The Enterprise Asset Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enterprise Asset Management Global Market Report 2024, The enterprise asset management market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to regulatory compliance, aging infrastructure, cost optimization, preventive maintenance, integration with ERP systems.
The enterprise asset management market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to mobile exam solutions, focus on sustainability, cybersecurity measures, exam for industry-specific needs. Major trends in the forecast period include digital twin technology, technological advancements, IoT integration for condition monitoring, cloud-based exam solutions.
Rising demand for SaaS-based EAM solutions is driving the growth of the market. SaaS-based EAM services are a cloud bases software service that helps vendors provide applications via a subscription-based model. These solutions have become a fundamental in the technology world for dashboards, mobile apps, asset tracking, performance management, forecasting, and regulatory compliances. The customers are increasingly investing in SaaS-based solutions over the traditional on-premises solutions, owing to various factors such as reduced time to benefit, lower costs, scalability and integration, and others. For instance, according to the study published on DevSquad in 2022, 73% of businesses are switching all systems to SaaS, and the companies are planning to increase their spending by 44% from the previous year.
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The enterprise asset management market covered in this report is segmented –
1) By Development: On-Premise, Cloud
2) By Application: Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Other Applications
3) By Vertical: Energy And Utilities, Transportation And Logistics, Government And Public Sector, IT And Telecommunications, Manufacturing, Healthcare And Life Sciences, Education, Other Verticals
Major companies operating in the enterprise asset management market are focusing on innovating new technologies such as, mobile solutions, to sustain their position in the market. Mobile solutions refer to technologies tailored for specific industries using mobile technology to address their unique needs. For instance, in October 2021, Innovapptive, a US-based multinational software company, Launches Mobile Solutions for IBM Maximo Enterprise Asset Management (EAM) and Warehouse Management Suite. Innovapptive, a digital transformation pioneer, has made its mobile solutions available for organizations utilizing IBM Maximo as their enterprise asset management (EAM) solution. This move aims to address the needs of approximately a third of the market, streamlining outdated manual processes prevalent in such environments.
The enterprise asset management market report table of contents includes:
1. Executive Summary
2. Enterprise Asset Management Market Characteristics
3. Enterprise Asset Management Market Trends And Strategies
4. Enterprise Asset Management Market – Macro Economic Scenario
5. Global Enterprise Asset Management Market Size and Growth
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31. Enterprise Asset Management Market Other Major And Innovative Companies
32. Global Enterprise Asset Management Market Competitive Benchmarking
33. Global Enterprise Asset Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Asset Management Market
35. Enterprise Asset Management Market Future Outlook and Potential Analysis
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