April 24, 2024
Ict

Enterprise Asset Management Will Witness Growth Owing to Aging Infrastructure

The enterprise asset management market facilitates organizations to track, maintain and optimize assets throughout their lifecycle. The enterprise asset management solutions help reduce operational expenses and maintenance costs by enabling predictive maintenance of assets. These solutions deliver a centralized view of assets, work orders, budgets, and inventory to assist effective decision making.

The global enterprise asset management market is estimated to be valued at US$ 4,687.8 billion in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in The Enterprise Asset Management Market are Bio Botanica, Inc, Gaia Herbs Farm, Herbochem, Natureā‚¬TMs Bounty, NUTRAMARKS, INC., Now foods, OREGON’S WILD HARVEST, Pharmaca, Pure Encapsulations, LLC, and Sydler India Pvt. Key players are focusing on introducing innovative solutions to effectively manage complex asset operations of organizations.

The growing need among industries to optimize asset performance and reduce operational costs present significant opportunities in the global market. Advancements in IoT, AI and analytics are further driving the adoption of enterprise asset management solutions.

Various regions worldwide are witnessing growth of aging infrastructure that is increasing the requirement of predictive maintenance and asset lifecycle management. Additionally, rising investments by industries and governments in emerging markets will further contribute to the global expansion of the enterprise asset management market during the forecast period.

Market Drivers

The rising need for predictive maintenance of aging infrastructure across industries is a key driver boosting the enterprise asset management market. Assets in numerous industries including oil & gas, transportation, power generation are aging which needs regular upkeep to minimize failures and maximize uptime. Enterprise asset management solutions aid proactive maintenance through predictive analytics of asset performance data. This significantly reduces unexpected downtime and associated costs thereby fueling the demand for such solutions.

PEST Analysis

Political: Regulations regarding data privacy and security are constantly evolving across different regions and countries. This can impact the demand for enterprise asset management solutions.

Economic: Global economic growth drives investment in IT infrastructure including software solutions like enterprise asset management. Recession or slowed growth can impact budgets for such solutions.

Social: Organizations increasingly recognize the importance of optimizing asset utilization and maintenance to improve efficiencies. This is driving greater adoption of enterprise asset management systems for improved visibility and decision making.

Technological: Advancements in areas like IoT, AI and analytics are enhancing the capabilities of enterprise asset management systems. Features like predictive maintenance can be offered through technologies integrating asset data with advanced algorithms. Integration of EAM systems with other IT/OT platforms is also improving.

Concentration in North America and Western Europe

North America and Western Europe account for the bulk of the global enterprise asset management market in terms of value. This is due to the large number of organizations adopting EAM solutions in these developed regions to optimize asset-intensive operations. Advanced IT infrastructure and standardized processes in these regions facilitate the implementation and adoption of EAM systems on a wide scale.

Fastest Growth in Asia Pacific

The Asia Pacific region is poised to witness the fastest growth in the enterprise asset management market during the forecast period. This is attributed to strong economic growth in countries like China and India driving increased investment by organizations across industries in productivity-enhancing solutions. Adoption of digital technologies is also accelerating in Asia Pacific creating more demand for EAM systems to support smart industry initiatives.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it