Enterprise Asset Management Market Share, Growth & Trend Analysis Report By Major Segments
The Enterprise Asset Management Market Size is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, according to new research report by MarketsandMarkets™
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Enterprise Asset Management Market Dynamics
Market Drivers
• Predictive and preventive maintenance to extend life of assets
• Emergence of technologies to offer competitive advantage
Market Restraints
• Regulatory compliance issues
• Concerns over data security confidentiality
Market Opportunities
• Data-driven asset management
• Inclination of organizations toward cloud-based systems
List of Top Enterprise Asset Management Companies
• IBM (US)
• SAP (Germany)
• Oracle (US)
• Hexagon (Sweden)
• IFS (Sweden)
• Hitachi Energy (Switzerland)
• IFS Intelligent Process Solutions (Germany)
• Accruent (US)
• AVEVA (UK)
• Aptean (US)
By offering, the solutions segment will hold a larger market size during the forecast period.
Enterprise Asset Management (EAM) solutions are comprehensive software systems designed to manage and optimize the entire lifecycle of an organization's physical assets. These solutions offer a robust framework for asset tracking, maintenance planning, and performance optimization. Core functionalities of EAM systems typically include a Computerized Maintenance Management System (CMMS), which enables organizations to schedule and track maintenance activities, reducing downtime and extending asset lifespan.
For instance, Sund & Baelt partnered with IBM to develop an AI-driven IoT solution named IBM Maximo for Civil Infrastructure. This innovative system utilizes sensors and algorithms to extend the operational life of aging infrastructure, including bridges, tunnels, highways, and railways. Through the automation of inspection processes, the company aims to boost productivity by 14-25% and achieve a significant reduction of over 30% in time-to-repair for these critical assets. Asset performance management (APM) is another integral component, focusing on monitoring and enhancing the reliability and efficiency of assets. EAM solutions often incorporate predictive maintenance capabilities, leveraging data analytics and IoT sensors to anticipate equipment failures before they occur, minimizing unplanned downtime and reducing maintenance costs.
By Application, the facility management segment holds the second-largest market share during the forecast period.
Facility management software supports companies in optimizing the human and material resources required for facility maintenance. This type of software is used by maintenance teams in industries such as construction, real estate, retail, and manufacturing. Companies use facility management software to maintain buildings, properties, plants, warehouses, or infrastructure; this software allows companies to ensure the safety and well-being of their tenants and employees while monitoring maintenance activities and productivity.
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