Enterprise Asset Management software market is actually gaining speed with cloud, AI-led maintenance future and industrial transformation.

The Enterprise Asset Management Software market was pegged at USD 5.7 billion in 2023 and, from there, it is set to grow at a CAGR of 9.13% to reach USD 12.5 billion by 2032. Increased adoption of cloud EAM solutions and AI-powered predictive maintenance are key drivers of this expansion.

51% of the market share of EAM solutions comes from cloud based solutions because of the flexibility and scalability that also includes access to real time data. IBM Maximo and SAP S4HANA Cloud are also integrating AI and IoT to enhance their predictive maintenance capabilities.

Large enterprises represent 60% of the overall users of Enterprise Asset management software. Areas such as manufacturing, energy and transportation incorporate EAM within their systems to better asset performance, compliance, and cost efficient maintenance.

34% of the overall market shares are grabbed by North America as this region boasts digital transformation initiatives ushered by organizations in the U.S. and Canada. Meanwhile, the Asia-Pacific is the fastest growing region, fuelled by industrialization and governmental initiatives in China, India and Japan.

As businesses become more engaged in the domain of efficiency, Enterprise Asset Management software would play an important role in efficiency of operation.