Market
Analysis
The global enterprise asset management market will touch USD 8 billion
at an 11% CAGR in the forecast period (2020- 2027), states the latest Market
Research Future (MRFR) report.
Drivers
Shift to
Modern Asset Management to Boost Market Growth
The
increasing shift to modern asset management by enterprises from legacy
management methods will boost market growth over the forecast period.
Opportunities
Convergence
of Technologies to offer Robust Opportunities
The
convergence of technologies like analytics, IoT, and AI coupled with
inclination of organizations towards cloud-based deployments for overcoming
on-premise limitations will offer robust opportunities for the market over the
forecast period.
Restraints
and Challenges
High Cost of
Enterprise Asset Management to act as Market Restraint
The high cost
of enterprise asset management coupled with lack of awareness may act as market
restraint over the forecast period.
COVID-19
Analysis
During the
COVID-19 pandemic the demand for enterprise asset management has been steady
however this need is anticipated to be impeded by the reduction in industrial
expenditure budgets for lockdowns imposed worldwide. The lockdowns also led to
severe losses to business across the globe and has also placed restrictions on
music festivals, theatres, concerts, and international events that are
impacting market growth. The market however is recovering at a fast pace that
can be attributed to the remote working trends adopted by several companies to
curb the spread of the virus at workplaces. The industry however is like to
face challenges for the effects of the pandemic in the near future.
Market
Segmentation
The
enterprise asset management market is bifurcated based on application,
organization type, and deployment.
By
deployment, the on-cloud segment will lead the market over the forecast period
for the increasing preference of cloud-based solutions on a global level.
By
organization type, the SMEs will dominate the market over the forecast period
for the increased adoption of EAMs by SMEs as there is a rise in demand for
domain-specific technical personnel and skilled workforce.
By
application, the government segment will spearhead the segment over the
forecast period for the wide range of application enterprise asset management
in different government sectors.
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Regional
Analysis
North America
to Steer Enterprise Asset Management Market
North America
will steer the market over the forecast period. Rapid adoption of EAM solutions
by organizations, strong economic conditions, rising number of SMEs, effective
asset utilization, developed IT infrastructure, strong inclination of regional
firms on predictive utilization, the growing need for meeting the strict
regulations, the strong presence of EAM vendors, rising investments by public
and private players for better management of their equipment and assets, and
strong focus on integrating EAM solutions with next-generation technologies
like computer vision, internet of things, and machine learning are adding to
the global enterprise asset management market growth in the region. Besides,
companies considerably proliferating in the region, expanding construction and
building information industries, SMEs’ accessibility, digitalization, and
connectivity, and players in the market intensely emphasizing to introduce
advanced EAM & predictive maintenance solutions that offer support to
maximize asset utilization, AI-powered monitoring, and real-time data
collection are also adding market growth.
Key
Players
Leading
players profiled in the global enterprise asset management market report
include 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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https://www.marketresearchfuture.com/reports/enterprise-asset-management-market-1783
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