(MENAFN- EIN Presswire) Enterprise Asset Management Market
Technological convergence involving IoT, AI, and analytics is a key driver behind the market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 8, 2023 /einpresswire.com / -- Allied Market Research published a new report, titled, " The Enterprise Asset Management Market Reach USD 9.9 Billion by 2031 |Top Players such as - ABB, Infor & UpKeep Technologies." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global enterprise asset management market was valued at USD 3.4 billion in 2021, and is projected to reach USD 9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.
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Rise in demand for cloud-based EAM solutions among enterprises to optimize quality and utilization of assets throughout their lifecycle drives the global enterprise asset management market. However, high cost of software and lack of awareness in developing countries hinder the market growth. On the contrary, surge in acceptance of advanced technologies across industrial verticals and technological advancements would open new opportunities in the future.
The global enterprise asset management market size is segmented into component, deployment model, enterprise size, application, industry vertical, and region. Depending on component, the market is bifurcated into solutions and services. By deployment model, it is classified into on-premise and cloud. On the basis of enterprise size, it is segregated into large enterprises and small- & medium-sized enterprises. According to application, it is classified into work order management, predictive maintenance, asset lifecycle management, inventory management, labor management, facility management, and others. By industry vertical, the market is fragmented into energy & utility, transportation & logistics, manufacturing, healthcare & life science, government & public sector, education, IT & telecommunications, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on component, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the services segment is projected to register the highest CAGR of 13.8% during the forecast period.
On the basis of deployment model, the on-premise segment held the largest share in 2020, contributing to nearly three-fifths of the market. However, the cloud segment is estimated to manifest the highest CAGR of 14.3% from 2022 to 2031.
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The global enterprise asset management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion's share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 14.7% during the forecast period.
The global enterprise asset management industry includes an in-depth analysis of the prime market players such as EAM market are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc.
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Covid-19 Scenario:
✓ The Covid-19 pandemic positively affected the market. As major enterprises suffered huge losses during lockdown, they needed to focus on trimming costs, securing liquidity, and generating savings. This increased the demand for EAM software.
✓ Moreover, enterprise asset management proved to be important during the pandemic as companies need to optimize processes and increase efficiency of limited resource at their disposal.
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