According to a research report "Enterprise Asset Management Market analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market and provide detailed information about the key factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. Major factors that are expected to drive the growth of the EAM market include increasing shift from legacy asset management methods to modern asset management by enterprises, rising popularity of SaaS-based EAM solutions, growing need for gaining a 360-degree view of assets, increased usage of IoT platforms and devices to manage enterprise assets, elimination of overheads caused due to adherence to compliance, convergence of technologies such as AI, IoT, and analytics, and increase in mobility usage among end users.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=54576143
Drivers: Increased usage of IoT platforms and
devices to manage enterprise assets
The EAM market is
undergoing a significant transition with the advent of supplementary and new
technologies. The evolution of Industrial Internet of Things (IIoT) has
increased the demand for EAM systems. IoT helps in monitoring and procuring
data from remote sites. This data is helpful when integrated with EAM systems
as it helps in inferring insightful information.
Opportunities: Need for extending the life
span of assets with the help of advanced technologies
Digitization across different
verticals is creating new opportunities for organizations to optimize their
relationships with customers. Many asset–intensive organizations are focusing
on investing in new and ground–breaking technologies to radically transform and
improve their operational processes. In today’s highly competitive business
environment, asset–intensive businesses succeed and fail based on how they
manage complexities in the face of increased competition. Best–in–class
organizations are embracing emerging technologies, such as AR, IoT, AI,
predictive maintenance, digital twin, and telematics, as the next big thing in
industrial services would be to accurately forecast the future of physical
assets. The impact of EAM solutions is more than just boosting the bottom line.
According to a few primary respondents and industry experts, organizations
readily adopt modern EAM solutions to increase the longevity of assets.
Based on application, the asset lifecycle
management segment to be a larger contributor to the EAM market growth during
the forecast period
Asset lifecycle management is the
process of optimizing profits generated by assets throughout their lifecycle.
It comprises a few inter-management processes, such as comprehensive asset
portfolio management, rigorous project execution, and effective and efficient
asset management practices, which help deliver desired outcomes. It helps
increase organizational productivity by helping end users to make informed
decisions on IT needs and services. It also helps increase organizational
productivity by helping organizations to make informed decisions on IT needs
and services. Most of the EAM vendors offer the asset lifecycle management
solution to streamline asset lifecycle processes, reduce maintenance costs, and
improve the quality of IT services.
Request a Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=54576143
Asia
Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC is one of the fastest-growing regions in terms of
technology adoption, and the demand for digitization is driven by various
initiatives carried out by different governments and large enterprises in the
region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia
are leading this technology adoption, which includes embracing new-age
technologies such as AI, edge, IoT, analytics, and cloud. The rising adoption
of cloud technologies and increasing amount of data lead to the complexity of
managing workloads and applications manually, which would act as a major factor
driving the adoption of EAM among enterprises in this region. The affordability
and ease of deployment of cloud services would act as major factors for the
adoption of cloud technologies among enterprises. Some of the major vendors
operating in the region are IBM, Infor, IFS, and SAP.
Key
Market Players
The EAM market is dominated by companies such as IBM (US),
SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland),
Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva
(UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks
(US), Ultimo Software Solutions (UK), UpKeep (US), and others. These vendors
have a large customer base and strong geographic footprint along with organized
distribution channels, which helps them to increase revenues.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth
niche opportunities/threats which will impact 70% to 80% of worldwide
companies’ revenues. Currently servicing 7500 customers worldwide including 80%
of global Fortune 1000 companies as clients. Almost 75,000 top officers across
eight industries worldwide approach MarketsandMarkets™ for their painpoints
around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking
global high growth markets following the "Growth Engagement Model –
GEM". The GEM aims at proactive collaboration with the clients to identify
new opportunities, identify most important customers, write "Attack, avoid
and defend" strategies, identify sources of incremental revenues for both
the company and its competitors. MarketsandMarkets™ now coming up with 1,500
MicroQuadrants (Positioning top players across leaders, emerging companies,
innovators, strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s flagship competitive intelligence and market research
platform, "Knowledge Store" connects over 200,000 markets and entire
value chains for deeper understanding of the unmet insights along with market
sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
No comments:
Post a Comment