U.S. Enterprise Asset Management Market Emerging Trends, Growth Factors, Business Opportunities and Forecast to 2030

WILMINGTON, DE, UNITED STATES, October 10, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, the U.S. enterprise asset management market size was estimated at $1.60 billion in 2020 and is expected to hit $4.39 billion by 2030, registering a CAGR of 11.5% from 2021 to 2030.

Rise in demand to extend the life span of enterprise assets, huge demand for SaaS-based EAM solutions, increase in need to generate a maximum economical return on the assets, and global acceleration of digital transformation in enterprises due to COVID-19 outbreak drive the growth of the U.S. enterprise asset management market. On the other hand, a lack of knowledge while selecting solutions that perfectly match the enterprise business and several issues associated with regulatory compliances hinder the growth to some extent. However, the convergence of technologies such as AI, ML, IoT, and analytics and the emergence of industrial internet of things (IIoT) and industry 4.0 is anticipated to create lucrative opportunities in the industry.

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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.

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The U.S. enterprise asset management market is analyzed across component, deployment model, enterprise size, and industry verticals. Based on components, the solution segment accounted for around three-fifths of the total market share in 2020 and is anticipated to rule the roost by 2030. The services segment, however, would register the fastest CAGR of 12.3% during the forecast period.

The key market players analyzed in the U.S. enterprise asset management industry report include CGI, Infor, Inc., MRI Software, LLC, Oracle Corporation, Ramco Systems, International Business Machines Corporation (IBM), ABB Group, SAP SE, Schneider Electric, and IFS (Industrial & Financial Systems). These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.

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