Enterprise Asset
Management Market Size and Industry Forecast to
2027

The Enterprise Asset Management Market
size is expected to grow from USD 4.2 billion in 2022 to USD 7.0 billion by
2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast
period, according to new research report by MarketsandMarkets™

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Key players

·        
IBM (US)

·        
SAP (Germany)

·        
Oracle (US)

·        
Hexagon (Sweden)

·        
IFS (Sweden)

·        
Hitachi Energy (Switzerland)

·        
IFS Intelligent Process Solutions (Germany)

·        
Accruent (US)

·        
AVEVA (UK)

·        
Aptean (US)

By component, services segment is expected to grow at a higher
CAGR during forecast period

Based on components, the market is segmented into solutions and
services. The services segment is expected to grow at a higher CAGR during the forecast
period. Professionals, specialists, or experts offer professional services to
support different businesses. These services include planning & consulting,
training & education, and support & maintenance. The latest techniques,
strategies, and skills adopted by professionals are helping organizations in
adopting EAM solutions. These services also offer customized implementation and
risk assessment and assist in deploying via industry-defined best practices. As
far as implementation services are concerned, vendors cover all solution
implementation phases, such as planning, deployment, support, and ongoing
optimization.

Security systems must be upgraded regularly to counter newly
available threats, attacks, ransomware, and sophisticated cybercriminals. As a
result, companies rapidly outsource their asset security concerns to
specialized service providers such as Managed Security Service Providers
(MSSPs). Managed services secure data generated from assets and provide
confidentiality, integrity, and availability. Regulatory compliances are
achieved, and the reduction in data breaches and protection of the intellectual
property is guaranteed.

Work order management application segment to hold significant
market share in 2022

Work order management paves the way for various large
enterprises to efficiently service customers and creates sustainable growth.
The work order management solution lets organizations record workers’ data and
track their performance, customers, and enterprise information. It offers
various benefits, including real-time updates (on completion of jobs and
assignments) and simplified job scheduling, tracking, monitoring, and
forecasting. Real-time updates about field employees’ location and the status
of job completion enable managers to monitor, manage, and allocate service
requests from customers to available employees. This results in enhanced
customer experiences, new business opportunities, and increased revenue
generation for organizations.

North America holds the largest market size in 2022

The presence of well-established EAM vendors, such as IBM,
Oracle, and SAP, which have diversified product portfolios and robust partner
ecosystems, is one of the major reasons for adopting EAM solutions in the
region. Enterprises are restructuring their budgets to accommodate EAM,
supporting the growth of the enterprise asset management market in North
America. Organizations have invested in advanced technologies to gain a
competitive position in the market. Further, adopting technologies, such as AI,
ML, and cloud, supports organizations in enhancing their customer base. The EAM
market is expected to grow steadily as enterprises are adopting SaaS-based
solutions and services at various levels as part of digitalization to ensure
business continuity and manage resources efficiently.

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