Global Enterprise Asset Management (EAM) Market is set to witness substantial traction between 2023 and 2032, primarily owing to a paradigm shift from legacy asset management methods to modern asset management. Modern asset management solutions are being largely adopted owning to their positive attributes including time saving and reduced dependency on human labor.
Moreover, key market providers in the EAM industry are also strengthening their market positions by expanding their portfolios and engaging in mergers, acquisitions, and joint ventures. To cite an instance, in January 2023, Goldman Sachs Asset Management announced the acquisition of Cprime, under its partnership with Everstone Capital Partners. As per reports, this acquisition will strengthen Cprime’s position as a provider of digital technology across the market.
In yet another instance, in January 2023, NPRA commissioned Trimble’s AgileAssets to maintain, operate, and manage Norway’s 10,600-kilometer road network and other transportation infrastructure. Besides, as per reports, with Trimble’s AgileAssets and Quadri, the company will be able to meet the increasing customer demands by leveraging connected data to improve performance.
Overall, the EAM market has been segmented in terms of component, solution, service, deployment model, enterprise size, application, end-user, and region.
Based on the component, the service segment is anticipated to grow significantly and would reach a more than 37% market share through 2032. The segmental growth can be credited to the rising demand for professional and managed asset maintenance services across various industries. Besides, contemporary EAM solutions also offer other benefits including cost-effectiveness and optimized processes, benefitting industries.
On the basis of the solution, the enterprise asset management market is likely to be characterized by the work order management segment, which will witness significant growth through 2023-2032. The sectoral growth will be driven by the increasing requirement for automation of maintenance and repair work by various organizations.
Considering the application, the market size from asset MRO segment is speculated to exhibit more than 8.5% CAGR over the next ten years. Enterprise asset management services are used to maintain infrastructure efficacy, operational processes, and in the production of service or a product.
In terms of end-user, the IT & Telecom segment is set to witness substantial growth through 2023-2032. The segmental expansion will be driven by the growing adoption of EAM services by the telecom sector, as they ensure optimum efficiency, cost control, and productivity.
In the regional context, the enterprise asset management market in the Asia Pacific region is anticipated to grow at more than 12% CAGR by 2032. The regional market progression will be driven by the increasing adoption of industry 4.0 by the manufacturing, automotive, and engineering sectors, owing to the product benefits such as compliance, efficiency, and transparency.