Asset Management Market, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the enterprise asset management market report are briefly discussed below.

Market Trends in Enterprise Asset Management Market

The enterprise asset management market is transforming with the continuous development of innovative technologies. Artificial intelligence and the Internet of Things (IoT) are the latest industry trends in the EAM market. By following these trends, numerous industry players are integrating artificial intelligence and IoT technology with their EAM software. Companies are enhancing their EAM systems and are increasingly incorporating (IoT) devices and sensors to gather real-time data on asset performance, health, and usage as this data enables predictive maintenance and better asset lifecycle management. Apart from this, many organizations are shifting from on-premises EAM systems to cloud-based solutions. Cloud EAM offers significant benefits, such as scalability, easier updates, and accessibility from anywhere, which are becoming more attractive to businesses. For instance, in May 2024, IFS (a leading tech provider of enterprise cloud and industrial AI software) introduced its latest IFS Cloud. This is an AI-powered functionality that enables customers to improve operational effectiveness and profitability.

Competitive Landscape of Enterprise Asset Management Service Providers

With the presence of multinational companies to emerging tech startups, the enterprise asset management market is facing intense competition. The key industry players constantly boost their portfolios by adopting advanced technology to enhance their competitive edge. Some prominent companies, such as Aptean, Asset Works, Bentley System, CGI, Hexagon, IFS, AB, Infor, IBM, and others stimulate the growth of the market. In terms of revenue, the top five leading companies capture the majority of the EAM market shares. Moreover, industry players strive to retain their market position by adopting various strategies, such as expansion of product portfolio, customer-centric approach, and continuous research and development for innovative technology. Strategic collaboration and partnership with technology providers consultants and other industry leaders aid them in elevating their offerings and entering new markets, broadening service capacity

Key Drivers of Enterprise Asset Management Market

The enterprise asset management market is projected to expand at a higher growth rate driven by various key factors. One such factor is the growing demand for operational efficiency across diverse industries to optimize asset utilization, minimize downtime, and reduce operational costs. In addition to this, the rising adoption of cloud-based software integrated with AI, IoT, and predictive analytics enhances asset monitoring, maintenance efficiency, and decision-making capabilities, further driving the growth of the market.

Regional Analysis: North America is Expected to Lead the market with the Highest Enterprise Asset Management Market Share

With regard to regional insights, North America captures the largest enterprise asset management market share and is likely to be a leading region in the global marketplace. The key factor behind the growth of the region is the robust industrial sectors, such as manufacturing, energy, and utilities which have large asset bases and require efficient management for operational excellence and regulatory compliance, augmenting the market demand. Along with this, the high adoption rate of advanced technologies, including IoT, AI, and cloud computing which are integral to modern EAM solutions, fosters the market growth. Coupled with the presence of well-established companies headquartered in North America, and their significant investment in infrastructure projects demand a strong EAM system to manage assets effectively over their lifecycle.

EAM Solution Providers in the Enterprise Asset Management Market

Examples of key service providers involved in the enterprise asset management market (which have also been captured in this market report, arranged in alphabetical order) include AB, Aptean, Asset Works, Bentley System, CGI, Hexagon, IFS, Infor, International Business Machines (IBM), Oracle, PcsInfinity (Asset Infinity), Sage Group, SAP SE, Ultimo. This market report includes an easily searchable Excel database of all the companies who have adopted the enterprise asset management market.

Enterprise Asset Management Market Report Coverage

The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:

• A preface providing an introduction to the full report, enterprise asset management market, 2019-2023 (Historical Trends) and 2024-2035 (Forecasted Estimates).

• An outline of the systematic research methodology adopted to conduct the study on the Enterprise Asset Management Market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure the accuracy and reliability of our findings.
• An overview of economic factors that impact the overall enterprise asset management market, including historical trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
• An executive summary of the insights captured during our research. It offers a high-level view of the current state of the market for enterprise asset management and its likely evolution in the mid-long term.
• A detailed assessment of the enterprise asset management market landscape, based on several relevant parameters, including year of experience, company size, location of headquarters, and ownership structure.
• Elaborate profiles of prominent players engaged in the Enterprise Asset Management Market, featuring information on their year of establishment, location of headquarters, company size, company mission, company footprint, management team, contact details, financial information, operating business segments, solution and service portfolio, moat analysis, recent developments, and an informed future outlook.
• A value chain analysis featuring a discussion on various stakeholders involved in the development of enterprise asset management, from suppliers to end-users.
• A discussion on affiliated trends, key drivers, and challenges, under a SWOT framework, which are likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall enterprise asset management market.
• A detailed estimate of the current market size and the future growth potential of the enterprise asset management market over the next decade. Based on multiple parameters we have provided an informed estimate on the market evolution during the forecast period 2024-2035. The report also features the likely distribution of the current and forecasted opportunities within the enterprise asset management industry. Further, in order to account for future uncertainties and to add robustness to our model, we have provided three forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s growth.
• Detailed projections of the current and future enterprise asset management market across various types of components, such as software and services.
• Detailed projections of the current and future enterprise asset management market across various types of solutions, such as asset lifecycle management, core asset management, facility management, inventory management, maintenance management, and work order management.
• Detailed projections of the current and future enterprise asset management market across various types of services such as professional services and managed services.
• Detailed projections of the current and future enterprise asset management market across various types of deployment modes such as cloud-based and on-premises.
• Detailed projections of the current and future enterprise asset management market across various types of organizations, such as large enterprises and small and medium-sized enterprises (SMEs).
• Detailed projections of the current and future enterprise asset management market across various types of applications, such as asset MRO, field service management, inventory management, labor management, linear assets, non-linear assets, and predictive maintenance.
• Detailed projections of the current and future enterprise asset management market across various types of end users, such as BFSI, consumer goods, education, government, healthcare, IT and telecommunication, media and entertainment, retail, travel & hospitality, and others.
• Detailed projections of the current and future market for enterprise asset management market across various key geographical regions, such as North America (US, Canada, Mexico and other American countries), Europe (Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Russia, Spain, Sweden, Switzerland, UK and other European countries), Asia (China, India, Japan, Singapore, South Korea and other Asian countries), Middle East and North Africa (Egypt, Iran, Iraq, Israel, Kuwait, Saudi Arabia, UAE and other MENA countries), Latin America (Brazil, Chile, Colombia, Venezuela, and other Latin American countries) and rest of the world (Australia, New Zealand, and other countries).

Recent Developments in Enterprise Asset Management Market

• In May 2024, ABSG (a global risk management company) entered into a partnership with Hexagon to offer advanced technical expertise by using Hexagon’s HxGN EAM technology.
• In April 2024, IFS Ultimo (a global leader in EAM platforms) collaborated with Arcwide company to enhance asset management operations for their clients through a new implementation partnership.
• In April 2024, EY (Ernst & Young) collaborated with Hexagon (a leading software-as-a-service (SaaS) company) to offer digital transformation and cloud migration strategies, focusing on enterprise asset management (EAM) and asset performance management (APM) technologies.
• In February 2024, AssetWorks introduced Scan & Validate, a new web-based mobile solution for inventory management. This innovative tool integrates smoothly with current systems, providing automated scanning, reconciliation, and guaranteed data accuracy.
• In February 2024, Hexagon launched HxGN EAM Databridge Pro, a module for advancing enterprise asset management technology with enhanced data integration capabilities.

Author(s): Ronit Sharma and Neha Kashyap

Customization Opportunities

At Roots Analysis, we genuinely care about your success and understand that your business requirements are unique. While our market research reports provide valuable insights, we recognize that they might not cover every aspect you need to make well-informed strategic decisions. To account for that, we offer 15% free report customization tailored to your specific needs. Whether you require additional quantitative analysis, qualitative insights, or any other information related to the enterprise asset management market, reach out us today at: support@rootsanalysis.com