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Enterprise Asset Management Market worth $7.6 billion by 2028 - Exclusive Report by MarketsandMarkets™CHICAGO, Jan. 23, 2024 /PRNewswire/ -- The market for enterprise asset management (EAM) will grow as a result of closer integration with cutting-edge technologies like blockchain, artificial intelligence (AI), and the Internet of Things. This will improve cybersecurity and enable more sophisticated predictive maintenance as well as sustainable asset management techniques. A wider use of EAM across industries, a rising emphasis on collaborative ecosystems and industry standards for interoperability, cloud-based solutions, mobile applications for field operations, and an emphasis on user-friendly interfaces are anticipated. 
The Enterprise Asset Management Market is expected to grow from USD 4.7 billion in 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, according to a new report by MarketsandMarkets™. Browse in-depth TOC on "Enterprise Asset Management Market" 264 - Tables Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=54576143 Scope of Report
By offering, the solutions segment will hold a larger market size during the forecast period. Enterprise Asset Management (EAM) solutions are comprehensive software systems designed to manage and optimize the entire lifecycle of an organization's physical assets. These solutions offer a robust framework for asset tracking, maintenance planning, and performance optimization. Core functionalities of EAM systems typically include a Computerized Maintenance Management System (CMMS), which enables organizations to schedule and track maintenance activities, reducing downtime and extending asset lifespan. For instance, Sund & Baelt partnered with IBM to develop an AI-driven IoT solution named IBM Maximo for Civil Infrastructure. This innovative system utilizes sensors and algorithms to extend the operational life of aging infrastructure, including bridges, tunnels, highways, and railways. Through the automation of inspection processes, the company aims to boost productivity by 14-25% and achieve a significant reduction of over 30% in time-to-repair for these critical assets. Asset performance management (APM) is another integral component, focusing on monitoring and enhancing the reliability and efficiency of assets. EAM solutions often incorporate predictive maintenance capabilities, leveraging data analytics and IoT sensors to anticipate equipment failures before they occur, minimizing unplanned downtime and reducing maintenance costs. Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=54576143 By Application, the facility management segment holds the second-largest market share during the forecast period. Facility management software supports companies in optimizing the human and material resources required for facility maintenance. This type of software is used by maintenance teams in industries such as construction, real estate, retail, and manufacturing. Companies use facility management software to maintain buildings, properties, plants, warehouses, or infrastructure; this software allows companies to ensure the safety and well-being of their tenants and employees while monitoring maintenance activities and productivity. By Region, Asia Pacific will grow at the highest CAGR during the forecast period. The Asia Pacific (APAC) region is witnessing a significant uptick in the adoption of Enterprise Asset Management (EAM) solutions, propelled by substantial IT investments, widespread cloud adoption, and robust economic growth. Organizations across diverse sectors in APAC recognize the pivotal role of EAM in optimizing asset lifecycle management and operational efficiency. The region's strong economic growth, particularly in manufacturing, utilities, and infrastructure, translates to a growing dependence on high-value assets; this, in turn, fuels the demand for sophisticated EAM tools to ensure optimal asset performance and uptime, maximizing returns on investment. In addition, China, with its burgeoning IoT landscape and ambitious infrastructure plans, is predicted to host over 7.7 billion connected devices by 2030, driving EAM demand. Likewise, India's rapid manufacturing expansion and focus on smart cities act as potent catalysts. Thus, Asia Pacific is at the forefront of the EAM revolution, with its tech-savvy businesses recognizing the immense value these solutions offer in propelling them towards operational excellence and sustainable growth. Top Key Companies in Enterprise Asset Management Market: Some of the key players operating in the Enterprise Asset Management Market are – IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India). Recent Developments:
Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=54576143 Enterprise Asset Management Market Advantages:
Report Objectives
Browse Adjacent Markets: Software and Services Market Research Reports & Consulting Related Reports: IT Service Management (ITSM) Market - Global Forecast to 2028 Video Analytics Market - Global Forecast to 2028 Tax Management Market - Global Forecast to 2027 RegTech Market - Global Forecast to 2026 Software Asset Management Market - Global Forecast to 2026 About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
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