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Enterprise asset management (EAM) is a strategic approach that involves the integration of systems, processes, and software to oversee and manage physical assets and equipment. Its purpose is to strategically plan, enhance, carry out, and monitor maintenance activities essential for the entire lifespan of each asset. These assets can include equipment, machinery, infrastructure, facilities, vehicles, and any other tangible assets that play a role in the organisation's operations.
The demand of the United States enterprise asset management market is being fuelled by a growing emphasis on integrating EAM with other enterprise systems such as Enterprise Resource Planning (ERP) and Computerized Maintenance Management Systems (CMMS). This integration is expected to boost demand for EAM by streamlining processes, improving data accuracy, and offering a comprehensive overview of organizational operations.
One of the significant United States enterprise asset management market trends and dynamics involves the integration of the Internet of Things (IoT) and predictive analytics. This entails the installation of IoT sensors on assets to gather immediate information of their state and performance. Subsequently, this data undergoes thorough analysis using advanced analytics and machine learning algorithms to forecast when maintenance will be necessary. This capability enables the implementation of proactive and predictive maintenance approaches.
The increasing shift towards cloud-based EAM solutions is one of the key factors aiding the United States enterprise asset management market growth. Cloud-based EAM offers benefits like scalability, flexibility, and accessibility from anywhere with an internet connection. This trend is driven by the need for remote access to asset information and the desire to reduce IT infrastructure costs.
In 2023, the United States small business sector remains a cornerstone of the economy, comprising 33.3 million small businesses, which account for 99.9% of all U.S. businesses, according to the U.S. Small Business Administration. These small businesses employ 61.6 million people, representing 45.9% of the total U.S. workforce. The distribution of small business employment differs across states, with Montana, Wyoming, and South Dakota seeing the highest percentages, often surpassing 65%. This significant small business employment contributes to the revenue of the United States enterprise asset management industry revenue, as these businesses use EAM systems to oversee and manage infrastructure such as power grids and pipelines, thereby ensuring reliable service and adherence to regulatory standards.
Between March 2021 and March 2022, the U.S. saw a dynamic shift in business establishments. During this period, 1.4 million establishments were launched, while 917,825 closed, resulting in a net increase of 447,519 establishments. Small businesses played a significant role in this growth, contributing 1.2 million openings but also accounting for 833,979 closings. This net increase in small business establishments is indicative of the resilience and adaptability of the sector, despite economic uncertainties.
Employment trends during this period further underscore the critical role of small businesses in the U.S. economy. The opening and expansion of U.S. establishments generated 17.9 million new jobs, while the closure and contraction of establishments resulted in the loss of 11.0 million jobs, yielding a net gain of 7.0 million jobs. Remarkably, small businesses were responsible for 70% of this net job creation, adding 4.9 million jobs.
The net change in both establishments and employment highlights a positive trend in the small business landscape. The U.S. continues to foster an environment where entrepreneurship thrives, leading to a consistent increase in business formations. This trend is further supported by the relatively higher survival rates of small businesses compared to larger firms, as small businesses are more agile and better equipped to navigate economic downturns. This increasing trend drives the United States asset management market revenue.
IBM Corporation
Oracle Corporation
Hexagon AB
SAP SE
“United States Enterprise Asset Management Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Component
Market Breakup by Deployment Mode
Market Breakup by Organisation Size
Market Breakup by Application
Market Breakup by End Use
Market Breakup by Region
The rising utilisation of enterprise asset management by the US manufacturing sector is likely to enhance the United States enterprise asset management market demand in the coming years. In manufacturing, EAM refers to the use of specialised software and systems to efficiently manage and maintain physical assets, such as equipment, machinery, facilities, and other infrastructure, throughout their entire lifecycle.
Manufacturers are constantly seeking ways to improve cost-efficiency of various operations. EAM helps in optimising maintenance schedules, reducing unplanned downtime, and minimising unnecessary expenditures on asset up.
The companies provide a diverse range of products and solutions, including smart apps, metrology solutions, manufacturing solutions, and geospatial software.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 2.25 billion.
The market is projected to grow at a CAGR of 11.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 6.08 billion by 2032.
The market is driven by the increasing penetration of Internet of Things (IoT) and predictive analytics in asset management solutions and the diverse applications of EAM.
The major market trends include growing demand for integration of EAM with other enterprise systems and the rising implementation of cloud-based EAM solutions.
The market is broken down into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.
The different end-uses are transportation and logistics, energy and utilities, government, IT and telecom, education, manufacturing, and healthcare, among others.
The competitive landscape consists of IBM Corporation, Oracle Corporation, Hexagon AB, SAP SE, Schneider Electric SE (AVEVA), IFS World Operations AB, Ramco Systems Ltd., MRI SOFTWARE LLC, CGI Inc., and Mapcon Technologies, Inc., among others.
Based on components, the market is divided into solutions and services.
The market is divided into transportation and logistics, energy and utilities, government, IT and telecom, education, manufacturing, healthcare, and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Component |
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Breakup by Deployment Mode |
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Breakup by Organisation Size |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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