London, June 22, 2021 (GLOBE NEWSWIRE) — According to a new market research report “Enterprise Asset Management Market by Application (MRO, Linear Assets, FSM), Offering, Organization Size, Deployment, Industry Verticals (IT, Automotive, BFSI, Healthcare, Retail, Energy, Manufacturing), and Geography- Global Forecast to 2027“, published by Meticulous Research®, the enterprise asset management market is expected to reach $8.6 billion, at a CAGR of 9.5% during the forecast period of 2020 to 2027.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5136
Several organizations are switching to digital records and implementing new technologies such as cloud computing, IoT, and 5G among others. Organizations aim to maximize the efficiency and cost-effectiveness of their assets throughout their lifespan. Enterprise Asset Management (EAM) systems ensure that asset-intensive enterprises get a holistic view of assets across all locations, facilities, business units, or departments. This system comes with various benefits, including speedy maintenance routines, easier contract management, better organization, simplified asset tracking, and much more. EAM solutions & services serve every facet of an organization that has to do with asset management. It incorporates functions like investment strategies, portfolio planning, design & construction, maintenance, rehabilitation, replacement, and assets disposal. Besides, it helps eliminate the need for costly emergency repairs, increasing asset lifecycle and uptime through predictive maintenance, condition tracking, and preventative upkeep. Several organizations invest heavily to reap profits in highly dynamic and competitive market environments.
The growth of the overall enterprise asset management market is primarily attributed to the growing demand for cloud-based EAM solutions, the emergence of IoT devices in industry verticals, and the integration of drone & AI-based asset management. Furthermore, the rise in the adoption of advanced technologies for extending asset lifecycle and increasing integration of predictive analytics in EAM solutions are further contributing to the growth in the enterprise asset management market over the coming years. However, concerns regarding data security and confidentiality and the global impact of COVID-19 on different industry verticals may obstruct the growth of the enterprise asset management market growth during the forecast period. While developed economies offer technological growth opportunities through the proliferation of advanced technologies, the ongoing digital transformation initiatives by the government across emerging economies such as Asia- Pacific and Latin America are likely to offer high growth opportunities for vendors operating in the market.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5136
The enterprise asset management market is mainly segmented into application (assets maintenance, repair, & operations (MRO), non-linear assets, linear assets, field service management (FSM)), by offering ((solutions (labor management, predictive maintenance, facility management, reporting and analytics, asset lifecycle management, inventory management, work order management), services (managed services, professional services)), by organization size (small & medium enterprises (SMEs), large enterprises), by deployment mode (on premise, cloud-based), by industry verticals (IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, manufacturing), and geography.
Based on offering, the enterprise asset management market is segmented into solutions and services. The solutions segment is segmented into labor management, predictive maintenance, facility management, reporting and analytics, asset lifecycle management, inventory management, and work order management. The services segment is further segmented into managed services and professional services. The solutions segment held the largest share and fastest growth in 2020, owing to the increasing demand for advanced solutions for robust and cost-effective EAM systems, rising need for innovative technologies for predicting & preventing system errors, growing inclination of companies towards controlling cost with lesser maintenance, and procurement expenses.
Based on deployment mode, the enterprise asset management market is further classified into on premise and cloud-based deployment. In 2020, the on-premise segment dominated the overall enterprise asset management market. This segment is expected to dominate the …
Full story available on Benzinga.com