Enterprise Asset Management Market Poised for Robust Growth, forecasted to Expand at 10.8% CAGR from 2024-30

MarkNtel Advisors has released its latest report highlighting strong growth in The Global Enterprise Asset Management Market size was valued at USD 4.4 billion in 2023 and is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2024-30. 

Report Coverage

This report offers a comprehensive analysis of the Enterprise Asset Management Market, providing valuable insights across historical trends, current dynamics, and future forecasts.

• Base Year: 2023
• Forecast Years: 2024-30
• Historical Years: 2019-22

Enterprise Asset Management Market Overview

Enterprise asset management offers a complete business package that empowers organizations to manage their assets efficiently across multiple departments, locations, and units. According to the American Institute of Asset Management, these solutions help in increasing work productivity by 20%. Therefore, companies are adopting enterprise asset management solutions for an all-inclusive understanding of infrastructure throughout its lifecycle, from procurement & design to disposal, operation, replacement, or maintenance.

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Enterprise Asset Management Market Segmentation Outlook

The Enterprise Asset Management is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Offering

• Solutions- Market Size & Forecast 2019-2030, (USD Million)
• Services- Market Size & Forecast 2019-2030, (USD Million)
  • Professional services- Market Size & Forecast 2019-2030, (USD Million)
    • Planning & Consulting- Market Size & Forecast 2019-2030, (USD Million)
    • Training & Education- Market Size & Forecast 2019-2030, (USD Million)
    • Support & Maintenance- Market Size & Forecast 2019-2030, (USD Million)
  • Managed Services- Market Size & Forecast 2019-2030, (USD Million)

By Application

• Asset Lifecycle Management- Market Size & Forecast 2019-2030, (USD Million)
• Inventory Management- Market Size & Forecast 2019-2030, (USD Million)
• Work order Management- Market Size & Forecast 2019-2030, (USD Million)
• Labour Management- Market Size & Forecast 2019-2030, (USD Million)
• Facility Management- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)

By Deployment Model

• Cloud- Market Size & Forecast 2019-2030, (USD Million)
• On-premises- Market Size & Forecast 2019-2030, (USD Million)

By Organization Size

• Large Enterprises- Market Size & Forecast 2019-2030, (USD Million)
• SMEs- Market Size & Forecast 2019-2030, (USD Million)

By End User

• Manufacturing- Market Size & Forecast 2019-2030, (USD Million)
• Energy & Utilities- Market Size & Forecast 2019-2030, (USD Million)
• Healthcare & Life Sciences- Market Size & Forecast 2019-2030, (USD Million)
• Transportation & Logistics- Market Size & Forecast 2019-2030, (USD Million)
• Telecom- Market Size & Forecast 2019-2030, (USD Million)
• Government & Public Sector- Market Size & Forecast 2019-2030, (USD Million)
• Education- Market Size & Forecast 2019-2030, (USD Million)
• Others- Market Size & Forecast 2019-2030, (USD Million)

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Enterprise Asset Management Market Driver

Rising Adoption of Cutting-Edge Technologies & Connected Devices – Internet penetration & smartphone accessibility have increased significantly during historical years. As per the statistics provided by the Data Reportal, in 2023, there were approximately 5.16 billion internet users across the globe, which is approximately 64.4% of the total world population. Similarly, smartphone accessibility across the globe has also increased. This proliferation of smart devices is creating a conducive environment for digital platforms & services.  As a result, several organizations globally have shifted towards digital platforms & started offering their services via digital means. According to the BigCommerce Company, as of 2023, around 20% to 30% of organizations have moved to online platforms & around 60% of enterprises are planning to increase their online presence. Therefore, organizations are increasingly utilizing technology-based solutions to boost their online performance.

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Top Enterprise Asset Management Market Brands & Their Strategic Market Positioning

MarkNtel Advisors Research identifies IBM, SAP, Oracle, Hexagon, IFS, Hitachi Energy, IPS Intelligent Process Solutions, Accruent, Aveva, Aptean, Emaint, CGI, Upkeep, Assetworks, Ramco Systems, and Others as key players shaping the market landscape.

Enterprise Asset Management Market News

• 2023: AJ Foyt Racing, an American racing team, has recently revealed a long-term collaboration with IFS. This partnership aims to leverage the asset management solution provided by IFS Ultimo for effective parts management, lifting, and maintenance purposes.
• 2022: Hitachi Energy revealed that Energinet has expedited its digital transformation through the implementation of the Lumada APM solution. This partnership aims to assist the Transmission System Operator (TSO) in effectively evaluating the necessary grid reinvestments required to accomplish their ambitious 2030 carbon neutrality objectives.

Key Questions Answered in the Report

• What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
• How the industry has been evolving, and which segments would dominate the market during the forecast period?
• What are the key opportunity areas that companies foresee in the coming years 2030?
• Who are the key players in the market, and what are their competitive strengths?
• What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?

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