Enterprise Asset Management Market Research Report – Global Forecast 2022
Market Highlights
The growth of the global enterprise asset management software during the forecast period (2016-2022) can be at the rate of 11%, reveals Market Research Future (MRFR). The market has the potential to attain a valuation of USD 8 billion by 2022, increasing from the value of USD 4 billion it had reached in 2016.
Primary Drivers and Key Barriers
The fast-paced development in industrialization has led to massive demand for integrated and centralized solutions for asset management, leading to market growth during the review period. Enterprise asset management (EAM) offers a host of benefits, including its ability to elevate the productivity by boosting the asset’s lifecycle and bringing down the maintenance as well as procurement cost. These benefits have stimulated the demand for enterprise asset management software and can help the market grow significantly in the forthcoming years.
The EAM software helps the organizations accurately track the ability of assets as well as business systems consolidation, which boosts demand for these platforms in medium and large-scale enterprises. Surging adoption of smart solutions for managing assets paired with the focus on enhancing the asset performances by lowering the downtime is also working in favor of the enterprise asset management market.
A new trend noted in the worldwide enterprise asset management market includes the integration of EAM solutions with Internet of Things (IoT). The chief reason behind this is the rising deployment of IoT in devices such as personal digital assistance (PDAs), laptops and smartphones. Companies like IBM Corporation and SAP SE offer numerous mobile EAM solutions, which come in the form of application software. This software helps workers in feeding the inspection data directly in the mobile application.
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Segmentation:
The worldwide market for enterprise asset management can be segmented in terms of deployment, organization type, and application verticals.
The deployment segment can be broken down into on-cloud and on-premise. The on-cloud segment can grow at the highest rate in the coming years, owing to the rising demand for cloud-based solutions across the globe.
Given the organization type, the global EAM market can be split into small and medium enterprises (SMEs) well as large organizations. Out of these two, SMEs happen to be the leading segment in the market, on account of high adoption of enterprise asset management solutions among SMEs. This demand stems from the rising need for skilled workforce as well as domain-specific technical personnel.
Given the application vertical segment, the global enterprise asset management market consists of oil and gas, government, transportation, healthcare, aerospace and defense, manufacturing, and others. Between these, government has been identified as the dominant segment in the market with the largest share, considering the broad range of applications of enterprise asset management in the government sector.
Regional Insight
In terms of region, the global enterprise asset management market has been segmented into Europe, North America, Asia Pacific (APAC) and the rest of the world (RoW).
Among all the regions, North America stands at the top in the global EAM market, thanks to the rising adoption of EAM solutions in organizations coupled with the superlative strong economy. The region consists of highly developed economies like the United States (US) and Canada and is known for making extensive use of digital technologies. The region exhibits a large number of prominent industry players that offer top-quality enterprise asset management solutions and services. North America’s strong financial position also helps in making sizeable investments in leading tools and technologies that ensure smooth business operations.
Europe comes second after North America in the global enterprise asset management market. The main reasons behind the strong market growth in the region are the rising adoption of cloud-based services along with the integration of EAM with big data analytics.
The APAC market can record the fastest growth rate during the conjectured timeframe, owing to the improving economic status of the developing countries like India and China.
Leading Companies
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.
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Enterprise Asset Management Market, by Deployment (On Cloud, On Premises), by Organization Type (SMEs, Large Organization), by Application Vertical (Government, Manufacturing, Healthcare, Transportation, Oil & Gas, Aerospace & Defence) – Forecast 2016-2022
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