U.S. Enterprise Asset Management Market Statistics: 2030
The U.S. enterprise asset management market was valued at $1,604.68 million in 2020, and is projected to reach $4,391.99 million by 2030, growing at a CAGR of 11.5% from 2021 to 2030.
Enterprise asset management (EAM) is a combination of software, systems and services used to maintain and control operational assets and equipment. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. The aim is to optimize the quality and utilization of assets throughout their lifecycle, increase productive uptime and reduce operational costs. EAM is widely used in industries that heavily depend on expensive and complex physical assets such as vehicles, plants and heavy equipment. Major consumers include the oil and gas, manufacturing, mining, energy, government, utility and aerospace & defense industries.
Increasing demand to extend the life span of key enterprise assets with the help of advanced technologies is contributing to the growth of the EAM industry in the U.S. Moreover, EAM Solutions help business owners or companies with uptime, inventory management as well as strategic planning. In addition, increase in demand for SaaS-based EAM solutions is also driving the market growth. However, issues associated with regulatory compliance along with cyber security and concern over data security are hampering the market growth.
Furthermore, convergence of technologies such as AI, ML, IoT, and analytics with EAM solutions, has created numerous opportunities for market growth.
By Component, the solution segment dominated the growth in the U.S. Enterprise Asset Management market in 2020, and is expected to maintain its dominance in the upcoming years. EAM solutions can be used by the entire organization to increase asset performance throughout the asset life cycle, to achieve better return on investment, to keep offices safer, to improve ownership costs with improved lifecycle cost, and to improve efficiency. However, services segment registered highest growth rate during forecasted period. As services help implement and integrate specific IT solutions into the enterprise ecosystem, they serve as an essential part of any organization. They play an important role in the enterprise asset management market because they help the organization focus on identifying, and rectifying the asset.
By deployment, the on-premise segment dominated the growth in the U.S. Enterprise Asset Management market in 2020, and is expected to maintain its dominance in the upcoming years. On-premise-based solutions are known for better maintenance of servers, and continuous system facilitates the implementation of EAM solutions. In addition, the on-premises deployment mode is considered widely useful in large enterprises, as it involves a significant investment to implement, and organizations need to purchase interconnected servers as well as software to manage the system.
By Organization Size, the large enterprises segment dominated the growth in the U.S. Enterprise Asset Management Market size in 2020. This is due to large enterprises have hundreds of physical assets that need to be taken care of and maintained regularly. So, EAM solutions are rapidly adopted by large enterprises for maintaining assets. However, small and medium enterprises will register highest growth rate during forecasted period.
By Industry Vertical, the energy and utilities segment dominated the U.S. enterprise asset management market in 2020. Enterprise Asset Management (EAM) solutions are used in energy and utilities industries to ensure their infrastructure is able to meet diverse challenges. In addition, power generation companies are now finding alternatives and also investing in renewable energy to meet sustainability requirements. Thus, for operations management and inventory management, EAM solutions are the key for better and smooth operations and smooth transition from conventional to renewable energy adoption. Moreover, preventive and predictive maintenance solutions of EAM help in better and exact planning. However, healthcare segment will register highest growth rate during forecasted period.
The report focuses on the growth prospects, restraints, and opportunities for U.S. Enterprise Asset Management market share. The study provides Porter’s five forces analysis of the U.S. Enterprise Asset Management market forecast to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, the threat of new entrants, threat of substitutes, and bargaining power of buyers on the U.S. Enterprise Asset Management market trends.
Segment Review
The U.S. enterprise asset management market is segmented on the basis of component, deployment type, organization size and industry vertical. By component, it is segmented into solution and service. By deployment type, it is bifurcated into on-premise and cloud. Based on organization size, the market is bifurcated into large enterprise and small & medium enterprises. Based on industry vertical, it is segregated into Energy & Utilities, Transportation and Logistics, Government, IT and Telecommunications, Manufacturing, Healthcare, Education, and others.
COVID-19 Impact Analysis
The U.S. enterprise asset management market was valued at $1,604.68 million in 2020, and is projected to reach $4,391.99 million by 2030, registering a CAGR of 11.5%. The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has less impact on the growth of the U.S. enterprise asset management market, owing to government and private sectors in the U.S. working together for smooth operations of many sectors such as manufacturing, retail and energy & utilities. Moreover, during COVID, manufacturing and utility industries were hampered due to non-maintenance of assets and were not able to operate efficiently; however, due to adoption of EAM solutions, the effective management of assets was possible and they were widely adopted. The companies are leveraging various advanced capabilities offered in intelligent asset performance management (APM) and enterprise asset management (EAM) systems during the pandemic. These capabilities include connectivity to IoT and Industrial IoT devices, smart sensors, condition monitoring, predictive maintenance, edge devices, and Reliability Centered Maintenance (RCM) systems, to help address and identify potential maintenance issues.
By Component
Solution segment is projected as one of the most significant segments.
Top impacting factors
Increasing demand to extend the life span of key enterprise assets with the help of advanced technologies is contributing to the growth of the EAM industry in the U.S. Moreover, Enterprise asset management software help business owners or companies with uptime, inventory management as well as strategic planning. In addition, increase in demand for SaaS-based EAM solutions is also driving the U.S. enterprise asset management market growth. However, issues associated with regulatory compliance along with cyber security and concern over data security are hampering the market growth. Furthermore, convergence of technologies such as AI, ML, IoT, and analytics with EAM solutions has created numerous opportunities for market growth.
Huge demand for SaaS-based EAM solutions
Upsurge in deployment of solutions such as asset performance management (APM), enterprise asset management (EAM), and enterprise resource planning (ERP) in the cloud offers many functional, technical, and business benefits. For instance, the SaaS-based asset management software and related solutions have seen huge demand due to several advantages such as the agility and efficiency coupled with many competitive advantages. On the other hand, the leading market players are introducing new SaaS-based asset management solutions.
By End User
Cloud segment is projected as one of the most lucrative segments.
For instance, in March 2022, Aptean, a provider of mission-critical enterprise software solutions launched Aptean EAM, the SaaS-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production.
This offering functions as a standalone computerized maintenance management system (CMMS) and delivers advanced EAM functionality. Introduction of such SaaS-based solutions further boosts growth of the U.S. enterprise asset management market. Furthermore, during the COVID-19 pandemic, many enterprises across the globe have prompted adoption of the work-from-home model to safeguard employee well-being as well as to maintain operational efficiency. This has led to surge in demand for SaaS-based enterprise asset management solutions.
By Organization Size
Small & Medium Enterprises segment is projected as one of the most lucrative segments.
Convergence of technologies such as AI, ML, IoT, and analytics
Integration of artificial intelligence (AI) in asset management helps the organization to predict transactions, optimize portfolios, and make highly accurate forecasts. In addition, it automates and deepens trader risk profiling, news and event analytics, market sentiment analysis, reputational risk management and client profile generation.
In addition, the companies operating in the U.S. enterprise asset management industry are adopting various strategies to enhance AI capabilities of their EAM solutions. For instance, Zebra Technologies, the U.S.-based company announced to acquire antuit.ai, an artificial intelligence (AI)-powered Software-as-a-Service (SaaS) solutions provider for the retail and consumer packaged goods (CPG) industries.
By Industry Vertical
Energy and Utilities is projected as one of the most significant industry vertical.
Key Benefits For Stakeholders
- This study includes the U.S. Enterprise Asset Management market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and U.S. Enterprise Asset Management market opportunity.
- The U.S. Enterprise Asset Management market size is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in U.S. Enterprise Asset Management industry.
U.S. Enterprise Asset Management Market Report Highlights
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Analyst Review
In accordance with the insights by the CXOs of leading companies, the enterprise asset management market is projected to witness prominent growth in the U.S. This growth is attributed to IoT applications and the growth of cloud-based solutions. Moreover, surge for reduction of maintenance and procurement expenses, and improved return on assets (ROA) is also driving the growth of enterprise asset management (EAM) in the U.S.
With effective EAM solutions, businesses across U.S. can gain a deeper understanding of their operational performance and begin to identify and re-evaluate problem areas in their operating space. It transforms the organization from a reactive place, to a predictive place that is responsive when problems arise, where foresight is achieved in advance and effective planning is implemented to tackle the problem.
Cloud based and SaaS based enterprise asset management solutions are the new trends in EAM market as they ease the remote-control work procedure and can be operated from any locations. They also are cost-effective solutions rather than on-premise and traditional EAM solutions. Moreover, cloud based EAM solutions have provided lucrative opportunities for small & medium enterprises to invest in EAM market in the U.S.
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