Enterprise Asset Management Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the Expected Growth Rate of the Enterprise Asset Management Market for the Period 2024 to 2033?
In recent times, there has been significant acceleration in the growth of the enterprise asset management market size. The market value is projected to escalate from $6.22 billion in 2023 to a notable $6.87 billion in 2024, with a compound annual growth rate (CAGR) of 10.3%. This substantial growth during the historic period is primarily due to factors such as regulatory compliance, maturing infrastructure, cost optimization, preventive maintenance, and integration with ERP systems.
The market size for enterprise asset management is predicted to witness a swift expansion in the coming years, reaching $10.55 billion in 2028 with a compound annual growth rate (CAGR) of 11.3%. This development during the forecasted period is primarily due to factors like mobile exam solutions, sustainability focus, cybersecurity initiatives, and specialized industry exams. The forecast period will also see major trends like digital twin technology, technological innovations, IoT integration for monitoring conditions, and cloud-based exam solutions.
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What Factors Are Responsible for the Growth of the enterprise asset management Market?
The proliferation of SaaS-based EAM solutions is stimulating market growth. These services are essentially cloud-based software provided by vendors via a subscription-based model, crucial for handling asset tracking, performance management, forecasting, mobile apps, dashboards, and complying with regulations in the tech world. More customers are turning towards SaaS-based solutions in preference to conventional on-site solutions due to advantages like quicker benefits realization, lower expenditures, scalability, and integration among others. This trend is supported by a 2022 study on DevSquad indicating that 73% of organizations are converting all systems to SaaS, and these companies are intending to augment their spending by 44% from the previous year.
Which Segments Are Important for Insight into the Enterprise Asset Management Market?
1) By Development: On-Premise, Cloud
2) By Application: Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Other Applications
3) By Vertical: Energy And Utilities, Transportation And Logistics, Government And Public Sector, IT And Telecommunications, Manufacturing, Healthcare And Life Sciences, Education, Other Verticals
What Are the Significant Trends Reshaping the Enterprise Asset Management Sector?
Advancements in technology are transforming the enterprise asset management market. Leading players in the enterprise asset management market are prioritizing the enhancement of their development endeavours in innovative technologies. To exemplify, Aptean, in March 2022, rolled out cloud-based EAM solutions featuring a computerized maintenance management system for manufacturing customers. This fresh release will enable small and medium-sized manufacturing customers to fulfil their asset management necessities and needs.
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Which Regions Are Essential for the Growth of the Enterprise Asset Management Market?
North America was the largest region in the enterprise asset management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise asset management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Enterprise Asset Management Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the enterprise asset management market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Enterprise Asset Management Market Include
1. Enterprise Asset Management Market Executive Summary
2. Enterprise Asset Management Market Segments
3. Enterprise Asset Management Market Size And Template Market Growth Rate
4. Key Enterprise Asset Management Market Trends
5. Major Enterprise Asset Management Market Drivers
……
25. Key Mergers And Acquisitions In The Enterprise Asset Management Market
26. Top Enterprise Asset Management Companies
27. Enterprise Asset Management Market Opportunities And Strategies
28. Enterprise Asset Management Market, Conclusions And Recommendations
29. Appendix
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