Westford, June 24, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the enterprise asset management market will attain a value of USD 7.74 billion by 2031, with a CAGR of 8.2% during the forecast period (2024-2031). EAM solutions help in the optimization and management of assets over their lifecycles—from designing to operating to replacing them, enhancing business operations. Streamlined workflow operations help organizations to make informed decisions on the management of capacity and vendors. Widespread adoption of cloud-based and micro-enterprise architectures ensures that maturation occurs in the market, with new growth opportunities being created along with integration of new technologies.
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Browse in-depth TOC on "Enterprise Asset Management Market"
- Pages - 165
- Tables - 149
- Figures – 78
Enterprise Asset Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 4.21 Billion |
| Estimated Value by 2031 | $ 7.74 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.2 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Application, Organization Size, and Verticals. |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Shift towards work from home has driven the demand for cloud -based EAM Solutions |
| Key Market Drivers | Adoption of technologies such as Industrial Internet of Things (IIoT) is driving the market |
High Revenue Generation in Solution Segment Helps in Dominating the Enterprise Asset Management Market
The solution segment is the core of the offering segment that tech companies provide, whether it is software products, platforms or systems designed to address a specific business problem or challenge. Additionally, the money generated from the sale of the software solution is ample and has led to the emergence and significant growth of the number of software solution vendors providing multiple solutions for different market segments and verticals. Also, solution providers are constantly innovating and differentiating themselves to continue being the leaders in their respective markets.
Changing Consumer Preference Drives Services Segment Growth at a Faster Rate
Among the fastest-growing segments is services due to market demand and customer preference. Organizations need continuous assistance with rapid technological evolution to keep up with changing business needs. This is mandatory to have all software solutions up to date, in proper order to ensure to achieve new performance goals. Since they are used to handling the responsibility of technology management and maintenance, organizations are moving more and more towards managed services and outsourcing so they can concentrate on their primary business.
Massive Adoption Capabilities Leads North America to Dominate Enterprise Asset Management Market
North America will hold a significant share during the forecast period, due to its high investment in infrastructure development and massive adoption of technology. With some of the biggest IT companies, in the countries like United States and Canada, has led to North America growing in digitization initiatives. Following a spurt of investments in connected, smart, and secure technology adoption, designed for asset-centric application use, the region has been at the forefront of asset management market growth in North America.
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Enterprise Asset Management Market Insights:
Drivers
- Adoption of technologies such as the Industrial Internet of Things (IIoT) is driving the market
- Asset-Concerted Organizations are Focusing on Designated Expenditures
- Growing Demand for Cloud Based EAM Solutions for Scalability and Accessibility
Restraints
- Lack of Understanding of EAM systems
- Impact of Recession on the EAM Market
- Concerns over data security & confidentiality
Prominent Players in Enterprise Asset Management Market
The following are the Top Enterprise Asset Management Companies
- IBM Corporation
- SAP SE
- Oracle Corporation
- Infor
- IFS AB
- ABB Group
- Schneider Electric SE
- Siemens AG
- GE Digital
- AssetWorks LLC
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Key Questions Answered in Enterprise Asset Management Market Report
- Which is the leading region in Enterprise Asset Management Market?
- Who are the leading Enterprise Asset Management providers in the world?
- What is the projected market value of Enterprise Asset Management?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of enterprise asset management market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the enterprise asset management market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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