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Enterprise Asset Management Market Size, Business Opportunities, Current Trends, Challenges, Analysis 2029

Enterprise asset management (EAM) is a set of processes and tools utilised by companies to track and manage their physical assets throughout their entire lifecycle. Enterprises leverage EAM to increase assets performance, reduce operational costs, and boost environment, health, and safety (EHS) initiatives. This has created a significant demand for EAM among enterprises, especially those whose major revenue is closely related to physical infrastructure. Additionally, the growing emphasis on enhancing the lifetime performance of assets, heavy reliance on infrastructure, and comprehensive data integration are also likely to unravel business opportunities for the enterprise asset management market. Furthermore, the demand for EAM integration and deployment, training, monitoring, consultancy, and upgrade services is likely to witness a sharp increase. Taken together, these factors are set to propel substantial growth across the global enterprise asset management market.

 For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/enterpris-asset-management-market

 IoT-enabled and AI-based Devices to Accelerate Growth Trajectory for Enterprise Asset Management Market

Of late, the growing adoption of IoT in smartphones and laptops has significantly increased. Smart cities are heavily relying on the integration of IoT-driven application along with EAM software. In smart cities, all crucial infrastructure is monitored and assessed. The integration of IoT with EAM has facilitated ease in identifying performance and controlling adjustments. Similarly, AI enhances decision-making through better data management. Asset managers have built AI models to curate, manage, and evaluate the huge volumes of data. These AI models possess enormous use-cases including chatbots, predictive behaviour analysis, hyper-personalisation, and voice assistance. Such next-level enhancements are contributing to the holistic growth of the enterprise asset management market.

 Rising Adoption of Cloud-based Applications to Lead Market to Maturity 

Oorganisations around the world are increasingly opting for cloud-based solutions to meet business-specific requirements. The deployment of cloud-based solutions has provided organisations with better control over data. Consequently, the risk of data loss and breached have come down significantly. In addition to this, the cloud deployment strategies by governments also have enhanced IT security, scalability, and speed, ensuring round-the-clock assistance. The growing need for adequate cloud storage, access, and management of companies' enormous data has boosted the demand for cloud-based EAM systems. Taken together, these aspects are predicted to unlock the fresh revenue streams for the global enterprise asset management market.

 North America to Sustain its Dominance Amid Thriving IT Infrastructure 

The increased R&D activities and robust investments in technology have created tailwinds for EAM preventative maintenance systems in North America. This aspect coupled with the presence of large EAM enterprises and numerous growing start-ups is ensuring the dominance of North America as a key regional market. Meanwhile, highly developed IT infrastructure, and growing use of asset lifecycle management solutions is contributing to the regional market growth. Such a favourable scenario is projected to drive sustainable and inclusive growth across the enterprise asset management market in North America. 

 Prominent Market Players 

Some of the major players in the global enterprise asset management market include Aladinme (UAE), InnoMaint Software (India), SAP (Germany), Infor (US), IFS (Sweden), Cheqroom (Belgium), Oracle (US), IBM (US), ABB (Switzerland), Intelligent Process Solutions (Germany), Limble (US), Redlist (US), TrackX (US), The Asset Guardian (Canada), GoCodes (US), and Fleetio (US).

 For More Information Visit: https://www.fairfieldmarketresearch.com/report/enterpris-asset-management-market

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 About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026 published on

https://www.sandlerresearch.org/enterprise-asset-management-market-by-application-component-organization-size-deployment-model-vertical-energy-and-utilities-government-and-public-sector-manufacturing-transportation-and-logis.html

Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026

Increasing shift from legacy asset management methods to modern asset management by enterprises drive the growth of EAM market

The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic. The sudden shutdowns of organizations and institutions increased the demand for cloud solutions and other online services. In current times, the EAM market is profitable for EAM vendors as several companies from diverse verticals are progressively adopting cloud-based solutions and services. This market is expected to grow further in North America and Europe, whereas it is expected to hold a significant growth rate in APAC, Latin America, and MEA. Factors such as the increased adoption of cloud among SMEs and the Work From Home (WFH) business model due to COVID–19 are expected to drive the market growth.

Need for extending the life span of assets with the help of advanced technologies

Digitization across different verticals is creating new opportunities for organizations to optimize their relationships with customers. Many asset–intensive organizations are focusing on investing in new and ground–breaking technologies to radically transform and improve their operational processes. In today’s highly competitive business environment, asset–intensive businesses succeed and fail based on how they manage complexities in the face of increased competition. Best–in–class organizations are embracing emerging technologies, such as AR, IoT, AI, predictive maintenance, digital twin, and telematics, as the next big thing in industrial services would be to accurately forecast the future of physical assets. The impact of EAM solutions is more than just boosting the bottom line. According to a few primary respondents and industry experts, organizations readily adopt modern EAM solutions to increase the longevity of assets.

The Manufacturing vertical expected to hold largest market share in 2020.

The manufacturing vertical includes automotive, aerospace, heavy machinery, chemicals, and electronics and semiconductors. It is transforming its business functions, such as integration of supply chains, product designing, inventory management, and product deliveries. Manufacturing organizations have disconnected systems and departments working through information silos, making it complex for the EAM system to work with other IT systems. This information isolation prevents the efficient management of assets throughout their lifecycle. Inventory and asset management is considered as the most critical aspect of manufacturing businesses. In case inventory runs out of stock, or there is an unplanned breakdown, the production output would decrease, deliveries would get delayed, and work would be interrupted. This would cost a hefty amount to manufacturers.

North America to hold the largest market size and Asia Pacific (APAC) to grow at a higher rate during the forecast period

APAC is one of the fastest-growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives carried out by different governments and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. The region houses a large number of enterprises related to manufacturing, energy and utilities, transportation and logistics, chemicals, and aerospace, which is further expected to drive the demand for EAM. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.

In the process of determining and verifying the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with the key people. The breakup of the profiles of the primary participants as follows:

By Company Type: Tier I: 37%, Tier II: 25%, and Tier III: 38%

By Designation: C-Level: 22%, D-Level: 33%, and Others: 45%

By Region: North America: 42%, Europe: 25%, APAC: 18%, and RoW: 15%

The report profiles the following key vendors:

IBM (US)

SAP (Germany)

Oracle (US)

Infor (US)

IFS (Sweden)

ABB (Switzerland)

Intelligent Process Solutions (Germany)

Maintenance Connection (US)

Aveva (UK)

Aptean (US)

Emanit (US)

CGI (Canada)

Rfgen Software (US)

Assetworks (US)

Ultimo Software Solutions (UK)

UpKeep (US)

Asset Panda (US)

EZOfficeInventory (US)

Pazo (India)

EZMaintain.com (US)

InnoMaint Software (India)

Asset Infinity (India)

Fracttal (Chile)

Aladinme (UAE)

KloudGin (US)

MaintainX (US)

Limble CMMS (US)

TrackX (US)

Cheqroom (Blegium)

The Asset Guardian (Canada)

Fleetio (US)

Gocodes (US)

Redlist (US)

Research Coverage

The report segments the global EAM market by Application, the EAM market has been segmented into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, and other applications. By the deployment model, the EAM market has been segmented into public cloud and private cloud. Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises. By vertical, the EAM market has been classified into Manufacturing; energy and utilities; healthcare and life sciences; government and public sector; transportation and logistics; IT and telecommunications; and others. By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in the EAM market with information on the closest approximations of the revenue numbers for the overall EAM market and the sub segments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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6 Effective Tips to Reduce Equipment Maintenance Costs | Innomaint

Learn six valuable tips to effectively reduce equipment maintenance costs and optimize your business operations. Discover how to eliminate repetitive tasks, use high-quality spare parts, reduce labor and travel costs, optimize asset lifecycle, train your team, and standardize maintenance procedures.

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The Power of Digital Work Order Management: Enhancing Efficiency and Maximizing Profits

Discover the essential reasons why effective work order management is crucial for your facility. 

From standardizing templates to optimizing preventive and corrective maintenance, this blog highlights how digital solutions can enhance efficiency, build a connected workplace, gather valuable analytics, and ultimately maximize profits. 

Read now https://www.innomaint.com/blog/7-reasons-why-work-order-management-is-important/ and unlock the full potential of your maintenance operations.

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Know the Essential Facility Management KPIs and Metrics for Success | Innomaint CAFM

Discover a comprehensive list of KPIs and metrics for facility management, including reactive work ratio, PM program compliance, response time, energy consumption, compliance, first-time fix rate, MTBF, MTTR, and more. This blog is a valuable resource for facility managers and owners seeking to optimize their facility operations and achieve operational excellence. https://www.innomaint.com/blog/kpis-every-facility-manager-and-owner-should-track/

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Smart Work Order Management Strategies for Businesses on a Budget | Innomaint CMMS

Looking to improve your work order management system? Check out our blog post for the best strategies to save you time and money. Learn how to streamline processes, automate tasks, and optimize your workflow for maximum efficiency.

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The Internet of Things (IoT) has revolutionized the energy industry and enabled better management of energy use.

It provides a way to monitor and track electricity usage, improve efficiency, and reduce costs. From embedded sensors to smart meters, IoT is driving innovation in the energy sector.

In this article, we will discuss how IoT is used in energy management and explore its potential applications in the near future.

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​ In this Innomaint article You can learn about upload the sub-assets into the application, in bulk, along with the main asset mapping details in the bulk upload template.

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Enhancing Hospital Ambiance & Efficiency: Streamlining Maintenance Management through Digital Work Orders - InnoMaint Case Study

Discover how InnoMaint revolutionized hospital maintenance management with digital work orders, ensuring a seamless ambiance and operational efficiency. Read about the successful implementation that streamlined processes and enhanced patient care. https://www.innomaint.com/case-study/read-about-providing-a-perfect-ambiance-for-hospitals-making-maintenance-management-smooth-via-digital-work-orders/

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Discover how India's biggest socks manufacturer enhanced their productivity by 15% through efficient and rapid servicing of knitting machines. Read this insightful case study on Innomaint to learn how they optimized operations and achieved impressive results.

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Join us as we explore the cutting-edge technology shaping the future of Facility Management. Discover how Innomaint cloud and mobile-based CAFM Software is transforming the way professionals manage facilities, ensuring flawless operations and helping organizations achieve their goals through automation. Stay ahead of the curve in the digital revolution of Facility Management https://www.innomaint.com/solutions/free-field-service-management-software/