[194 Pages Report] The Enterprise Asset Management Market size was estimated at USD 4.43 billion in 2023 and expected to reach USD 4.85 billion in 2024, at a CAGR 9.67% to reach USD 8.46 billion by 2030.
Enterprise asset management (EAM) is a comprehensive combination of services and software to manage a company's physical assets throughout their life cycles to maximize their value. It involves the efficient and sustainable oversight of an organization's physical assets and infrastructure, including their design, construction, operation, maintenance, and replacement. EAM encompasses various assets, from machinery and production equipment to vehicles, buildings, and land. Meanwhile, the growing need for digital transformation in large, small, and medium-sized enterprises (SMEs) has bolstered the demand for EAM. However, the concerns associated with privacy and security and the implementation of EAM are significant challenges providers and operators face. Companies catalyze business growth by simplifying the deployment of EAM solutions and enhancing the user experience. Developing cost-effective, modular solutions and leveraging machine learning for more innovative maintenance scheduling and resource allocation are prime areas for advancement. Moreover, adopting AI for predictive analytics, using drones for asset inspection, and implementing blockchain for secure asset transactions represent significant potential for innovation. The shift towards sustainability and the circular economy also presents avenues for EAM systems to integrate with environmental management and reporting functions.
Enterprise asset management (EAM) encompasses a wide array of component services and solutions designed to optimize the lifecycle of an organization's physical assets. These services include consulting, implementation, support, and maintenance, which are pivotal in aligning EAM strategy with business objectives. On the other hand, solutions encompass software platforms and applications that provide a comprehensive view of assets across facilities, infrastructures, and industries, facilitating preventive maintenance, asset tracking, inventory management, and efficient work order processes. These services and solutions collectively ensure enhanced asset utilization, minimize downtime, extend asset life, and ultimately drive significant cost savings and strategic advantage for enterprises.
EAM software allows IT & telecommunication organizations to track, manage, and monitor assets and improve organizational and operational efficiency. Additionally, EAM helps industrial manufacturers maintain the quality and utilization of assets throughout their lifecycle, boosts operational productivity, and lowers manufacturing expenses. Implementing EAM in educational organizations ensures the availability of assets to each student and staff, which assures modernized management of educational assets by implementing facilitates loaning programs, tracks asset life cycles, efficiently redistributes the software, reduces service resources, and automates the process. Implementing asset management solutions into industries and organizations serves to better manage and maintain mission-critical equipment across entire operations. In addition, EAMs are widely used in the government and public sector to manage various assets such as coins in circulation, short-term paper, treasury bills, and other assets. Medical facilities and personnel may easily manage patient information, identify medical equipment, and access maintenance records. it also improves patient care, staff productivity, and medical waste disposal.
In the Americas, a strong focus on asset lifecycle management and the incorporation of IoT in organizations drive more competent asset management in this region. The United States exhibits a high demand for asset management, trending toward integrating EAM systems with AI and predictive maintenance tools. Technological advancements by key market players in the region are the primary factor in the market development. On the other hand, the European Union (EU) presents a diverse market, with EU countries paying special attention to regulations such as the General Data Protection Regulation (GDPR), which affects data management processes within EAM systems. There is also an increased focus on environmental sustainability, pushing for EAM solutions to manage and report on energy efficiency and carbon footprints. Moreover, the growth of the EAM market in the Asia Pacific region is propelled by rapid urbanization and industrialization, especially in China, Japan, and India. Customers are increasingly adopting EAM to upgrade from traditional maintenance management methods to more efficient and data-driven asset management approaches. Asia-Pacific presents significant opportunities for industry expansion owing to the rising focus on the development and integration of digitalization of IT infrastructure in the business.
The FPNV Positioning Matrix is pivotal in evaluating the Enterprise Asset Management Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Enterprise Asset Management Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Intel and DigitalBridge Launch Articul8, an Enterprise Generative AI Company
Intel Corporation (INTC) and DigitalBridge Group, Inc. (DBRG) jointly launched Articul8 AI, an autonomous entity poised to revolutionize the enterprise sector with its comprehensive and secure generative artificial intelligence (GenAI) platform. Articul8 staunchly prioritizes data security, ensuring that clients' sensitive information, alongside AI model training and processing, remain safeguarded within the stringent confines of enterprise security measures. This innovative initiative represents a synergistic collaboration between Intel's technological prowess and DigitalBridge's investment acumen, setting a new benchmark for enterprise asset management through advanced AI solutions. [Published On: 2024-01-03]
Trane Technologies to Acquire Connected Workplace and Enterprise Asset Management Company Nuvolo
Trane Technologies announced the strategic acquisition of Nuvolo, an industry player in innovative cloud-based enterprise asset management (EAM). Nuvolo's state-of-the-art Connected Workplace, developed on the reputable ServiceNow platform, propels facilities management into the modern era by enhancing space optimization and seamlessly managing the lifecycle of enterprise assets under a unified system. This integration promises to amplify Trane Technologies' sustainability commitment and climate leadership by merging synergistic technologies, products, and customer engagements across critical sectors such as healthcare, life sciences, retail, the public sector, and education. [Published On: 2023-10-02]
LibertyFi and Aptus Capital Advisors Announces Merger
LibertyFi, a company specializing in asset management, technology, and operational strategies, strategically merged with Aptus Capital Advisors. This landmark consolidation aims to cultivate a new, innovative entity tailored to forge solutions for RIAs. The merged entity is poised to offer an integrated, turnkey platform that seamlessly empowers advisors to outsource technological, investment management, and operational requirements. Concurrently, the firm also caters to the demand for specialized services by providing selected offerings integrated into an advisor's pre-existing technological framework. [Published On: 2023-01-19]
The report delves into recent significant developments in the Enterprise Asset Management Market, highlighting leading vendors and their innovative profiles. These include ABS Group, Accenture PLC, Accruent, LLC, Aptean Group, Arcadis Gen Holdings Limited, AVEVA Group Limited by Schneider Electric SE, CGI Inc., eMaint by Fluke Corporation, Ernst & Young Global Limited, Hexagon AB, Hitachi Vantara LLC, IFS World Operations AB, Infosys Limited, Intel Corporation, International Business Machine Corporation, KloudGin, Inc., Microsoft Corporation, NEXGEN Utility Management Inc., Nuvolo, Oracle Corporation, Planon International B.V., Pragma, Ramco Systems Ltd., RFgen Software by DataMAX Software Group, Inc., Rizing Holdings. LLC by Wipro Limited, SAP SE, ServiceNow, Inc., Tata Consultancy Services Limited, Trapeze Group, Tyler Technologies, Inc., and UpKeep Technologies, Inc..
This research report categorizes the Enterprise Asset Management Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Component
- Services
- Solutions
- Function
- Asset Lifecycle Management
- Facility Management
- Inventory Management
- Labor Management
- Predictive Maintenance
- Work Order Management
- Vertical
- Education
- Energy & Utilities
- Government & Public Sector
- Healthcare & Life Sciences
- IT & Telecommunications
- Manufacturing
- Transportation & Logistics
- Deployment Model
- Cloud
- On-Premises
- Organization Size
- Large Enterprises
- Small & Medium-Sized Enterprises
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Enterprise Asset Management Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Enterprise Asset Management Market?
- What are the technology trends and regulatory frameworks in the Enterprise Asset Management Market?
- What is the market share of the leading vendors in the Enterprise Asset Management Market?
- Which modes and strategic moves are suitable for entering the Enterprise Asset Management Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Enterprise Asset Management Market, by Component
- Enterprise Asset Management Market, by Function
- Enterprise Asset Management Market, by Vertical
- Enterprise Asset Management Market, by Deployment Model
- Enterprise Asset Management Market, by Organization Size
- Americas Enterprise Asset Management Market
- Asia-Pacific Enterprise Asset Management Market
- Europe, Middle East & Africa Enterprise Asset Management Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 26]
- List of Tables [Total: 474]
- List of Companies Mentioned [Total: 31]
Understanding Enterprise Asset Management:
Enterprise Asset Management is a set of best practices for managing an organization's equipment, facilities, IT systems, and other tangible assets. EAM goes beyond maintenance, repair, and replacement of assets. It includes asset acquisition, depreciation, and asset retirement. EAM's primary focus is to ensure that the organization's assets are functioning efficiently and providing optimal productivity. IoT platforms help businesses manage their assets better and maintain them proactively.
Why Enterprise Asset Management is Important:
EAM is critical for businesses to ensure uninterrupted productivity, reduction in maintenance costs, and downtime. By leveraging IoT platforms and devices, businesses can improve asset performance and reduce the time and cost involved in asset management. Additionally, optimized asset management lowers maintenance costs and increases the longevity of assets, reducing capital expenditure.
Key Benefits of IoT in Enterprise Asset Management:
IoT technologies enable the integration of applications and systems, providing visibility into asset performance and condition. Real-time tracking of assets, predictive maintenance, and remote monitoring are some of the benefits that IoT offers. Companies can monitor their assets' condition in real-time using sensors and analytics, which provides insights into their performance. This helps businesses make data-driven decisions and save time and costs involved in manual monitoring and tracking.
Best Practices for Effective Enterprise Asset Management:
Establishing clear processes, engaging stakeholders, identifying critical equipment, and defining performance metrics are best practices for effective EAM. Regular maintenance and inspection, data backups, and training employees on the best practices are essential for EAM. Businesses should also maintain an accurate record of their assets, including their performance and maintenance history.
The increasing use of IoT platforms and devices makes EAM essential for organizations to maximize their productivity and efficiency. EAM helps manage assets proactively and reduces costs associated with equipment failure and downtime. By implementing EAM best practices, businesses can reduce maintenance and repair costs, optimize asset performance, and ultimately increase profitability. Organizations that invest in effective EAM strategies are better equipped to compete in the market and make data-driven decisions.
Enterprise Asset Management is essential for businesses looking to thrive in the age of IoT. By leveraging IoT platforms and devices, businesses can manage their assets more efficiently, reduce downtime, and improve productivity. The best practices for effective EAM ensure that the organization optimizes asset performance and reduces maintenance and repair costs. Investing in EAM strategies can help businesses make data-driven decisions, remain competitive, and ultimately increase profitability.
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