According to a study conducted by P&S Intelligence, the global enterprise asset management (EAM) market is expected to generate a revenue of $25.9 billion by 2030, rising from $5.5 billion in 2019, and is predicted to witness a 17.0% CAGR during 2020–2030. The market is growing due to the surging need for reducing operational expenses in companies.

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This further results in the reduction of operational costs across the organization. In addition to all this, EAM software also aids in decreasing material procurement cost and increasing the return on investment (ROI), owing to which, companies are increasing adopting it. The coronavirus pandemic however, has slowed the growth of the market at the present time, as the partial or complete lockdown in almost all parts of the world has led to the closure of a number of manufacturing and commercial operations.

In terms of offering, the solution division accounted for the larger share of the enterprise asset management market in the past and is further expected to dominate the market in the coming years as well. This can be ascribed to the rising necessity if effective enterprise asset and resource management, growing awareness regarding a proactive asset management approach, increasing focus on enhanced ROI on assets, and rapidly growing manufacturing, retail, telecommunications, and healthcare sectors.

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On the basis of enterprise, large enterprises held the major share of the enterprise asset management market in the past, because of their need for managing assets efficiently, increasing awareness regarding identifying the reasons for equipment malfunctioning beforehand, growing focus on machine downtime analysis, and strict regulatory landscape that the enterprise are subjected to. Considering the deployment segment, the cloud category is predicted to register the higher CAGR in the near future.