DUBLIN, April 3, 2024 (GLOBE NEWSWIRE) — “Global Enterprise Asset Management Market by Service, Application (Asset Lifecycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Industry (Manufacturing, Energy and Utilities) and Region – Forecast to 2028” Report added ResearchAndMarkets.com Recruitment.
The enterprise asset management market is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028, at a compound annual growth rate of 9.8%
This market study covers the Enterprise Asset Management market across segments. It aims to estimate the market size and growth potential of this market across different market segments such as products, applications, deployment models, organization size, industries, and regions. It includes a detailed competitive analysis of the key market players, their company profiles, key observations related to their products and business lines, recent developments, and key market strategies.
The advent of predictive and preventive maintenance to extend the life of assets and technologies that provide competitive advantage are driving the demand for the enterprise asset management market. Integration of enterprise asset management systems with third-party ERP systems and cybersecurity concerns are key challenges for the growth of the enterprise asset management market.
The introduction of enterprise asset management (EAM) solutions in Europe reflects the region’s position at the forefront of technological innovation and digital transformation. Organizations across various industries in Europe are leveraging advanced technology infrastructure to enhance their asset management processes. Strong IT investments contribute to the implementation of advanced EAM solutions, allowing companies to optimize asset lifecycles, improve maintenance strategies, and ensure regulatory compliance.
The adoption of cloud-based Software-as-a-Service (SaaS) EAM solutions is gaining traction, allowing organizations to take advantage of scalable and flexible platforms. The move to the cloud and his SaaS investments will facilitate real-time data access, collaboration, and remote asset management capabilities. Moreover, sustainability is becoming a top priority for European companies. EAM solutions help optimize resource use, reduce energy consumption and minimize waste generation. This is consistent with evolving consumer preferences and corporate social responsibility goals.
Major vendors offering enterprise asset management software worldwide include IBM (USA), SAP (Germany), Oracle (USA), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Acruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).
By service, the managed services segment is expected to grow at a higher CAGR during the forecast period.
Security systems must be regularly upgraded to combat new threats, attacks, ransomware, and sophisticated cybercrime. As a result, companies are rapidly outsourcing their asset security concerns to professional service providers such as managed security service providers (MSSPs). Managed services protect the data generated from your assets and provide confidentiality, integrity, and availability. Regulatory compliance is achieved, reducing data breaches and ensuring protection of intellectual property.
Additionally, maintenance outsourcing also plays an important role in the corporate asset management market by providing organizations with a strategic approach to manage their assets efficiently. By outsourcing maintenance activities to specialized service providers, companies can leverage external expertise, benefit from industry best practices, and focus on core business functions. It provides a cost-effective solution because organizations can access a pool of skilled professionals without the need for extensive in-house training or resource allocation.
By sector, the energy and utilities sector is expected to hold the second-largest market share in 2023
EAM solutions play a vital role in the energy and utilities sector by providing a comprehensive platform for managing various assets such as power plants, pipelines, grid infrastructure, and utility equipment. . These solutions help organizations optimize asset lifecycle management, streamline maintenance processes, and implement predictive maintenance strategies to reduce downtime and improve operational efficiency. In the context of renewable energy sources, EAM solutions help monitor and maintain assets such as wind turbines and solar panels, contributing to the sustainability and reliability of energy supplies.
Integrating EAM with Internet of Things (IoT) technologies enables real-time equipment condition monitoring and enables proactive decision-making. Additionally, EAM solutions assist with compliance management and ensure compliance with safety and environmental regulations. As the energy and utilities sector undergoes digital transformation, implementing EAM solutions can help achieve cost savings, maximize asset performance, and ensure the resiliency of critical infrastructure.
This report provides insight into the following guidelines:
- Analysis of key drivers (predictive and preventive maintenance to extend asset lifespan, emergence of technology to provide competitive advantage, increasing need for 360-degree views of assets, unplanned maintenance to prevent losses) (need to overcome downtime), constraints (regulatory compliance issues), data security and confidentiality concerns) opportunities (data-driven asset management, organizational trends toward cloud-based EAM, COVID-19) The need for remote asset management due to the pandemic), and challenges (integration of enterprise asset management systems with third-party -party ERP systems, cybersecurity concerns) are impacting the growth of the enterprise asset management market. Masu.
- Product Development/Innovation: Detailed insights into upcoming technologies, research and development activities, and new product and service launches in the Enterprise Asset Management market.
- Market Development: Comprehensive Information on Profitable Market – This report analyzes the Enterprise Asset Management market across various regions.
- Market Diversification: Thorough information on new products and services, untapped regions, recent developments, and investments in the Enterprise Asset Management market.
- Competitive assessment: Detailed assessment of market share, growth strategies, and service offerings of leading companies such as IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden). Corporate asset management market.
Key attributes:
report attributes | detail |
number of pages | 259 |
Forecast period | 2023-2028 |
Estimated market value in 2023 (USD) | $4.7 billion |
Projected market value to 2028 (USD) | 7.6 billion dollars |
compound annual growth rate | 9.8% |
Target area | global |
Featured companies
- IBM
- SAP
- oracle
- hexagon
- If
- hitachi energy
- IPS Intelligent Process Solution
- what occurred
- Aveva
- Aptean
- Emaint
- C.G.I.
- Maintenance
- Rfgen software
- asset works
- ramco systems
- asset panda
- Ezoffice stock
- pazo
- Ezmaintain
- Innomaint
- asset infinity
- fractal
- cruisin
- Limble CM
- fix
- examination room
- asset guardian
- Freetio
- go code
- red list
- Aladdin
For more information about this report, please visit: https://www.researchandmarkets.com/r/j8pl7s
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