The enterprise asset management market generated $5,682.1 revenue million in 2020, and it is expected to grow at a CAGR of 14.2% during 2020-2030. According to the estimates of the market research company, P&S Intelligence, the market will attain a value of $21,471.3 million by 2030. The major factors driving the growth of the market are the rising need for improved return on assets (ROA), surging requirement for reduction of expenses for maintenance and procurement operations, and increasing adoption of these solutions for the effective usage of assets.
Enterprise asset management solutions assist organizations in reducing maintenance expenditure by closely tracking operations, offering better information on capital investment decisions, and incorporating maintenance solutions for facilitating better equipment control. Moreover, these solutions aid businesses in reducing their procurement and maintenance costs and achieving higher project return on investment (ROI), which, in turn, helps them optimize their operating costs. Owing to these factors, businesses are increasingly adopting these solutions, which is propelling the progress of the enterprise asset management market.
Within the offering segment, , the solution division held larger share in the market in 2020. This is credited to factors, such as the surging requirement for the effective management of various enterprise assets and resources, rising preference for proactive approaches for better asset management, soaring need for streamlined business operations, and expansion of several industries, such as retail, manufacturing, healthcare, and telecommunications. Under the enterprise segment of the enterprise asset management market, the large enterprises category contributed higher revenue to the market in the past.
This was primarily because of various factors, such as the growing focus toward analyzing the downtime of machines, burgeoning need for predicting equipment failure causes, efficient management of several assets, and adhering to specific compliance requirements. The cloud category, under the deployment segment, is expected to demonstrate faster growth in the coming years. This is ascribed to the surging number of start-ups, who are increasingly preferring the cloud-based deployment model to gain an edge over their rivals.
Geographically, North America dominated the enterprise asset management market in the years gone by. This was because of the growing focus of businesses on effective asset usage, safeguarding the supply chain management (SCM) process, and predictive utilization in the region. Additionally, the soaring requirement for meeting the strict regulatory compliances, surging investments being made by public and private players for facilitating better asset management, and the existence of several vendors in the region.
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Whereas, the Asia-Pacific enterprise asset management market is predicted to demonstrate the fastest growth in the coming years. This is attributed to factors, such as the rising support being provided by several governments for the developments of SMEs, mushrooming information technology (IT) expenditure, growing residential construction activities, increasing focus of organizations on business expansion and improvement, and rising adoption of digital services by organizations in the region.
Thus, due to the rising need for reducing maintenance and operational expenses and the effective usage of enterprise assets, the demand for EAM solutions will soar in the coming years.
Key Players of Enterprise Asset Management Market:
Schneider Electric SE
Industrial and Financial Services (IFS) AB
MRI Software LLC
Ramco Systems Limited
Rockwell Automation Inc.
Bentley Systems Incorporated
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