Enterprise Asset Management Market To Reach USD 20.6 Billion By 2032, Says DataHorizzon Research
The enterprise asset management (EAM) market size was valued at USD 5.2 Billion in 2022 and is expected to reach a market size of USD 20.6 Billion by 2032 with a CAGR of 14.8%.
Fort Collins, Colorado, April 29, 2024 (GLOBE NEWSWIRE) -- *
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*The rise in technological deployment drives the enterprise asset management industry.*
The swift advancement of technology, particularly in areas such as the Internet of Things (IoT), artificial intelligence (AI), and machine learning, has brought about a transformative shift in the landscape of *enterprise asset management (EAM).* The integration of these cutting-edge technologies enables functionalities like real-time monitoring, predictive maintenance, and data-driven decision-making, consequently bolstering the overall performance of assets. Moreover, organizations are increasingly cognizant of the potential cost-saving benefits offered by EAM solutions. By implementing robust asset management systems, businesses can optimize maintenance schedules, minimize downtime, and prolong the lifespan of their assets, resulting in significant cost reductions and a favorable return on investment (ROI).
Additionally, stringent regulatory mandates and industry standards compel organizations to maintain accurate records of their assets, adhere to prescribed maintenance protocols, and ensure compliance. EAM solutions play a pivotal role in automating compliance processes, mitigating non-compliance risks, and enhancing overall asset integrity. Furthermore, as businesses expand their operations globally, the necessity for scalable and adaptable EAM solutions becomes paramount. The capability of EAM systems to flexibly accommodate diverse organizational structures, geographic locations, and industry-specific requirements positions them as indispensable tools for enterprises operating on a global scale.
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*Segmentation Overview:*
*The enterprise asset market has been segmented into component, deployment, application, industry, and region.*
*On-premise segment accounted for a significant market share in the coming years.*
· Based on deployment, enterprise asset management market segmentation includes cloud and on-premises. The on-premise segment accounted for a significant market share in 2022 and is expected to continue its dominance during the forecast period.
*Asset life cycle management is the leading application segment.*
· Based on application, the market is categorized into asset lifecycle management, inventory management, work order management, labor management, and predictive maintenance. Asset life cycle management leads the segment growth with a high market share.
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*Enterprise Asset Management Market Report Highlights:*
· The enterprise asset management market growth is anticipated at a *CAGR of 14.8% by 2032.*
· The growing emphasis on data-driven decision-making propels the demand for EAM solutions with robust analytics capabilities.
· North America has been a significant player in the EAM market, driven by the high adoption of advanced technologies and a focus on operational efficiency. The region is characterized by industries such as manufacturing, energy, and utilities, which extensively use EAM solutions for optimizing asset performance. The presence of major EAM solution providers and a proactive approach to technology adoption contribute to the market growth in this region.
· Some prominent players in the enterprise asset management market report include Asset Panda, IFS, Asset Infinity, Rfgen Software, Trimble, ABB, Infor, Oracle, IBM Corporation, SAP SE, and Intelligent Process Solutions among others.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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