The Enterprise Asset Management Market is to Touch $4.3 Billion by 2030; Growing adoption of EAM solutions among end users, including those in the oil and gas, manufacturing, and other industries and Increasing demand for cloud-based Enterprise Asset

The Enterprise Asset Management Market size is estimated to reach $4.3 Billion by 2030, growing at a CAGR of 8.1% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Enterprise Asset Management Market – By Services and Software Applications (Services (Implementation, Managed Services, Training and Support); Software Applications (Linear Assets Digital, Non-Linear Assets, Field Service Management, Assets MRO)), By Application (Government and Utilities, Oil and Gas, Manufacturing, Healthcare, Transportation, Retail, BFSI, and Others.), By Organization Size (SME, Large Enterprises), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Growing adoption of EAM solutions among end users, including those in the oil and gas, manufacturing, and other industries and Increasing demand for cloud-based Enterprise Asset Management (EAM) solutions are fueling the growth of the Enterprise Asset Management industry during the forecast period.

In 2023, North America accounted for a significant 31.9% of the Enterprise Asset Management market in terms of revenue, driven by the widespread adoption of automation and advanced technologies. For example, in November 2023, Trane Technologies, a global leader in climate innovation, completed its acquisition of Nuvolo, a prominent provider of cloud-based workplace and enterprise asset management solutions. This acquisition enhances Trane Technologies' digital and software-as-a-service (SaaS) offerings, catering to the rapidly growing demand for asset management and modern workplace solutions. Nuvolo's Connected Workplace, built on the ServiceNow™ Platform, enables clients to modernize facilities management, optimize space utilization, and manage the entire lifecycle of their organizational assets through a unified solution.

Growing adoption of EAM solutions among end users, including those in the oil and gas, manufacturing, and other industries Fuels Market Expansion:

In the Oil and Gas sector, there is an increasing adoption of Enterprise Asset Management (EAM) solutions for various applications, including onshore and offshore data replication to ensure real-time asset visibility, service management of oil field equipment, and project management. EAM enables the utilization of big data to extract valuable insights from both structured and unstructured data. Effective communication and transparency are essential in the supply chain, helping businesses gain a comprehensive understanding of every aspect of the extraction and production cycle. Furthermore, the rising implementation of EAM solutions in the manufacturing sector is driving market demand. With the advent of Industry 4.0, maintenance has emerged as a critical focus, prompting companies to explore advanced technologies that extend beyond traditional run-to-failure and preventive maintenance strategies. The digitization of asset management, along with rapid advancements in technologies like edge devices and SaaS-based tools, has led to a notable increase in the adoption of EAM solutions across the Oil and Gas and broader manufacturing industries.

The shift toward cloud-based enterprise asset management (EAM) solutions is driven by the high capital investment and time associated with on-premise deployments. On-premise implementation necessitates substantial investments in servers, communication infrastructure, storage devices, and other resources, as well as skilled professionals to maintain the system. In contrast, cloud-based EAM solutions require minimal hardware, making them more appealing in the market. Moreover, cloud-based systems offer greater reliability, as they eliminate the need for manual upgrades and new feature installations. They also enhance data security and simplify maintenance. These advantages enable enterprises to gain valuable business insights and optimize the utilization and value of their asset management software, further propelling market growth.