In the worldwide asset management market, enterprise asset management held a 15% share. Over the assessment period of 2022 to 2028, there will likely be a significant CAGR growth in demand for on-premise systems.
The Enterprise Asset Management Market is anticipated to surge forward at a CAGR of 7.1% from 2022 to 2028, approaching a valuation of US$ 3.21 billion in 2022 and US$ 4.86 billion by 2028. Earlier this year, Future Market Insights released a market research report titled "Enterprise Asset Management Market - Global Industry Analysis 2014 - 2021 and Opportunity Assessment 2022 - 2028." The market for enterprise asset management is being driven by the development of artificial intelligence (AI) and drone-based business solutions, among other things. AI facilitates better data handling for decision-making.
When installing the EAM system, which provides precise information on the identities, materials, and supply, asset visibility is a crucial component. Effective asset management reduces fixed capital investments and controls or eliminates overstocking and hoarding. EAM software provides more reliable analytical solutions for process analysis, asset management, and preventative maintenance.
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EAM Is Rapidly Integrating with IoT
The growing deployment of IoT in smartphones and laptops is increasing the usage of IoT-based applications. The integration of IoT with EAM provides the identification of performance and control modifications. IoT applications allow better asset utilization tracking and better data management, as well as streamlining data in a manner in which asset lifecycle and maintenance can be analyzed.
Integrating EAM systems and IoT enable companies to identify problems with their assets. The integration of IoT with EAM solutions is expected to play an important role in the development of smart cities. Smart cities monitor the conditions of all the critical infrastructure.
Due to the increasing demand for ensuring asset performance and advanced environmental sustainability, companies are focusing on asset-intensive platforms to constantly track, assess, and manage reliability and technological & human assets. For the use of asset-intensive systems to offer efficient data management and better asset utilization, the global enterprise asset management market is likely to record an approximate incremental opportunity of US$ 5,500 Mn during the forecast period of 2022 to 2028.
In the global enterprise asset management report, FMI has segregated the global enterprise asset management market by deployment, component, industry verticals, and by region. With regard to components, the global enterprise asset management market is segmented into software and services. Due to the positive outlook toward the escalating demand for next-generation tracking solutions, cloud-based deployment is estimated to generate potential growth opportunities for enterprise asset management software providers.
Hybrid Cloud Resilience to Attract Revenues through On-premise Deployment
With regard to deployment, the global enterprise asset management market is segmented into on-premise and cloud. Owing to the robust adoption and penetration of cloud-based systems, the cloud-based segment is expected to create potential business opportunities for the enterprise asset management market.
The on-premise sub-segment is also expected to create an approximate market opportunity of US$ 4,200 Mn between 2022 and 2029. On-premise is termed as scalable, reliable, and resilient for hybrid cloud solutions. Owing to these factors, the cloud-based sub-segment will be a target area for the developers of asset maintenance applications.
Furthermore, on the basis of industry vertical, the enterprise asset management market is segmented into healthcare, manufacturing, oil & gas, banking & finance, government, and others.
In addition, with respect to geography, the enterprise asset management market in North America is projected to be a prominent player in the global enterprise asset management market owing to the advent of next-gen technological advancements in Canada and the U.S. The enterprise asset management market is estimated to generate high potential in South Asia, especially in the Chinese market.
This growth potential can be attributed to the major ICT technology-based advancements in South Asian countries. Moreover, the adoption of IoT-enabled EAM solutions is increasing in Latin America owing to free trade agreements between some countries in the region.
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Competitive Landscape
Major EAM vendors are investing efforts beyond traditional asset management as businesses now seek additional benefits from enterprise asset management solutions.
Key Segments of Enterprise Asset Management Industry Research
Enterprise Asset Management Market by Deployment:
Enterprise Asset Management Market by Industry:
Enterprise Asset Management Market by Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Enterprise Asset Management Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 02, 2023
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