Enterprise Asset Management Market - Size, Trends, Growth, Industry Analysis, Share and Forecast to 2022 | Analysis of COVID-19
The rise in the incorporation of enterprise asset management systems to improve performance and utilization of assets, which, in turn, can reduce the capital cost along with asset-related operation cost, thereby create traction for enterprise asset management solutions and can promote it global market. The rise of the global enterprise asset management market can be attributed to the increase in the demand for EAM due to asset condition monitoring, mobile inspection and calibration, improved project management, alignment with business strategies, and others facilities.
On the contrary, the rise in the cost of EAM solutions and no awareness are major hindrance in the path of the enterprise asset management global market expansion in the analysis period, states MRFR analysis.
Market Research Future (MRFR), in its latest report on the Enterprise asset management solutions 2020, reveals governing forces of the market. A complete evaluation of the impact of COVID 19 outbreak on the enterprise asset management solutions is supplemented along with the report. The increase in the need for effective management and maintenance of organization’s assets throughout their lifecycle across different departments, facilities, business units, and geographical locations is likely to underpin the expansion of the enterprise asset management in the years to come. Market Research Future (MRFR) reveals that the global enterprise asset management market can thrive at 11% CAGR across the analysis period 2016-2022. As per MRFR data, the enterprise asset management global market can value at USD 8 Bn by 2022.
Also Read: http://www.marketwatch.com/story/enterprise-asset-management-market-driven-by-the-growing-use-of-big-data-analytics-enterprise-asset-management-market-size-share-growth-challenges-and-opportunities-2020-08-05
Detailed Regional Analysis
The enterprise asset management global market trends are studied across EU, North America, APAC, and the rest of the world. In North America, the expansion of the enterprise asset management market is expected to be at the highest pace due to the rise in the adoption of EAM solutions across different organizations. The strong economic conditions in the region is expected to aid the regional market acquire global foothold across the analysis period. In 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.
The growing industrialization inducing rise in the demand for integrated and centralized asset management solutions can promote the expansion of the enterprise asset management market across the analysis period. The increase in the awareness about different features of enterprise asset management can promote the expansion of the market across the study period. The optimization of productivity by the adoption of EAM as it allows rise in the asset’s lifecycle in organizations at low maintenance and procurement price can promote the expansion of the regional market in the near future, as revealed by MRFR.
Ramco Systems (India), AssetWorks LLC (U.S.), Infor (U.S.), IBM (U.S.), ABB Group (Switzerland), IFS AB (Sweden), Oracle Corporation (U.S.), SAP SE (Germany), Schneider Electric (France), and Mintek Mobile Data Solutions (U.S.), among others are some reputed operators in the enterprise asset management global market as listed by MRFR.
The segment evaluation of the enterprise asset management market share is done by organization type, deployment, and application verticals.
The deployment based segments of the EAM market are on-premise and on-cloud.
The organization type based segments of the EAM market are large and SMEs organizations.
The application verticals based segments of the global enterprise asset management market are manufacturing, government, aerospace and defense, oil and gas, healthcare, transportation, and others.