press release/- Market Research Future Published a Half Cooked Research Report on Global Enterprise Asset Management Market Research Report.
Enterprise asset management solutions are used for the management and maintenance of all the assets of an organization throughout the asset’s lifecycle across departments, business units, facilities, and geographical locations. Market Research Future (MRFR) has recently availed a report asserting that the global enterprise asset management market is anticipated to expand at a CAGR of over 9.30% during the forecast period of 2023-2032 and reach USD 8.4598 Bn by the end of 2032.
Market Drivers and Restraints:
The brisk development in industrialization is inducing demand for integrated and centralized solutions for asset management, leading to the expansion of the global enterprise asset management market during the forecast period. The features of enterprise asset management or EAM such as it optimizes the productivity by increasing the asset’s lifecycle in an organization and lowers the maintenance and procurement cost, are creating a broad pathway for the expansion of the global enterprise asset management market.
The EAM solutions facilitate the organizations with enhanced tracking ability of assets and business systems consolidation, which in turn are generating demand for such platforms in various medium to large-scale enterprises. The inclination towards the adoption of smart solutions that manage assets along with improving the asset performances by reducing the downtime is fueling the growth of the global enterprise asset management market.
The incorporation of enterprise asset management systems improves the utilization and performance of the assets resulting in the reduction of capital cost and asset-related operation cost, which is creating traction for enterprise asset management solutions in the global market. The global enterprise asset management market is expanding due to the growing demand for EAM owing to its beneficial factors such as mobile inspection and calibration, asset condition monitoring, alignment with business strategies, improved project management, and others.
However, the high cost of EAM solutions and lack of awareness are likely to hinder the growth of the global enterprise asset management market during the forecast period.
The global enterprise asset management market has been segmented on the basis of deployment, organization type, and application verticals. Based on deployment, the EAM market is segmented into on-cloud and on-premise. The on-cloud segment is anticipated to grow at the fastest rate due to increasing preference of cloud-based solutions on a global level.
Based on organization type, the global EAM market has been segmented into SMEs and large organizations. Among these two, the SMEs segment is anticipated to expand rapidly due to the increased adoption of enterprise asset management solutions by SMEs as the demand for skilled workforce and domain-specific technical personnel is increasing.
Based on application verticals, the global enterprise asset management market is segmented into government, manufacturing, healthcare, transportation, oil and gas, aerospace and defense, and others. Among these, the government application segment is anticipated to account for the largest market share in the global EAM market during the forecast period due to the wide range of application enterprise asset management in various government sectors.
The global enterprise asset management market has been segmented into four major regions such as North America, Europe, Asia-Pacific (APAC) and the rest of the world. Among these regions, the North America region is anticipated to account for the largest market share in the global enterprise asset management market due to the rapid adoption of EAM solutions by the organizations and the strong economic conditions in this region. The Europe region stands second in terms of market shares after North America. Whereas, the Asia-Pacific region is anticipated to project the fastest growth in the global enterprise asset management market due to the improving economic conditions in the developing countries of this region.
The competitive edge of the global enterprise asset management market is being maintained by the introduction of new technological updates and strategic mergers and acquisitions among the players in the global EAM market.
In June 2018, Vienna House, an independent European hotel group, has collaborated with Infor (U.S), a leading enterprise asset management service provider, in order to pursue its digitization strategy by deploying Infor’s hospitality management solution (HMS) at its 35 properties. The addition of this product marks as third Infor solution to be implemented by the Vienna House.
The prominent players of the global enterprise asset management market are SAP SE (Germany), Infor (U.S.), IBM (U.S.), Oracle Corporation (U.S.), Schneider Electric (France), AssetWorks LLC (U.S.), IFS AB (Sweden), ABB Group (Switzerland), Mintek Mobile Data Solutions (U.S.), Ramco Systems (India) among others.