by Enterprise Asset Management (EAM) involves managing the full life cycle of physical assets of an organization to maximize their value. It is widely used for asset reliable, compliant, and optimized performance. EAM solutions help enterprises track equipment reliability and maintenance needs, reduce unplanned downtime, and increase productivity. It provides inventory management, purchase/replacement history, warranties, repair/service records, and scheduling of preventive maintenance for various physical assets including plant and machinery, vehicles, medical equipment, and other production tools.
The global EAM Market is estimated to be valued at US$ 6.2 billion in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing need for predictive maintenance of assets is expected to drive the EAM market growth over the forecast period. Predictive maintenance involves monitoring of equipment parameters through sensors and analyzing machine condition data using AI/ML algorithms. It helps predict component failure or downtime before it occurs and schedule precise maintenance. This improves asset availability and utilization while reducing maintenance costs significantly. Also, the influx of IoT technologies has enabled remote monitoring of physical assets. Connected sensors on equipment transmit real-time operational data to cloud-based EAM platforms for continuous performance monitoring and predictive diagnostics. This allows remote asset management and issues resolution without human intervention. These advantages of predictive maintenance and IoT are boosting the adoption of EAM solutions globally across industries.
Segment Analysis
The global enterprise asset management market is dominated by the software segment. This is because EAM software allows organizations to streamline their asset lifecycle processes including procurement, maintenance, and asset retirement. The software handles complex tasks like predictive maintenance and reliability engineering effectively.
PEST Analysis
Political: Governments in many countries have regulations regarding asset maintenance and reliability for crucial infrastructure and industries. This has increased adoption of EAM solutions.
Economic: Organizations are under pressure to optimize asset utilization and reduce operational expenses. EAM delivers ROI through lower downtime, improved productivity, and energy efficiency.
Social: There is a growing need across sectors to integrate physical and digital assets on a single platform for a holistic view. EAM addresses this need.
Technological: Advancements in IoT, AI, analytics are enabling predictive maintenance and proactive asset management. EAM vendors are integrating these technologies to deliver more value.
Key Takeaways
Global Enterprise Asset Management Market Size is expected to witness high growth.
Regional analysis- North America dominates currently due to early adoption by organizations. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by industries like manufacturing, utilities etc. in countries such as China, India.
Key players operating in the enterprise asset management market are SAP, IBM, Oracle, Infor, ABB, Aptean, CGI, IPS, Maintenance Connection, AVEVA, Assetic.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
