WESTFORD, Mass., July 26, 2024 /PRNewswire/ -- According to
SkyQuest, the global Enterprise Asset Management Market size
was valued at USD 3.92 Billion in
2022 and is poised to grow from USD 4.21
Billion in 2023 to USD 7.74
Billion by 2031, at a CAGR of 8.2% during the forecast
period (2024-2031).
Enterprise asset management is remarkably driven by
technological improvements and innovations. The current progression
of enterprise asset management is addressing several businesses
that are going through transforming scenes, targeting to fulfil for
growing demand of dynamic of interlinked and dynamic worldwide
environment. The speedy technological improvements of the modern
digital world have significantly impacted asset management and
operations handling strategies of industries.
The increasing adoption of IoT in most industries has noticeably
enhanced the tracking systems for the assets of enterprises. Hence,
the incorporation of IoT in enterprise asset management solutions
offers better detection and control variations, leading to improved
market scenarios in the past years. Moreover, drone-based
enterprise solutions and advancements in AI are projected to
majorly transform the enterprise asset management market.
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Enterprise Asset Management Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 4.21
Billion
|
Estimated Value by
2031
|
USD 7.74
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 8.2%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Offering, Application,
Organization Size, Vertical, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Expanding Adoption of
Micro-Enterprise and Cloud-Based Architecture in Enterprise Asset
Management
|
Key Market
Drivers
|
Introduction of
Technologies that offer Competitive Edge
|
Segments covered in Enterprise Asset Management Market
are as follows:
- Offering
-
- Solution, Services (Professional Services [Planning &
Consultation, Training & Education, and Support &
Maintenance], Managed Services)
- Application
-
- Asset Lifecycle Management, Inventory Management, Work Order
Management, Labor Management, Predictive Maintenance, Facility
Management, Other
- Organization size
-
- Small and Medium-sized Enterprises, Large Enterprises
- Vertical
-
- Manufacturing (Heavy machinery manufacturing, Discrete
manufacturing & Process manufacturing), Energy and Utilities
(Power Generation, Renewable Energy and Oil- Gas Exploration &
Production), Healthcare and Life Sciences (Hospitals & Clinics,
Pharmaceutical Companies, Medical Device Manufacturers &
Others), Transportation and Logistics (Fleet Management, Warehouse
Management System, Distribution Equipment System & others), IT
& Telecommunications (Telecom infrastructure, Network operation
& Data centers), Government and Public Sector (Infrastructure
management, Public works & Municipal services), Education
(Education facilities & Research institutions), Others.
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Solution Segment to Lead on the back of Increasing Need for
Strong and Cost-Effective Solutions by Companies
By offering, the solution segment dominated the enterprise asset
management market in the past years. Since numerous companies are
looking forward to adopting improved solutions, they are also
desiring budget-friendly and strong systems for managing enterprise
assets. This trend is projected to boost the segment growth in the
coming years. The demand for enhanced EAM is projected to increase
substantially to avoid errors in systems and detect and foresee
them. To control expenses and spend less on repairs and
maintenance, most enterprises are heavily adopting EAM systems.
The services segment is projected to be the fastest growing and
will continue to lead with a notable CAGR. The key reason behind
the growth of the segment is attributed to the growing need for
experts who will efficiently handle and manage the growing number
of services in the past years. Hence, both services as well as the
solutions segment are propelling the market growth.
Asset Lifecycle Management Domain to Rule the Market Due to
Increased Benefits of the Software
By Application, asset lifecycle management dominated the market
in the past years owing to rising demand for asset lifecycle
management software solutions. The software helps with proper
planning, scheming or designing, and finishing numerous projects
that were not possible due to its complex nature. Asset lifecycle
management also supervises operations and maintenance. This will
ultimately support the growth of the segment, thereby driving the
market growth.
The time spent on the numerous processes and the number of
errors made are considerably lessened with the help of the EAM
system. Moreover, inventory management is the fastest-growing
segment and is expected to grow flourishingly in the coming years.
The solution offers important information about the use of
components and the price of the components.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/enterprise-asset-management-market
Growing Demand for Improved EAM Systems to Propel the Large
Enterprises Segment
By organization size, the large enterprises segment registered
for a majority share of the market since they can spend enough
money to invest in EAM systems, which will eventually amplify the
adoption of these systems in the large businesses.
Nonetheless, the small and medium-sized enterprises segment is
expected to be the fastest growing in the years to come. The
growing trend of adoption of EAMs in these businesses is mostly
observed in emerging and underdeveloped economies. Hence the
forthcoming years will see increased adoption of EAMs that will
help small and medium-sized businesses to take full advantage of
the software and tools of EAMs.
Enterprises Increasingly Adopting the Trends to Further
Contribute the Market Progress
The emerging trend in the market is denoting a changing world
that is making the best use of technology to enhance the
performance of assets, encourage sustainability, and reduce
operational costs. Organizations are embracing these trends and
technologies, which will help them to address the new complexities
of asset management in a better way and arrange the organization
for progress in a changing landscape. Welcoming these improvements
will not just assure higher operational efficacy and control costs,
but also support in inclining towards sustainability, offering
strategic benefit in the current changing business scenario.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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