NEW YORK, March 21, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, enterprise asset management (EAM) market is expected to reach $8.7 billion by 2024, registering a CAGR of 13.5%, during 2019-2024. 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.
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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.
In terms of deployment type, the enterprise asset management market is bifurcated into on-premises and cloud-based deployment. The market for cloud-based deployment is projected to register faster growth during the forecast period. Cloud-based EAM enables multiple number of users in an organization to access data at any time from different locations. As cloud-based deployment requires no hardware upfront costs, cloud solution is getting preferred by SMEs, that are inclined toward entering the market landscape quickly with lower investments.
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.
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Enterprises use asset turnover ratio to calculate the company’s efficiency and productivity. The use of EAM for asset utilization management includes maintenance agreement management, asset inventory tracking, examination of trends in invoice payments, and analysis of invoice and funding information. Through these, EAM software generates set of reports which enables decision-makers to compare invoice and expected billing amounts, and view each asset or group of assets and detect unusual activity to reduce waste, and fraud.
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.
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The enterprise asset management market is moderately competitive. In the recent past, product launches have been the major activities in the market in APAC. Companies like Bentley Systems Incorporated, IBM Corporation, MRI Software LLC, and Infor Inc. are majorly focusing on expanding their businesses in the region. For instance, in June 2018, IBM Corporation acquired Oniqua Holdings Pty Ltd., a service provider of MRO inventory optimization solutions, for an undisclosed amount.
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.
More Related Reports by P&S Intelligence
North America Enterprise Asset Management Market
Rising need to reduce operating costs and increasing asset utilization are the key factors driving the market growth. the North American enterprise asset management market has been categorized into solutions, software, and services.
https://www.psmarketresearch.com/market-analysis/north-america-enterprise-asset-management-market
South America Enterprise Asset Management
The growth will be owing to the increasing focus of enterprises on reducing operating cost of assets as well as rising need for safeguarding the supply chain availability and visibility of businesses. the South American enterprise asset management market has been categorized into software, services, and solutions, of which software generated the highest revenue of $263.5 million, in 2017.
https://www.psmarketresearch.com/market-analysis/south-america-enterprise-asset-management-market
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