Looking at the current winds of change in the IT industry, it can be safely assumed that enterprise asset management market has a pretty bright and successful future ahead. During the forecast period of 2017-2022, the market is expected to generate a revenue of around USD 8 billion. Whereas, in terms of CAGR, the industry will tread forward at the rate of 11%.
Enterprise asset management is commonly known by its abbreviation ‘EAM’. It is basically a software that was devised for the purpose of managing physical assets of any given organization. This innovative technology has made the lives of business owners a lot easier than before. They can keep an eye on the physical assets of the business without being present there 24*7, the software does that job for them. In the last few years, EAM has made quite an impressive reputation for itself. Due to this, the global enterprise asset management market is gaining momentum.
Enterprise asset management (EAM) monitors the entire lifespan of the physical resources of a business set-up. Under its comprehensive service range, elements like construction, decommissioning, design, commissioning and operations are included. Furthermore, it can also enable replacement of facilities, plants and equipment. The physical assets may vary, they can be fixed objects like plants, buildings and machineries. Or the assets can be moving like moving equipment, vehicles and ships. Whatever be the kind of valuable, its lifecycle management can be carried out through this software.
There are numerous factors that contribute towards the success and development of this market. The rising demand for a system that can maintain a record of the physical assets and monitor its lifespan is one of the major factors that works in the favor of this market.
Another factor that fosters the development of the market is the growing world economy. As the economy gets better, business owners can increase their budget limits and invest in innovative software like EAM. Thus, in the end it is this market that is reaping benefits.
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Major Key players
- 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)
The worldwide enterprise asset management market has been divided into four equal parts. They can be listed as application verticals, deployment, regions and organization types.
On the basis of application verticals, the market is segmented into healthcare, government, oil & gas, manufacturing, transportation and aerospace & defense.
On account of deployment, the industry is bifurcated into on premises and on cloud.
Geographically, the market has its reach across various areas of the world like North America, Europe, Asia Pacific and Rest of the World.
Lastly, based on organization types, the market is branched into large organizations and SMEs.
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.
At present, there are two major trends that are and will continue ruling the global enterprise asset management market in the coming years as well. The trends have been listed below.
- Mobility – Mobile applications will aid individuals to undertake tasks that are important without being present there physically, thus saving a whole lot of time and energy.
- Cloud – Cloud hosting will offer a number of benefits like enhanced project management, reduced expenses and versatility.
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