Enterprise Asset Management Market is expected to grow at 10.21% CAGR during the forecast period 2019 to 2025
Published | September 2019
According to BlueWeave Consulting, the Global Enterprise Asset Management Market is projected to grow at a significantly steady rate during the forecast period. The global enterprise asset management market size is expected to grow from USD 4.3 billion in 2018 to USD 8.6 billion by the year 2025, at a CAGR of over 10.21% from 2019 to 2025. The global enterprise asset management market is growing owing to various factors. The EAM market is growing at a steady rate, as the organizations are highly focussing on maximizing the efficiency of equipment and assets through the help of various advanced technologies.
Enterprises require EAM for the management of assets, structures, machines, IT, and other venture resources. Return on assets (ROA) indicates how gainful an organization's advantages are in creating income. EAM offers proper management of assets that forestalls the glitch of machines or hardware and in this way, lessens machine downtime. One of the open doors for the development of players working in the enterprise asset management market lies in the mix of AI and drone-based asset management. Computer-based intelligence is utilized to improve information dealing with wherein information can be broke down from the records which can empower mid-level administration to settle on better and attach the basic leadership process.
Further, drone-based asset management helps in the accumulation of data from spots that are out of human reach. The gathered data provided to the framework for further forms. For example, drone-based asset management can be utilized in offshore oil drilling platforms, oil refineries, bridges, airplanes, railroad beds, and cargo ships.
SMEs segment is expected to hold a major share in the global enterprise asset management market
Given association size, the EAM market portioned into small and medium-sized enterprises (SMEs) and large enterprises. The SMEs portion is required to develop at a higher rate during the conjecture time frame when contrasted with the enormous ventures' section. SMEs can use mobility-based low-cost EAM solutions for staying focused on the market. Also, SMEs having less budgetary strength when contrasted with enormous undertakings will require extra help from enterprise asset management solutions providers to augment the usage of their assets.
The North American section holds a significant share in the global enterprise asset management market
North America is anticipated to hold the biggest market size in the worldwide EAM world, while Asia Pacific (APAC) is relied upon to develop at the most astounding CAGR during the conjecture time frame. North America is relied upon to be the main area regarding embracing and creating EAM arrangements. The expanding request to stick to stringent administrative compliances, expanding the nearness of EAM sellers and developing government backing is a central point of the market development during the conjecture time frame. Overwhelming ventures made by private and open divisions for overseeing crucial resources and hardware, bringing about an expanded interest for EAM arrangements and administrations used to build the advantage life cycle and decrease in general upkeep cost is a central point energizing the development of the market in APAC.
The Global Enterprise Asset Management Market: Competitive Insight
The major players in the global enterprise asset management market includes companies like CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), Ultimo Software Solutions (UK), IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), and Aptean (US). These major players have adopted various inorganic and organic growth strategies, such as partnerships and collaborations, new product launches, acquisitions, and mergers, to expand their worldwide presence in the global EAM market further.
Browse Detailed Analysis with TOC, “Global Enterprise Asset Management Market Size, Share, Demand, Analysis and Forecast to 2019-2025”