Enterprise Asset Management Tool Market Report 2024 (Global Edition)

Global Enterprise Asset Management Tool Market Report 2024 Market Size Split by Offering (Software, Services, Professional Services, Managed Services), by Application (Asset Lifecycle Management, Inve...

Enterprise Asset Management Tool Market Report Description

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Enterprise Asset Management Tool Market Insights Video

Competitive Landscape of the Enterprise Asset Management Tool Market

The competitive landscape of the enterprise asset management tool market is characterized by a diverse range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established electronics manufacturers, specialized transportation & logistics, and healthcare & life sciences aiming to disrupt the market with innovative solutions.

June 2023: the asset management technology IFS Ultimo will be used for parts management, lifting, and maintenance by American racing team AJ Foyt Racing as part of a multi-year relationship with IFS. (Source: https://www.ifs.com/nl/news/customer/aj-foyt-racing-selects-ifs-ultimo-eam-software#:~:text=Chicago%2C%20US%2C%20June%2022%2C,seasons%20with%20options%20for%20extension.) January 2021: IBM and Atos partnered to use RedHat Open Shift and AI to speed up digital transformation in businesses. End users can choose from SMART waste/energy monitoring and optimization solutions, asset life cycle management solutions, asset monitoring and MRO optimization solutions, and packaging, transportation, and logistics optimization solutions provided by the partnership. (Source: https://atos.net/en/about-us/partners-and-alliances/ibm)

Top Companies Market Share in Enterprise Asset Management Tool Industry: (In no particular order of Rank)

• IBM (United States)
• SAP SE (Germany)
• Oracle Corporation (United States)
• Infor (United States)
• IFS AB (Sweden)
• ABB Ltd. (Switzerland)
• Schneider Electric SE (France)
• CGI Inc. (Canada)
• Siemens AG (Germany)
• Aveva Group plc (United Kingdom)
• Bentley Systems
• Incorporated (United States)
• AssetWorks LLC (United States)
• UpKeep Technologies Inc. (United States)
• Ultimo Software Solutions BV (Netherlands)
• Ramco Systems Limited (India)
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Enterprise Asset Management Tool Market

Which Region Dominates the Enterprise Asset Management Tool Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024. It accounted for around 40% of the global revenue because to improve the capabilities of enterprise asset management (EAM) systems, North American organizations are utilizing cutting-edge technologies, including machine learning (ML), artificial intelligence (AI), and the Internet of Things (IoT). Data-driven decision-making, predictive maintenance, and real-time monitoring are made possible by the integration of IoT sensors with assets. This strategy extends the life of vital equipment, lowers maintenance costs, and minimizes downtime. Companies use IoT-enabled sensors, for instance, in the energy sector, to optimize maintenance schedules, forecast impending equipment breakdowns, and monitor equipment health. Additionally, there has been a noticeable increase in the use of mobile EAM applications, which enable maintenance crews to access and update asset information while on the road and improve overall operating efficiency.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the enterprise asset management tool market due to several compelling reasons. In order to improve operations and guarantee asset performance, asset management has become more important in the APAC area as a result of the region's recent notable economic growth, industrialization, and infrastructural development. Enterprise asset management solutions have been more and more in demand as a result of rapid urbanization, growing manufacturing sectors, and the adoption of cutting-edge technology in nations like China, India, Japan, and South Korea. Furthermore, the APAC region's corporate asset management market is expanding due to efforts like Industry 4.0 and digital transformation projects across multiple industries.

 

The current report Scope analyzes Enterprise Asset Management Tool Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Enterprise Asset Management Tool Market

According to Cognitive Market Research, the global Enterprise Asset Management Tool Market size was estimated at USD 5142.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 2056.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.8% from 2024 to 2031.

• According to cognitive market research, the US had a major share in the enterprise asset management tool market with a market size of USD 1622.88 million in 2024 and is projected to grow at a CAGR of 8.6% during the forecast period. The substantial amount of old infrastructure in the United States is straining maintenance funds. Businesses may increase the lifespan of their assets and prioritize maintenance needs with the use of EAM technologies.
• The Canada Enterprise Asset Management Tool Market had a market share of USD 246.83 million in 2024 and is projected to grow at a CAGR of 9.6% during the forecast period. Artificial intelligence (AI) and the Industrial Internet of Things (IoT) are two technologies that are becoming more and more significant in asset management in Canada.
• The Mexico Enterprise Asset Management Tool Market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 187.18 million in 2024.

Europe Enterprise Asset Management Tool Market

According to cognitive market research, the global enterprise asset management tool market size was estimated at USD 5142.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 1542.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.1% from 2024 to 2031

• The United Kingdom enterprise asset management tool market had a market share of USD 259.17 million in 2024 and is projected to grow at a CAGR of 9.9% during the forecast period. In the UK, roads, trains, and utilities are just a few of the infrastructure projects in which the UK government is actively investing. As a result, there is a growing need for EAM solutions that can facilitate efficient asset management.
• The France enterprise asset management tool market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 141.92 million in 2024.
• According to cognitive market research, the German enterprise asset management tool market size was valued at USD 305.45 million in 2024 and is projected to grow at a CAGR of 9.3% during the forecast period. In Germany, it is a manufacturing powerhouse, with many businesses depending on sophisticated gear and technology. These businesses increase overall efficiency, minimize downtime, and maximize asset performance with the use of EAM solutions.
• The Italy enterprise asset management tool market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 132.67 million in 2024.
• The Russia enterprise asset management tool market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 239.11 million in 2024.
• The Spain enterprise asset management tool market is projected to witness growth at a CAGR of 8.2% during the forecast period with a market size of USD 126.50 million in 2024
• The Luxembourg enterprise asset management tool market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 47.82 million in 2024.
• The Portugal enterprise asset management tool market is projected to witness growth at a CAGR of 8.9% during the forecast period, with a market size of USD 32.40 million in 2024.

Asia Pacific Enterprise Asset Management Tool Market

According to Cognitive Market Research, the global Enterprise Asset Management Tool Market size was estimated at USD 5142.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1182.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2031.

• According to cognitive market research, the China enterprise asset management tool market size was valued at USD 532.22 million in 2024 and is projected to grow at a CAGR of 12.1% during the forecast period. The manufacturing industry in China is enormous and still expanding. As a result, there is an increasing need for EAM solutions to assist companies in better asset management.
• The Japan enterprise asset management tool market is projected to witness growth at a CAGR of 11.1% during the forecast period, with a market size of USD 163.21 million in 2024.
• The India enterprise asset management tool market had a market share of USD 141.92 million in 2024 and is projected to grow at a CAGR of 14.4% during the forecast period. A significant push towards infrastructure development is currently taking place in India, which is driving up demand for asset management systems.
• The South Korean enterprise asset management tool market is projected to witness growth at a CAGR of 11.7% during the forecast period, with a market size of USD 118.27 million in 2024.
• The Australia enterprise asset management tool market is projected to witness growth at a CAGR of 12.3% during the forecast period, with a market size of USD 61.50 million in 2024.
• The South East Asia enterprise asset management tool market is projected to witness growth at a CAGR of 13.6% during the forecast period, with a market size of USD 81.61 million in 2024.
• The Rest of the Asia Pacific enterprise asset management tool market is projected to witness growth at a CAGR of 12.4% during the forecast period, with a market size of USD 83.97 million in 2024.

South America Enterprise Asset Management Tool Market

According to cognitive market research, the global enterprise asset management tool market size was estimated at USD 5142.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 257.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031.

• According to cognitive market research, the Brazil enterprise asset management tool market size was valued at USD 110.04 million in 2024 and is projected to grow at a CAGR of 10.6% during the forecast period. Brazil's economy is expanding, and with it are the demands for infrastructural development and manufactured goods. The requirement for EAM solutions is rising as a result of the increased quantity of assets that must be managed.
• Argentina's enterprise asset management tool market had a market share of USD 43.19 million in 2024 and is projected to grow at a CAGR of 10.9% during the forecast period. Argentina is funding infrastructure initiatives in industries like utilities, transportation, and energy. The need for EAM tools to maximize asset performance, increase longevity, and decrease downtime is being driven by this.
• Colombia enterprise asset management tool market is projected to witness growth at a CAGR of 9.8% during the forecast period with a market size of US22.88D 39.83 million in 2024.
• Peru's enterprise asset management tool market is projected to witness growth at a CAGR of 10.2% during the forecast period, with a market size of USD 21.08 million in 2024.
• Chile's enterprise asset management tool market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 18.51 million in 2024.
• The Rest of Latin America enterprise asset management tool market is projected to witness growth at a CAGR of 9.1% during the forecast period, with a market size of USD 41.39 million in 2024.

Middle East and Africa Enterprise Asset Management Tool Market

According to cognitive market research, the global enterprise asset management tool market size was estimated at USD 5142.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 102.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.3% from 2024 to 2031.

• The GCC Countries' enterprise asset management tool market is projected to witness growth at a CAGR of 11.1% during the forecast period, with a market size of USD 44.02 million in 2024. Companies in the GCC are searching for methods to save expenses and increase productivity. They can accomplish this by prolonging the life of assets, cutting downtime, and optimizing maintenance plans with the aid of EAM technologies.
• The Egypt enterprise asset management tool market is projected to witness growth at a CAGR of 10.6% during the forecast period, with a market size of USD 10.80 million in 2024.
• The South Africa enterprise asset management tool market is projected to witness growth at a CAGR of 11.3% during the forecast period, with a market size of USD 16.25 million in 2024. The South African government is enforcing stricter rules pertaining to environmental compliance and safety. By monitoring asset performance and spotting possible hazards, EAM solutions can assist companies in adhering to these standards.
• The Turkey enterprise asset management tool market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 8.84 million in 2024.
• The Nigeria enterprise asset management tool market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 10.80 million in 2024.
• The Rest of the MEA enterprise asset management tool market is projected to witness growth at a CAGR of 9.3% during the forecast period, with a market size of USD 12.14 million in 2024.

Enterprise Asset Management Tool Market Analysis

Enterprise asset management tool market Offering Segment Analysis

According to cognitive market research, Software stands out as the dominating category. The main element of an EAM system for managing assets is software. Throughout the asset's lifetime, monitor and document asset data. Plan and oversee the execution of preventative maintenance tasks. Improve the way that materials and spare components are kept in stock. Provide analytics and reports so that data-driven decisions about asset performance and maintenance plans can be made.

Professional Services emerges as the fastest-growing category in the enterprise asset management tool market. With the integration of new technologies like artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT), EAM systems are growing more sophisticated. To fully profit from their EAM solutions, companies require assistance with the integration and implementation of these cutting-edge capabilities. Every firm has different needs when it comes to asset management. Expert service providers provide customization services so that EAM systems can be made to match the unique requirements of any company.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Enterprise Asset Management Tool Industry. Request a Free Sample PDF!

Enterprise Asset Management Tool Market Application Segment Analysis

According to cognitive market research, the dominating category is Asset Lifecycle Management. ALM assists businesses in making the most out of every stage of the asset lifecycle, from purchase and implementation to upkeep and final disposal. For businesses, maximizing return on investment (ROI) is a key motivator. Organizations can reduce downtime and repair costs by proactively identifying and addressing maintenance needs by tracking and managing assets throughout their lifecycle. ALM also aids in making sure assets are working as efficiently as possible.

The fastest-growing category in the enterprise asset management tool market is Predictive Maintenance. Businesses can save a lot of money by using predictive maintenance to prevent unplanned downtime and equipment breakdowns. Better maintenance demand prediction is made possible by real-time monitoring and analysis made possible by sensors and data gathered from linked assets. Large volumes of data may be analyzed by machine learning algorithms, which can then be used to spot trends and anticipate any problems before they arise.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Enterprise Asset Management Tool Deployment Model Segment Analysis

Deployment Model Segment Analysis

According to cognitive market research, the dominating category is Cloud. When it comes to upfront costs, cloud-based solutions usually demand less than on-premise deployments. This is so that you can avoid having to buy hardware or software licenses, and the seller manages the infrastructure. Scaling cloud-based EAM tools is simple. You don't need to involve IT much to add or delete users or capabilities as your business expands and your asset needs change.

The fastest-growing category in the enterprise asset management tool market is On-premises. Because cloud-based solutions don't require a large initial investment in hardware or IT infrastructure, they are appealing to companies of all sizes. Cloud systems offer more agility since they can scale up or down in response to an organization's needs. Cloud-based EAM solutions facilitate remote work and collaboration by granting authorized users access to data and functionality from any location with an internet connection.

• Cloud
• On-premises

Enterprise Asset Management Tool Organization Size Segment Analysis

Organization Size Segment Analysis

According to Cognitive Market Research, the dominating category is SMEs. SMEs are implementing EAM solutions more frequently as a result of their growing accessibility and cost. Compared to traditional on-premise solutions, which are frequently utilized by large companies, cloud-based tools, and mobile applications make them easier to adopt and manage. Maintaining and improving asset performance is essential for SMEs to remain competitive. Work order management, inventory control, and scheduled preventive maintenance are just a few of the functions that EAM systems provide, which lower costs and increase operational effectiveness.

The fastest-growing category in the enterprise asset management tool market is Large Enterprises. Large businesses frequently have complex asset portfolios that are dispersed over several sites. With the help of EAM solutions, these assets may be effectively managed centrally, tracking inventories, scheduling maintenance, and guaranteeing regulatory compliance. When it comes to implementing emerging technology like AI and IoT sensors, large businesses are leading the way. Proactive maintenance methods are made possible by the seamless integration of EAM tools with these technologies, which offer real-time insights into asset health.

• Cloud
• On-premises

Enterprise Asset Management Tool Organization Size Segment Analysis

Verticals Segment Analysis

According to cognitive market research, the dominating category is Transportation & Logistics. T&L firms oversee a broad spectrum of assets, including sophisticated warehousing equipment and vehicles (trucks, ships, and aircraft). These resources are essential to their business operations; even a small malfunction may result in major delays and lost income. T&L businesses can apply proactive maintenance techniques with the aid of EAM solutions. Businesses may schedule maintenance ahead of time to minimize downtime and increase the lifespan of their assets by tracking the health and usage of their assets in real time.

The fastest-growing category in the enterprise asset management tool market is Manufacturing. Complex machinery and equipment are essential to manufacturing facilities in order to produce goods. Enhancing the performance of assets is essential to guarantee uninterrupted operations, reduce downtime, and increase productivity. EAM tools offer the features required for efficient asset management. In the highly competitive manufacturing sector, cost containment is critical. By facilitating preventive maintenance practices, increasing asset lifespan, and improving inventory management, EAM assists manufacturers in lowering maintenance costs.

• Large Enterprises
• SMEs

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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