Accroding to MRFR, Global Enterprise Asset Management Market has been valued at USD 4 billion which is poised to grow at USD 8 billion by the end of the forecast period with CAGR of 11%.
The brisk development in industrialization triggers demand for integrated and centralized asset management solutions, leading to the expansion of the global asset management market over the forecast period. Enterprise asset management or EAM features such as maximizing profitability by growing an organization’s asset lifecycle and reducing maintenance and procurement costs, create a large avenue for expanding the global enterprise asset management sector.
EAM technologies allow convergence of assets and business processes simpler for companies with improved monitoring capabilities, Which in effect generate demand for these platforms in various medium-sized to large enterprises. The inclination to adopt smart asset management solutions along with improving asset performance by reducing downtime fuel the growth of the global asset management market.
The implementation of enterprise asset management systems increases the usage and efficiency of assets resulting in a reduction in the cost of capital and asset-related operating costs, which provides momentum for enterprise asset management solutions in the global market. The global market for company asset management is expanding because of the increasing demand for EAM Because of its beneficial factors such as mobile inspection and calibration, monitoring of asset conditions, alignment with business strategies, improved project management and others.
The high cost of EAM solutions and lack of knowledge, however, are likely to hinder the growth of the global asset management market during the forecast period.
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The global market for the management of company assets was segmented based on vertical deployment, type of organization, and application. The demand for the EAM is segmented into on-cloud and on-premise based on implementation. The on-cloud segment is expected to grow at the fastest rate due to increasing preference globally for cloud-based solutions.
The global EAM market was segmented into SMEs and large organisations, based on the type of organization. Between these two, the SME segment is expected to grow rapidly due to the increased adoption by SMEs of enterprise asset management solutions as demand for skilled labor and domain-specific technical personnel is growing.
The global enterprise asset management market, based on application verticals, is segmented into business, manufacturing, health care , transportation, oil and gas, aerospace and defense, and others. Among these, the government application segment is expected to account for the largest market share on the global EAM market during the forecast period due to the wide range of application management of enterprise assets in different government sectors.
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