(MENAFN- EIN Presswire) EINPresswire/ -- According to a new report published by Allied Market Research Enterprise Asset Management Market Size, Share, Competitive Landscape and Trend Analysis Report, by Comonent (Solution, Services), by Deployment Model (On-premises, Cloud), by Organization Size (SME's, Large Enterprises), by Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Predictive Maintenance, Others), by Industry Vertical (Energy and Utilities, Transportation and Logistics, Government, IT and Telecommunications, Manufacturing, Healthcare, Education, Others), and Region: Global Opportunity Analysis and Industry Forecast, 2021-2031, The global enterprise asset management market size was valued at USD 3.4 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.

The Enterprise Asset Management (EAM) market plays a pivotal role in helping organizations manage, monitor, and maintain their physical assets throughout their lifecycle. By integrating technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), and cloud computing, EAM solutions enable businesses to improve productivity, reduce downtime, and extend asset longevity.

The increasing focus on operational efficiency and cost control across industries-including manufacturing, energy, transportation, and utilities-has accelerated the adoption of EAM solutions. As enterprises transition toward digital transformation, EAM systems provide real-time insights that support strategic asset planning and predictive maintenance, ensuring maximum return on investment.

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Market Dynamics
One of the key drivers of the EAM market is the growing need for reducing unplanned equipment failures and maintenance costs. Organizations are increasingly adopting predictive maintenance technologies that use analytics and IoT sensors to detect potential asset failures before they occur, thereby enhancing reliability and performance.

Another major factor fueling market growth is the rapid digitization across industrial sectors. The integration of EAM with advanced technologies like AI, machine learning, and cloud platforms enables seamless asset tracking, data analytics, and mobile accessibility, leading to improved decision-making.

However, the high initial implementation cost and complexity associated with EAM systems can hinder market growth, particularly among small and medium-sized enterprises. These challenges are often compounded by the lack of skilled professionals capable of managing and interpreting large asset data volumes.

Despite these challenges, the market presents lucrative opportunities due to the rising trend of cloud-based EAM solutions. These platforms offer scalability, cost-efficiency, and ease of deployment, attracting a broader range of users across various industries. Additionally, the increasing emphasis on sustainability and energy efficiency is pushing organizations to adopt smarter asset management practices that minimize waste and enhance performance.

Finally, strategic collaborations, mergers, and acquisitions among EAM vendors are fostering innovation and expanding product portfolios. This competitive landscape is expected to propel market expansion and enable customized solutions tailored to industry-specific needs.

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Segment Overview
The enterprise asset management market is segmented based on component, deployment model, organization size, application, and industry vertical. The software segment dominates the market due to the increasing demand for integrated asset monitoring and maintenance platforms. Cloud deployment is witnessing the fastest growth, driven by scalability and cost-effectiveness, while large enterprises continue to account for a significant share owing to their extensive asset bases and investment capacity.

Based on deployment model, the on-premise segment currently holds the largest market share, as large organizations managing extensive asset portfolios or sensitive data often prefer on-premise EAM systems to comply with strict regulatory and security requirements. However, the cloud-based segment is projected to register the fastest growth during the forecast period. Cloud-based EAM solutions provide advanced security tools, ensure General Data Protection Regulation (GDPR) compliance, and offer continuous 24/7 monitoring by vendor experts to mitigate cyber threats. These advantages-combined with scalability, flexibility, and cost-effectiveness-are driving the rapid adoption of cloud-based enterprise asset management solutions worldwide.

Regional Analysis
Regionally, North America dominated the enterprise asset management market in 2020 and is expected to maintain its lead throughout the forecast period. This dominance is driven by the early adoption of emerging technologies and the growing integration of Industrial Internet of Things (IIoT) solutions, which enable remote asset monitoring and real-time data retrieval.

Conversely, the Asia-Pacific region is anticipated to experience the highest growth rate during the forecast period. Factors such as rising enforcement of stringent regulatory standards, the increasing number of EAM solution providers, and growing awareness of operational efficiency are boosting adoption across industries. Moreover, reduced government subsidies for asset management in some countries are encouraging enterprises to adopt EAM solutions to enhance compliance, optimize performance, and reduce operational risks.

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The key players that operate in the enterprise asset management industry are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights and UpKeep Technologies, Inc.

Key Findings of the Study
.Depending on component, the solution segment accounted for the largest enterprise asset management market share in 2020.
.Region wise, North America generated the highest revenue in 2020.
.According to industry vertical, the energy and utility segment generated the highest revenue in 2020.

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