NEWARK, Del, Nov. 17, 2022 (GLOBE NEWSWIRE) -- The global enterprise asset management market is anticipated to reach a valuation of US$ 4.86 Bn by 2028, with sales growing at a strong CAGR of 7.1% from 2022 to 2028. By the end of 2022, the target market is set to reach an estimated US$ 3.21 Bn. Owing to a growing global economy and the rise of various start-ups and enterprises, the need for effective asset management is also escalating. In addition, the integration of technologically advanced tools into this market will further aid the growth of the enterprise asset management market during the forecast period.
In the past few years, many start-up ventures have been receiving government funds for new projects and enterprise asset management software development. Small and large enterprises continue to choose enterprise asset management software owing to cost-effective asset lifecycle optimization for a modular and fully scalable solution that satisfies organizational needs. This bodes well for the target market.
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Furthermore, the adoption of technologically advanced tools has a positive influence on overall market growth. The rise of Artificial Intelligence (AI) and drone-based enterprise solutions are prime growth drivers of the enterprise asset management software solutions market. This is because AI enables enhanced data handling to take better decisions. Again, the integration of IoT with EAM software plays a vital role in the development of smart cities which fosters growth for the target market.
Again, the use of enterprise asset management (EAM) solutions comes with a set of benefits that further promote its market growth. EAM systems provide asset visibility that gives precise information on identities, materials, and supplies. Enterprise asset management software solutions also allow the control or elimination of overstocking and stockpiling and help lessen fixed capital investments. EAM software proposes far more robust analytical systems for managing assets, workflow analysis, and preventative maintenance.
“Advantages of EAM solutions as well as high adoption rates of Artificial Intelligence and drone-based enterprise solutions will likely propel the global growth of the enterprise asset management market over the forecast period,” says an FMI analyst.
Key Takeaways:
- IoT integration will bolster the market prospects during 2022-2028.
- In 2022, North America will hold 27.5% of the global enterprise asset management market share.
- Elevated demand for asset lifecycle management will drive the U.S. enterprise asset management market.
- Popularity of cloud-based solutions will push the target market growth in China.
- By deployment, the on-premise segment will generate several lucrative opportunities.
- By end users, the manufacturing sector will be a major contributor to the overall market growth.
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Competitive Landscape
Oracle Corporation, SAP SE, Schneider Electric SE, ABB Ltd., MRI Software LLC, CGI Inc., Industrial and Financial Services (IFS) AB, Infor Inc., Ramco Systems Limited, Rockwell Automation Inc., and Bentley Systems Incorporated among others are some of the major players in the enterprise asset management market profiled in the full version of the report.
Leading market players are focusing on offering new and innovative solutions, with a variety of features and other updates, rather than traditional ones. These businesses employ strategic mergers and acquisition tactics to gain the upper hand in the market.
More Insights into Enterprise Asset Management Market Report
In its latest report, FMI offers an unbiased analysis of the global enterprise asset management market, providing historical data from 2013 to 2021 and forecast statistics for 2022 to 2028. To understand the global market potential, growth, and scope, the market is segmented on the basis of deployment (on-premise enterprise asset management, cloud enterprise asset management), industry (government, healthcare, manufacturing, transportation & logistics, oil & gas, banking & finance, retail, others), and region.
According to the latest FMI reports, based on segmentation, the on-premise deployment type is predicted to contribute significantly to the global enterprise asset management market growth. This segment will generate several business opportunities owing to a preference for on-premise EAM systems by companies that need control over the protection of consumer and company data. In terms of end-user, the manufacturing industry will be one of the biggest users of the target market during the projected period.
Based on region, the enterprise asset management market in North America will demonstrate considerable growth during 2022-2028. In 2022, the region will account for 27.5% of the enterprise asset management market share with the market in the United States acting as a major contributor.
The strong presence of a well-developed IT infrastructure, increasing adoption of asset lifecycle management solutions, and enterprises' heightened focus on observing regulatory and compliance standards are all fueling the growth of the target market in the U.S. In addition to the U.S., China will also present notable growth in the enterprise asset management market during the forecast period.
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Key Segments of Enterprise Asset Management Industry Research
Enterprise Asset Management Market by Deployment:
- On-premise Enterprise Asset Management
- Cloud Enterprise Asset Management
Enterprise Asset Management Market by Industry:
- Government
- Healthcare
- Manufacturing
- Transportation & Logistics
- Oil & Gas
- Banking & Finance
- Retail
- Others
Enterprise Asset Management Market by Region:
- North America Enterprise Asset Management Market
- Latin America Enterprise Asset Management Market
- Europe Enterprise Asset Management Market
- East Asia Enterprise Asset Management Market
- South Asia & Pacific Enterprise Asset Management Market
- Middle East & Africa (MEA) Enterprise Asset Management Market
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Technology Roadmap
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation/Development Trends
4. Global Market Demand (in Value or Size in US$ Mn) Analysis 2013-2021 and Forecast, 2022-2028
4.1. Historical Market Value (US$ Mn) Analysis, 2013-2021
4.2. Current and Future Market Value (US$ Mn) Projections, 2022-2028
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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