The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Global Enterprise Asset Management Market Industry (2024-2030):
According to the latest report, the Global Enterprise Asset Management Market size was valued at USD 4.4 billion in 2023 and is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2024-30. The report demonstrates the prominent factors propelling the exponential growth of the Global Enterprise Asset Management Market.
Key Takeaways: Beneficial for Stakeholders and Clients
- Historic Period: 2019-2022
- Base year: 2023
- Forecast Years: 2024-2030
- CAGR (2024-30): 10.8%
- Market Value (2023): USD 4.4 Billion
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What are the major Driver the Global Enterprise Asset Management industry?
Rising Adoption of Cutting-Edge Technologies & Connected Devices – Internet penetration & smartphone accessibility have increased significantly during historical years. As per the statistics provided by the Data Reportal, in 2023, there were approximately 5.16 billion internet users across the globe, which is approximately 64.4% of the total world population. Similarly, smartphone accessibility across the globe has also increased. This proliferation of smart devices is creating a conducive environment for digital platforms & services. As a result, several organizations globally have shifted towards digital platforms & started offering their services via digital means. According to the BigCommerce Company, as of 2023, around 20% to 30% of organizations have moved to online platforms & around 60% of enterprises are planning to increase their online presence. Therefore, organizations are increasingly utilizing technology-based solutions to boost their online performance.
Additionally, these companies are adopting sensor technologies, data analytics, and Artificial Intelligence (AI) since these emerging technologies enable the organization to make well-informed decisions. Thus, to improve customer engagement, simplify business operations, and optimize overall operational efficiency, organizations are increasingly using technology-based asset management solutions, driving the Global Enterprise Asset Management Market.
Furthermore, industries across the globe are undergoing Industrial Revolution 4.0, owing to which the manufacturing units require solutions that help in real-time monitoring. Thus, these industries would shift towards Internet of Things (IoT) based enterprise asset management solutions to minimize downtime, consequently enlarging market size in the forecast period.
Global Enterprise Asset Management Market Segmentation
The Global Enterprise Asset Management Market analysis of MarkNtel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Offering
- Solutions- Market Size & Forecast 2019-2030, (USD Million)
- Services- Market Size & Forecast 2019-2030, (USD Million)
- Professional services- Market Size & Forecast 2019-2030, (USD Million)
- Planning & Consulting- Market Size & Forecast 2019-2030, (USD Million)
- Training & Education- Market Size & Forecast 2019-2030, (USD Million)
- Support & Maintenance- Market Size & Forecast 2019-2030, (USD Million)
- Managed Services- Market Size & Forecast 2019-2030, (USD Million)
- Professional services- Market Size & Forecast 2019-2030, (USD Million)
- By Application
- Asset Lifecycle Management- Market Size & Forecast 2019-2030, (USD Million)
- Inventory Management- Market Size & Forecast 2019-2030, (USD Million)
- Work order Management- Market Size & Forecast 2019-2030, (USD Million)
- Labour Management- Market Size & Forecast 2019-2030, (USD Million)
- Facility Management- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
- By Deployment Model
- Cloud- Market Size & Forecast 2019-2030, (USD Million)
- On-premises- Market Size & Forecast 2019-2030, (USD Million)
- By Organization Size
- Large Enterprises- Market Size & Forecast 2019-2030, (USD Million)
- SMEs- Market Size & Forecast 2019-2030, (USD Million)
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- By End User
- Manufacturing- Market Size & Forecast 2019-2030, (USD Million)
- Energy & Utilities- Market Size & Forecast 2019-2030, (USD Million)
- Healthcare & Life Sciences- Market Size & Forecast 2019-2030, (USD Million)
- Transportation & Logistics- Market Size & Forecast 2019-2030, (USD Million)
- Telecom- Market Size & Forecast 2019-2030, (USD Million)
- Government & Public Sector- Market Size & Forecast 2019-2030, (USD Million)
- Education- Market Size & Forecast 2019-2030, (USD Million)
- Others- Market Size & Forecast 2019-2030, (USD Million)
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
As per the regional aspect, the Global Enterprise Asset Management Market is expected to be dominated by the North America by capturing the potential market share.
Top Companies in the Global Enterprise Asset Management Market
IBM, SAP, Oracle, Hexagon, IFS, Hitachi Energy, IPS Intelligent Process Solutions, Accruent, Aveva, Aptean, Emaint, CGI, Upkeep, Assetworks, Ramco Systems, and Others
Global Enterprise Asset Management Industry Recent Development
- 2023: AJ Foyt Racing, an American racing team, has recently revealed a long-term collaboration with IFS. This partnership aims to leverage the asset management solution provided by IFS Ultimo for effective parts management, lifting, and maintenance purposes.
- 2022: Hitachi Energy revealed that Energinet has expedited its digital transformation through the implementation of the Lumada APM solution. This partnership aims to assist the Transmission System Operator (TSO) in effectively evaluating the necessary grid reinvestments required to accomplish their ambitious 2030 carbon neutrality objectives.
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