Press release
Enterprise Asset Management Redefined | Oracle Corporation Introduces Game-Changing Platform for Optimal Asset Lifecycle Management
Market Overview
The global Enterprise Asset Management market is anticipated to experience substantial growth in the coming years, driven by the rising adoption of advanced technologies, such as the Internet of Things (IoT), big data analytics, and cloud computing. According to a recent report by Market Research Future (MRFR), Enterprise Asset Management Market Size was valued at USD 3.8 billion in 2022. The Enterprise Asset Management market is projected to grow from USD 4.1534 Billion in 2023 to USD 8.45989 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.30% during the forecast period (2023 - 2032).
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Key Market Segments
The Enterprise Asset Management market can be segmented based on various factors, including component, deployment mode, organization size, and industry vertical.
Component: The market is divided into solutions and services. Solutions include asset lifecycle management, asset maintenance management, asset reliability management, and asset sustainability management, among others. Services encompass professional services (consulting, implementation, and support) and managed services.
Deployment Mode: EAM solutions can be deployed on-premises or through cloud-based models, with the cloud segment expected to experience significant growth due to its scalability, cost-effectiveness, and ease of implementation.
Organization Size: The market is segmented into small and medium-sized enterprises (SMEs) and large enterprises, with the latter segment holding a larger share due to their extensive asset portfolios and greater adoption of advanced technologies.
Industry Vertical: The Enterprise Asset Management market caters to a wide range of industries, including manufacturing, energy and utilities, healthcare, transportation and logistics, government, and others.
Industry Latest News
The Enterprise Asset Management market has been abuzz with several notable developments in recent times:
In April 2023, IBM announced the acquisition of Enimga, a leading provider of EAM solutions, to strengthen its asset management capabilities and expand its presence in the industrial sector.
Oracle unveiled its next-generation Enterprise Asset Management Cloud solution in March 2023, featuring advanced analytics, IoT integration, and predictive maintenance capabilities.
Infor, a leading provider of industry-specific cloud solutions, launched its Infor CloudSuite™ EAM solution in February 2023, designed to streamline asset management processes for organizations across various industries.
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Key Companies
The Enterprise Asset Management market is highly competitive, with several key players vying for market dominance. Some of the major companies operating in this space include:
SAP SE (Germany)
Mintek Mobile Data Solutions (U.S.)
Infor (U.S.)
IFS AB (Sweden)
Schneider Electric (France)
IBM (U.S.)
Ramco Systems (India)
Oracle Corporation (U.S.)
AssetWorks LLC (U.S.)
ABB Group (Switzerland)
Brunswick Corporation
These companies are continuously investing in research and development to enhance their product offerings and stay ahead of the competition.
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Market Drivers
Several factors are driving the growth of the Enterprise Asset Management market:
Digital Transformation: Organizations across industries are embracing digital transformation initiatives, leading to the adoption of advanced technologies like IoT, cloud computing, and analytics, which are essential components of EAM solutions.
Asset Optimization: The need to optimize asset performance, reduce maintenance costs, and extend asset lifecycles is driving the demand for EAM solutions, enabling organizations to make data-driven decisions and improve operational efficiencies.
Regulatory Compliance: Various industries, such as energy and utilities, manufacturing, and healthcare, are subject to stringent regulations regarding asset management and maintenance, necessitating the implementation of robust EAM solutions.
Predictive Maintenance: The increasing adoption of predictive maintenance strategies, enabled by IoT sensors and advanced analytics, is fueling the demand for EAM solutions that can anticipate equipment failures and schedule maintenance activities proactively.
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Regional Insights
The Enterprise Asset Management market is witnessing growth across various regions, with North America and Europe being the early adopters. However, the Asia-Pacific region is expected to experience the highest growth rate during the forecast period, driven by rapid industrialization, infrastructure development, and the adoption of advanced technologies by organizations in countries like China, India, and Japan.
Additionally, the Middle East and Africa, as well as Latin America, are emerging as promising markets for EAM solutions, as organizations in these regions recognize the benefits of asset optimization and strive to enhance operational efficiencies.
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About Market Research Future:
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Also, we are launching "Wantstats" the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.
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