United States Enterprise Asset Management Market Outlook - Forecast Trends, Market Size, Share and Growth Analysis Report (2024-2032)

United States Enterprise Asset Management Market Growth

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.

United States Enterprise Asset Management Market Analysis

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.

United States Enterprise Asset Management Industry Outlook

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.

Integration of AI and IoT enhances asset tracking and predictive maintenance.

• Significant funding from both private and public sectors supports United States asset management market growth.
• Established systems and networks facilitate efficient asset management across industries.

High costs and complexity in integrating EAM systems can be a barrier for smaller businesses.

• Increasing cyber threats pose risks to asset data integrity.
• Lack of skilled professionals limits the effective deployment and utilization of advanced EAM solutions.

Growing adoption in emerging sectors and industries offers new growth opportunities for the United States asset management market.

• Rising demand for eco-friendly practices can drive innovation in asset management.
• Increasing shift to cloud-based platforms provides scalable and cost-effective EAM solutions.

Economic downturns can impact investment in EAM systems.

• Evolving regulations may require constant system updates and compliance adjustments.
• Rapid technological changes can lead to obsolescence of current systems.

Key Players in the United States Enterprise Asset Management Market and their Key Initiatives

IBM Corporation

• Expanded its Maximo EAM platform, which is a cornerstone of its offerings in the EAM market. 
• Integrated AI and machine learning capabilities into its EAM solutions. 

Oracle Corporation

• Invested in cloud technology, offering Oracle Cloud EAM to meet the growing demand of the United States asset management market. 
• Developed tailored EAM solutions for various industries, including manufacturing, and utilities.

Hexagon AB

• Acquired companies with specialised software solutions.
• Invested in advanced data analytics and machine learning capabilities. 

SAP SE

• Promoted its cloud-based EAM solutions, such as SAP S/4HANA Asset Management to capture the United States asset management market opportunities.
• Expanded its ecosystem by forming strategic partnerships with technology and service providers. 

United States Enterprise Asset Management Industry Segmentation

“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

• Solution
• Services

Market Breakup by Deployment Mode 

• On-Premise
• Cloud

Market Breakup by Organisation Size 

• Small and Medium Enterprises
• Large Enterprises

Market Breakup by Application 

• Asset Lifecycle Management
• Inventory Management
• Work Order Management
• Labour Management
• Predictive Maintenance
• Others

Market Breakup by End Use 

• Transportation and Logistics
• Energy and Utilities
• Government
• IT and Telecom
• Education
• Manufacturing
• Healthcare
• Others

Market Breakup by Region 

• New England
• Mideast
• Great Lakes
• Plains
• Southeast
• Southwest
• Rocky Mountain
• Far West

United States Enterprise Asset Management Market Share

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.

Leading Companies in the United States Enterprise Asset Management Market

The companies provide a diverse range of products and solutions, including smart apps, metrology solutions, manufacturing solutions, and geospatial software.

• IBM Corporation 
• Oracle Corporation 
• Hexagon AB 
• SAP SE 
• Schneider Electric SE (AVEVA) 
• IFS World Operations AB 
• Ramco Systems Ltd. 
• MRI SOFTWARE LLC 
• CGI Inc. 
• Mapcon Technologies, Inc.