Global Insights on Growth of Enterprise Asset Management Market During 2014 - 2024
The enterprise asset management (EAM) market is expected to reach $8.7 billion by 2024, registering a CAGR of 13.5%, during 2019-2024, according to P&S Intelligence.
The need for effective utilization of assets, controlling maintenance and procurement expenses, and to improve the return on assets, are the major factors contributing to the growth of the enterprise asset management market, globally.
Based on component, the enterprise asset management market is categorized into software, service, and solution. Software category is further classified into linear assets, non-linear assets, field service management (FSM), and asset management, repair, and maintenance (MRO). Of these, linear assets sub-category held the largest market share, in 2018. This can be attributed to the rising need for controlled management of the massive networks of railway lines, oil and gas pipelines, power lines, drainage and facilities, roads, and among others, across the globe.
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On the basis of enterprise size, the enterprise asset management market is segmented into large enterprises and small and medium enterprises (SMEs). The SMEs category is projected to register the faster growth during the forecast period. SMEs are implementing EAM software to enhance operational efficiencies and maintain their assets. Further, due to the need for domain-specific technical personnel, SMEs are adopting EAM software.
The main aim of an enterprise is to increase profits by cutting maintenance and procurement costs incurred during the process of product manufacturing. An EAM can reduce maintenance costs by closely tracking of operations, giving better information on capital investment decisions, and by integrating the procurement to maintenance jobs for effective control of the equipment. With rising need of enterprises to cutdown their maintenance and procurement costs by a significant number, is strengthening the demand for EAM solutions globally.
Some of the other key players operating in the enterprise asset management market includes Oracle Corporation, SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., and AssetWorks LLC.
The need for effective utilization of assets, controlling maintenance and procurement expenses, and to improve the return on assets, are the major factors contributing to the growth of the enterprise asset management market, globally.
Based on component, the enterprise asset management market is categorized into software, service, and solution. Software category is further classified into linear assets, non-linear assets, field service management (FSM), and asset management, repair, and maintenance (MRO). Of these, linear assets sub-category held the largest market share, in 2018. This can be attributed to the rising need for controlled management of the massive networks of railway lines, oil and gas pipelines, power lines, drainage and facilities, roads, and among others, across the globe.
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On the basis of enterprise size, the enterprise asset management market is segmented into large enterprises and small and medium enterprises (SMEs). The SMEs category is projected to register the faster growth during the forecast period. SMEs are implementing EAM software to enhance operational efficiencies and maintain their assets. Further, due to the need for domain-specific technical personnel, SMEs are adopting EAM software.
The main aim of an enterprise is to increase profits by cutting maintenance and procurement costs incurred during the process of product manufacturing. An EAM can reduce maintenance costs by closely tracking of operations, giving better information on capital investment decisions, and by integrating the procurement to maintenance jobs for effective control of the equipment. With rising need of enterprises to cutdown their maintenance and procurement costs by a significant number, is strengthening the demand for EAM solutions globally.
Some of the other key players operating in the enterprise asset management market includes Oracle Corporation, SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., and AssetWorks LLC.
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