Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Enterprise Asset Management Market Size

ID: MRFR//1251-HCR | 110 Pages | Author: Shubham Munde| April 2024

The Enterprise Asset Management (EAM) market is shaped by various market factors that influence its growth, adoption, and overall dynamics. Regulatory compliance stands out as a pivotal factor driving the EAM market. Industries across sectors are subject to stringent regulations governing asset management, maintenance, and reporting. The dynamic nature of regulatory requirements compels organizations to invest in EAM solutions that offer robust compliance capabilities, ensuring adherence to standards and minimizing regulatory risks. This market factor reflects the industry's commitment to meeting regulatory obligations and maintaining operational integrity.


Technological advancements play a fundamental role in shaping the EAM market. The continual evolution of technologies such as the Internet of Things (IoT), artificial intelligence (AI), and data analytics drives the sophistication of EAM systems. IoT sensors enable real-time data collection from assets, while AI-driven analytics enhance predictive maintenance capabilities. These technological advancements cater to the industry's demand for innovative solutions that optimize asset performance, reduce downtime, and facilitate more informed decision-making.


The demand for operational efficiency and cost optimization is a significant market factor influencing the adoption of EAM solutions. Organizations seek to maximize the lifespan of assets, minimize downtime, and optimize maintenance practices to reduce operational costs. EAM systems, with their ability to streamline asset management processes, enable proactive maintenance, and enhance resource allocation, align with the industry's pursuit of operational excellence and cost-effectiveness.


The global nature of business operations and the need for standardized asset management practices contribute to the market factors in EAM. Organizations with diverse geographical footprints seek EAM solutions that can provide a standardized approach to asset management across locations. This factor emphasizes the industry's recognition of the importance of consistency and uniformity in managing assets on a global scale, supporting streamlined operations and decision-making.


Data security and privacy considerations are paramount market factors in the EAM landscape. As organizations manage sensitive asset-related data, ensuring the security and confidentiality of this information becomes crucial. EAM solutions must incorporate robust cybersecurity measures to protect against data breaches and unauthorized access. This market factor reflects the industry's commitment to maintaining the integrity of asset data and addressing concerns related to data security and privacy compliance.


The shift towards a more sustainable and environmentally conscious approach to business operations is influencing EAM practices. Organizations integrate sustainability metrics into their asset management strategies, tracking energy consumption, emissions, and environmental impacts. EAM solutions evolve to support sustainable practices, aligning with the industry's commitment to corporate social responsibility and environmental stewardship.


The talent gap in asset management expertise poses a notable challenge and market factor for the EAM industry. While the demand for skilled professionals with expertise in EAM systems is on the rise, there is a shortage of qualified talent. Organizations address this challenge through training programs, partnerships with educational institutions, and collaboration with EAM solution providers. This market factor underscores the industry's proactive efforts to bridge the talent gap and cultivate a workforce capable of effectively utilizing EAM technologies.


Market consolidation and mergers and acquisitions (M&A) activities contribute to the market factors in the EAM landscape. As the EAM market matures, larger players seek to expand their market share and capabilities through strategic acquisitions. This trend reflects the industry's pursuit of growth, innovation, and the consolidation of complementary technologies to offer comprehensive EAM solutions.


The need for scalability and adaptability is a critical market factor in EAM adoption. Organizations require EAM solutions that can scale with their evolving business needs, accommodate growing volumes of asset data, and adapt to changes in industry practices. This factor highlights the industry's emphasis on flexibility and the ability of EAM systems to evolve alongside dynamic business environments.

Enterprise Asset Management Market Overview


Enterprise Asset Management Market Size was valued at USD 3.8 billion in 2022. The Enterprise Asset Management market is projected to grow from USD 4.1534 Billion in 2023 to USD 8.45989 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.30% during the forecast period (2023 - 2032). The rise in the use of lot stages and gadgets to oversee endeavors and the development of the Industrial Internet of Things (IoT) has expanded the interest in EAM frameworks are the key market drivers enhancing market growth.


Enterprise Asset Management Market Overview.


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Enterprise Asset Management Market Trends




  • Emergence of mobility in EAM solutions is driving the market growth




The ubiquity of mobility and mobile devices, including smartphones, tablets, and phablets, drive a "mobile-first" mentality across businesses and industries. This increased use of mobile devices is expected to expand the reach of mobility in EAM solutions. The smart handheld devices have grown in capability alongside EAM and field service systems with technologies such as GPS, GIS, RFID, and embedded cameras. With modern mobile devices and ruggedized versions of these devices, life can be easier and more productive for EAM users. Maintenance workers can access work order instructions, equipment hierarchies, part numbers, inventory data, and similar information at their fingertips. Hence, EAM and CMMS software providers have addressed this data duplication by creating mobile applications that can easily be integrated with the core system. Due to the integration with the central system, even remote employees could enter the data safely and quickly. Thus, increasing demand for cloud-based EAM solutions among enterprises drives the growth of Market CAGR.


Additionally, with the rising adoption of mobile devices, such as smartphones, personal digital assistants, and laptops, the demand for mobility in EAM is also increasing globally. Companies, such as SAP SE and IBM Corporation, offer EAM mobile applications, which enable employees to input inspection data directly into the database. This reduces delay time, data collection errors, and operational costs. Such applications seamlessly connect with EAM software to keep the mobile ecosystem synchronized with the EAM system. This also enables decision-makers to increase workforce productivity by updating the status of assets and delivering routing information to workers. Such a system also allows workers to update the data without a network connection, thus enabling them to perform tasks in remote locations. Thus, these factors drive the enterprise asset management market revenue.


For instance, IBM Corporation's Maximo Mobile solutions provide remote and Al-based expert support, real-time asset history, and operational data to the digital twin from wearables, safety sensors, and diagnostic interfaces. Maximo Mobile is based on next-generation mobile technology and a simple-to-implement platform, which gives technicians the correct asset operational data at the right moment. It enables specialists to scale their knowledge, increase asset reliability, and optimize the company's operations. IBM Corporation's Maximo Application Suite, of which Maximo Mobile is a part, can be installed on-premises or in any cloud environment.Recent Development of Enterprise Asset Management Market 


On Apr. 18, 2023, IFS, a leading global cloud enterprise software provider, announced that it has accelerated its investment in scaling the demand for IFS Ultimo by supporting resources after it acquired the solution in 2022. The investment will be used to cover critical growth functions, such as Sales, Support & Implementation resources, and Microsoft Azure Data Center locations for cloud hosting. The IFS Ultimo EAM software provides flexible and cloud-native propositions to ramp up EAM capabilities in cross-team collaboration between the maintenance, operations, and safety departments.


On Apr. 11, 2023, Trimble launched its latest enterprise asset management solution, Unity, designed for electric utilities worldwide to improve their service reliability and operational success. A comprehensive GIS-centric asset management platform integrates with Esri ArcGIS to record asset and network information. Trimble Unity AMS is built on its industry-leading Cityworks enterprise asset management platform. It enables utilities to manage the complete lifecycle of their asset infrastructure, from permits and construction to operations, maintenance, and replacement. 


On Mar.09, 2023, OpenGov, a leader in modern cloud software, launched its newest software suite Cartegraph Asset Management and deployed powerful new product features & integrations across its suites. OpenGov's GIS-based asset tracking, work order management, and infrastructure maintenance are used in public agencies in the US to solve the problems of deferred maintenance and the extraordinary focus & opportunity presented by the Infrastructure Investment and Jobs Act.


On Dec. 07, 2022, Hexagon AB (Sweden), a global information technology (IT) solutions provider, released HxGN EAM v12 and introduced Elements, a new simulation software solution to drive productivity and quality across geospatial and industrial landscapes.


HxGN EAM v12 offers expanded functionality in all areas of the product and APM module with Root Cause Analysis (RCA) features, enables calculation and visualization of Asset Investment Planning (AIP) with EcoSys, and adds the increased capability to HxGN EAM Digital Work Mobile.


Enterprise Asset Management Market Segment Insights


Enterprise Asset Management Deployment Insights


Based on deployment, the Enterprise Asset Management Market segmentation includes on cloud and on-premises. The on-premise segment accounted for the largest market share of over 60.0% in 2022 and is projected to remain dominant throughout the forecast period. Large enterprises with huge assets and sensitive data prefer deploying an on-premise EAM set-up to meet compliance requirements and relevant legislation. Concerns over data security are contributing to on-premise EAM software adoption. Enterprises demand on-premise asset management deployments where the organizations have low internet, particularly in remote places.


Figure1: Enterprise Asset Management Market, By Deployment, 2022 & 2032 (USD billion)


Enterprise Asset Management Market, By Deployment


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


 Enterprise Asset Management Organization Type Insights


Based on organization type, the Enterprise Asset Management Market segmentation includes SMEs and large organizations. The SMEs segment accounted for the largest market. The SMEs segment accounted for 34% market share in 2022. Wide-scale adoption of EAM solutions amongst SMEs is responsible for the high market share. Strong demand for further advancements in mobile applications and cloud-based tools will foster industry growth. This is frequently causing industry players to develop new EAM solutions and product features.


December 2022 US-based technology giant, IBM, unveiled IBM Z and Cloud Modernization Center to help its clients modernize their applications, processes, and data in an open hybrid cloud architecture.


Enterprise Asset Management Application Vertical Insights


Based on application vertical, the Enterprise Asset Management Market segmentation includes government, manufacturing, healthcare, transportation, oil & gas, and aerospace & defense. The transportation segment accounted for the largest market share. The transportation industry minimizes the costs of managing and maintaining transportation assets, such as bridges, roads, tunnels, and rails. The geotechnical monitoring of transportation assets enables organizations to perform maintenance operations whenever and wherever required. Best practices help make strategic decisions for asset performance, enhance asset lifecycle, and maintain public transit infrastructure for transportation and logistics authorities. EAM solutions also provide "fleet management capabilities, cost optimization, and improved return on assets (ROA). The manufacturing segment accounted for the second-largest share in 2022. The manufacturing industry has significantly progressed by implementing digital solutions in business processes.


Enterprise Asset Management Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American enterprise asset management market will dominate; early adoption of the latest technologies, the proliferation of cloud-based deployments, a highly developed IT infrastructure, and government investments in advanced technologies will boost the market growth in this Region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure2: ENTERPRISE ASSET MANAGEMENT MARKET SHARE BY REGION 2022 (%)


ENTERPRISE ASSET MANAGEMENT MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Europe's enterprise asset management market accounts for the second-largest market share because manufacturers and transport operators increasingly adopt advanced asset management deployments and technologies such as the Internet of Things and predictive analytics. Further, the German enterprise asset management market held the largest market share, and the UK enterprise asset management market was the fastest-growing market in the European Region.


The Asia-Pacific enterprise asset management market is expected to grow at the fastest CAGR from 2023 to 2032. The Region continuously focuses on innovation and digitalization to develop the IT infrastructure. Moreover, China’s enterprise asset management market held the largest market share, and the Indian enterprise asset management market was the fastest-growing market in the Asia-Pacific region.


Enterprise Asset Management Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the enterprise asset management market, grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The enterprise asset management industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturer’s uses in the global enterprise asset management industry to benefit clients and increase the market sector. In recent years, the enterprise asset management industry has offered some of the most significant advantages to the healthcare sector. Major players in the enterprise asset management market, including SAP SE (Germany), Mintek Mobile Data Solutions (U.S.), Infor (U.S.), IFS AB (Sweden), Schneider Electric (France), IBM (U.S.), Ramco Systems (India), Oracle Corporation (U.S.), AssetWorks LLC (U.S.), ABB Group (Switzerland)., and others, are attempting to increase market demand by investing in research and development operations.


International Business Machines IBM announced the acquisition of Dialexa, a US digital product engineering company, to help enterprises achieve digital transformation and drive innovation. Corporation, nicknamed Big Blue, is an American multinational technology corporation headquartered in Armonk, New York, and is present in over 175 countries.IBM announced the acquisition of Dialexa, a US digital product engineering company, to help enterprises achieve digital transformation and drive innovation.


Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. In 2020, Oracle was the third-largest software company in the world by revenue and market capitalization. Oracle introduced a new asset-based service solution for Oracle Fusion Cloud Applications Suite. It will help businesses predict and prevent asset downtime by reducing costs, optimizing service efficiency, and enhancing customer experience.


Key Companies in the enterprise asset management market include



  • SAP SE (Germany)

  • Mintek Mobile Data Solutions (U.S.)

  • Infor (U.S.)

  • IFS AB (Sweden)

  • Schneider Electric (France)

  • IBM (U.S.)

  • Ramco Systems (India)

  • Oracle Corporation (U.S.)

  • AssetWorks LLC (U.S.)

  • ABB Group (Switzerland)

  • Brunswick Corporation


Enterprise Asset Management Industry Developments


February 2021 SAP launched SAP Learning Hub for its partners, who combine all the learning content required by their partners.


December 2022 Hexagon announced the release of HXGN EAM v12, the latest version of SaaS EAM. It offers further extended capabilities of APM with Root Cause Analysis (RCA) features, enables calculation and visualization of Asset Investment Planning (AIP), and increases the capability of HXGN EAM Digital.


March 2021 SAP acquired Singavio, one of the leaders in the enterprise business process intelligence and process management space, to help companies quickly understand, improve, transform, and manage their business processes at scale.


Enterprise Asset Management Market Segmentation


Enterprise Asset Management Deployment Outlook



  • On Cloud

  • On-Premises


Enterprise Asset Management Organization Type Outlook



  • SMEs

  • Large Organization


Enterprise Asset Management Application Vertical Outlook



  • Government

  • Manufacturing

  • Healthcare

  • Transportation

  • Oil & Gas

  • Aerospace

  • Defense


Enterprise Asset Management Regional Outlook




  • North America

    • US

    • Canada




  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.