Global Enterprise Asset Management Software Market Size By Deployment Model, By Organization Size, By Industry, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGlobal Enterprise Asset Management Software Market Size By Deployment Model, By Organization Size, By Industry, By Geographic Scope And Forecast
Enterprise Asset Management Software Market Size And Forecast
Enterprise Asset Management Software Market size was valued at USD 5.2 Billion in 2023 and is projected to reach USD 10.1 Billion by 2030, growing at a CAGR of 9.9% during the forecast period 2024-2030.
Global Enterprise Asset Management Software Market Drivers
The market drivers for the Enterprise Asset Management Software Market can be influenced by various factors. These may include
- Growing Emphasis on Asset Optimization An increasing number of businesses in many sectors are realizing the benefits of effectively managing and optimizing their assets in order to increase operational effectiveness, decrease downtime, prolong asset lifetimes, and cut maintenance expenses. To enhance asset performance and efficiency, firms can use EAM software to centralize asset data, expedite maintenance procedures, and make data-driven choices.
- Growing Use of Industry 4.0 and IoT Technologies The need for sophisticated EAM solutions is being driven by the growing incorporation of Internet of Things (IoT) sensors, connected devices, and predictive analytics into asset management procedures. Real-time asset health monitoring, predictive maintenance scheduling, remote diagnostics, and condition-based monitoring are all made possible by IoT-enabled EAM software, which gives businesses the ability to proactively manage their assets and prevent unscheduled downtime.
- Emphasis on Regulatory Compliance and Asset Safety Organizations must adhere to safety, environmental, and regulatory rules for asset management due to strict regulatory regulations and industry standards. By lowering compliance risks and guaranteeing asset safety and dependability, EAM software assists businesses in maintaining thorough asset records, tracking asset certifications, conducting audits, and assuring regulatory compliance.
- Capabilities for Remote Asset Management Are Needed Organizations need EAM solutions that provide mobile capabilities, cloud-based deployment choices, and remote access due to the increasing prevalence of remote work and scattered operations. Cloud-based Enterprise Asset Management (EAM) software enables companies to effectively manage assets across geographically distributed locations and distant sites by facilitating remote asset monitoring, maintenance scheduling, and workforce collaboration.
- Emphasis on Asset Lifecycle Management To optimize asset investments, reduce total cost of ownership (TCO), and maximize asset return on investment, businesses are progressively implementing holistic methods to asset lifecycle management (ALM). EAM software offers visibility into asset performance, usage, depreciation, and retirement planning across the asset lifecycle, from purchase and installation to operation, maintenance, and disposal.
- Demand for Predictive Maintenance and Asset Reliability EAM software with sophisticated predictive analytics and machine learning capabilities is becoming more and more popular as reactive and preventative maintenance tactics give way to predictive maintenance approaches. Organizations can use predictive maintenance features to prioritize maintenance tasks, spot possible asset failures, and optimize maintenance schedules based on performance patterns and asset health data.
- Integration with Enterprise Systems and Digital Transformation Initiatives Enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management (SCM) systems are just a few examples of the enterprise systems that EAM software integrates with. It also plays a critical role in supporting digital transformation initiatives. Organizations can accomplish improved visibility, data interoperability, and process automation throughout their whole business processes with seamless integration.
- Emphasis on Energy Efficiency and Asset Performance To cut expenses, use less energy, and meet sustainability targets, organizations are placing a greater emphasis on energy efficiency and asset performance optimization projects. With the use of EAM software, organizations may track energy consumption trends, environmental effects, and asset performance indicators to find areas for resource optimization and energy savings.
Global Enterprise Asset Management Software Market Restraints
Several factors can act as restraints or challenges for the Enterprise Asset Management Software Market. These may include
- High Initial Investment Software licensing, hardware infrastructure, and installation services are major upfront costs associated with implementing enterprise asset management (EAM) software. The market growth may be hindered by small and medium-sized enterprises (SMEs) or organizations with tight budgets being unable to afford the initial expenditures involved with EAM software deployment.
- Complex Integration and Implementation The implementation of EAM software frequently entails intricate procedures, such as data migration, customization, and integration with current company systems like CRM and enterprise resource planning (ERP) software. Market adoption may be hampered by the complexity of implementation and integration, which can result in longer deployment schedules, greater implementation costs, and possible disruptions to corporate operations.
- Adoption of EAM software may be hampered by resistance to change inside firms, especially among staff used to traditional asset management procedures. Slowing down the rate of EAM software adoption and implementation, employee resistance to using new software tools or procedures may be caused by worries about job security, disruptions to productivity, or lack of knowledge of technology.
- Privacy and Data Security Concerns Data security and privacy are issues brought up by the digitization of asset management procedures and the storing of private asset data in EAM software. Fears of data breaches, illegal access, or compliance infractions may prevent organizations from implementing EAM software, which could hinder market expansion, particularly in highly regulated sectors like healthcare and banking.
- Absence of Skilled Staff Professionals with knowledge in asset management, data analytics, and software administration are needed for the effective deployment and use of EAM software. However, there’s frequently a lack of skilled workers in firms who can set up, maintain, and improve EAM systems. The lack of qualified workers might hinder the expansion of the market by delaying the implementation of EAM software and reducing its efficacy.
- Constraints of Legacy Systems Transitioning to Modern EAM Software Platforms may present difficulties for organizations using legacy asset management systems. It’s possible that outdated systems don’t support contemporary features like cloud deployment, mobile access, and predictive maintenance, or they don’t interact with one another or share data. The adoption and investment in EAM software may be slowed down by the requirement to overcome the limitations of legacy systems through data migration and modernization initiatives.
- Difficulties with Maintenance and Support Software updates, maintenance, and support must be provided continuously for EAM systems to function properly. Organizations could, however, have trouble getting software patches, getting timely technical help, or staying up to date with changing regulatory requirements. The long-term value proposition of EAM software solutions can be weakened by inadequate maintenance and support services, which might turn off potential customers and impede market expansion.
- Market Fragmentation and Competition There are many manufacturers offering a wide range of solutions aimed at different industry verticals and use cases in the fiercely competitive enterprise asset management software market. Customers may become confused when choosing the best EAM solution for their unique requirements due to market fragmentation. Furthermore, fierce competition may limit the growth of the EAM software market by putting pressure on prices, commoditizing features, and reducing profit margins for providers.
Global Enterprise Asset Management Software Market Segmentation Analysis
The Global Enterprise Asset Management Software Market is Segmented on the basis of Deployment Model, Organization Size, Industry, And Geography.
Enterprise Asset Management Software Market, By Deployment Model
- On-premise Typically installed on the company’s own servers, this type of deployment offers more control and data security but necessitates a large initial investment and IT know-how for upkeep.
- Cloud-based Provided online, this type of service has advantages such as scalability, accessibility, and less IT work, but it also raises questions about data security and dependence on internet access.
- Hybrid Combines aspects of cloud and on-premise deployment, enabling businesses to tailor the solution to their own demands and security specifications.
Enterprise Asset Management Software Market, By Organization Size
- Big businesses Frequently have sophisticated asset management requirements and may afford to spend money on all-inclusive EAMS solutions.
- Small and medium-sized businesses (SMEs) Small and medium-sized businesses (SMEs) are using EAMS more frequently in order to increase operational effectiveness and maintain their competitiveness; they frequently choose affordable and user-friendly solutions.
Enterprise Asset Management Software Market, By Industry
- Manufacturing A significant industry with a range of asset management requirements, encompassing facilities, equipment, and machinery used in production.
- Utilities Managing assets such as power plants, distribution networks, and water treatment facilities is necessary for utilities.
- Transportation This is concerned with the management of assets such as automobiles, trains, ships, and airplanes.
- Oil and gas Oversees resources in the areas of distribution, refining, production, and exploration.
- Other industries EAMS is used in a number of industries, including government, construction, healthcare, and facilities management.
Enterprise Asset Management Software Market, By Geography
- North America Market conditions and demand in the United States, Canada, and Mexico.
- Europe Analysis of the Enterprise Asset Management Software Market in European countries.
- Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
- Middle East and Africa Examining market dynamics in the Middle East and African regions.
- Latin America Covering market trends and developments in countries across Latin America.
Key Players
The major players in the Enterprise Asset Management Software Market are
- SAP SE
- IBM
- Oracle Corporation
- Schneider Electric SE
- AVEVA Group plc
- Siemens AG
- IFS AB
- Infor
- AssetWorks LLC
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | SAP SE, IBM, Oracle Corporation, Schneider Electric SE, AVEVA Group plc, Siemens AG, IFS AB, Infor, AssetWorks LLC |
| SEGMENTS COVERED | By Deployment Model, By Organization Size, By Industry, And By Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
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