London, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Meticulous Research® in its latest publication, titled “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”, states that the enterprise asset management market is expected to reach $8.6 billion by 2027, at a CAGR of 9.5% from 2020.
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The growth of the overall enterprise asset management systems market is backed by the surge in demand for cloud-based EAM solutions, the emergence of IoT devices across various industry verticals, the integration of drone & AI-based asset management, and the emergence of disruptive digital technologies. In addition, increasing government investment in advancing EAM systems, rising adoption of advanced technologies for extending asset lifecycle, and increasing integration of predictive analytics in EAM solutions are also supporting the growth of the enterprise asset management systems market. Although the impact of the COVID-19 pandemic may restrict the growth of this market in this year, the increasing demand for advanced cloud-based EAM systems will accelerate the growth of this market in the coming years.
With the rapid pace of digital transformation and growing technological infrastructure, various industry verticals are witnessing and adopting a change in their operational processes. Organizations are investing in EAM solutions to accelerate their management operations. EAM systems have emerged as one of the key tools to plan, construct, operate, maintain, and replace plants, equipment, and facilities. These systems manage complex and expensive assets of an organization throughout their entire lifecycle. They help reduce inventory needs, strategize planning, increase labor utilization, boost maintenance productivity, and reduce equipment breakdowns. They are also used to collect, consolidate, and analyze all the crucial information on important assets and offer maximum visibility and control that affect business performance, risk, and compliance.
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To provide efficient analysis, Meticulous Research® has segmented the overall enterprise asset management systems market on the basis of application (assets maintenance, repair, & operations; non-linear assets; linear assets; and field service management), offering (solutions and services), organization size (SMEs and large enterprises), deployment mode (on-premise and cloud-based), industry vertical (IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, and manufacturing), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Geographically, the North American region is expected to command the largest share of the global enterprise asset management systems market in 2020. This region is expected to continue its dominance through the forecast period due to the presence of major EAM players, increasing government initiatives towards advanced technologies, proliferation of cloud-based solutions, presence of highly developed IT infrastructure, and increasing focus of organizations towards meeting regulatory & compliance requirements. On the other hand, the APAC region is poised to grow at the highest CAGR during the forecast period. The rising adoption of connected IoT devices, adoption of advanced technologies for predictive maintenance, rising number of EAM start-ups, and growing demand for robust & cost-effective EAM solutions are some of the major factors driving the growth of this regional segment.
Based on offering, the solutions segment is projected to account for the largest share of the enterprise asset management systems market in 2020. The growth of this segment is attributed to the growing number of data security & privacy concerns, increasing demand for advanced solutions for robust & cost-effective EAM systems, and growing inclination of companies towards controlling cost with lesser maintenance & procurement expenses. On the other hand, the services segment is slated to grow at the fastest CAGR during the forecast period due to the increasing use of cloud-based systems and IoT devices in organizations, increasing need to reduce costs, increasing demand for streamlining business activities through EAM systems, and rising demand for managed & professional services in SMEs.
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Based on industry vertical, the energy & utilities sector is estimated to account for the largest share of the overall enterprise asset management systems market in 2020. The large share of this segment is primarily due to the rising digitalization in the energy & utilities industry, the advent of industry 4.0, and increasing need to prevent machine malfunctions.
The key players operating in the overall enterprise asset management systems market are SAP SE(Germany), IBM Corporation (U.S.), Oracle (U.S), IFS AB (Sweden), UpKeep Maintenance Management (U.S), Sage Group PLC (U.K.), Ultimo Software Solutions (U.K), eMaint Enterprises, LLC (U.S), ABB Ltd. (Ellipse) (Switzerland), Aptean (U.S), CGI Inc. (Canada), IPS (Germany), Maintenance Connection (Accurent) (U.S), AssetWorks (U.S), Infor (U.S), and SSG Insight (U.K.), among others.
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Scope of the Report:
Enterprise Asset Management Market by Application
- Assets Maintenance, Repair, and Operations (MRO)
- Non-linear Assets
- Linear Assets
- Field Service Management (FSM)
Enterprise Asset Management Market 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
Enterprise Asset Management Market by Organization Size
- SMEs
- Large Enterprises
Enterprise Asset Management Market by Deployment Mode
- On-premises
- Cloud
Enterprise Asset Management Market by Industry Vertical
- IT & Telecom
- Government & Defense
- Automotive & Transportation
- BFSI
- Healthcare
- Retail
- Energy & Utilities
- Manufacturing
Enterprise Asset Management Market by Geography:
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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