NEW YORK, July 15, 2019 (GLOBE NEWSWIRE) -- The global enterprise asset management (EAM) market is expected to grow at a CAGR of 13.3% during the forecast period with its market size predicted to reach USD 8.8 billion by 2024. The Increasing adoption of EAM for effective utilization of assets, and reduced maintenance and procurement expenses are the major factors leading to the high demand of EAM in the global market.
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Software category accounted for the largest revenue share in the enterprise asset management market
Based on component, the global enterprise asset management market is categorized into software, service, and solution, wherein software category accounted for largest share in 2018. The category is expected to lead throughout the forecast period owing to the mounting need for effective capital planning processes, asset maintenance, and operations.
Software category is further sub-segmented into linear assets, field service management, non-linear assets, assets maintenance, repair, and operations.
Service category is further sub-categorized into managed and professional.
Solution category is further sub-segmented into planning and forecasting, logistics and inventory, network field operations, asset transfer and retirement, procurement of material.
Explore key industry insights in 95 tables and 55 figures from the 181 pages of report, “Global Enterprise Asset Management (EAM) Market Analysis and Forecast to 2024 - Industry Insights by Component (Software [Linear Assets, Field Service Management, Non-Linear Assets, Assets Maintenance, Repair, and Operations], Service [Managed, Professional], Solution[Planning and Forecasting, Logistics and Inventory, Network Field Operations, Asset Transfer and Retirement, Procurement of Material]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry (Manufacturing, Oil and Gas, Healthcare, Energy and Utilities, Transportation and Logistics, Government, Others)”
On the basis of industry, the global enterprise asset management market can be segmented into manufacturing, oil & gas, energy and utilities, government, transportation and logistics, healthcare, and others. Of all, the retail, metal and mining sector is expected to witness fastest growth during the forecast period owing to growing retail business worldwide, with opening of more number of supermarkets, stores, and hypermarkets in developing nations, and moreover, to speed up the store activities, new players are adopting EAM solutions.
Competitive Insight
Market players in the global enterprise asset management industry are majorly focusing on mergers & acquisitions to expand their customer base. For example, in November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia. With this acquisition, the company aims to increase the scope of knwoledge that can be accessed through AssetWise. In April 2017, ABB Ltd., and International Business Machines (IBM) Corporation collaborated to expand and upgrade ABB’s existing asset and analytics implementation with IBM Watson’s cognitive abilities and ABB Agility.
Some of the key players operating in the global enterprise asset management market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
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Key Takeaway from the Report:
- Software category hold the largest share in the market
- Of all the deployment type, the highest growth in the demand for the cloud-based EAM has been observed over the last five years which is anticipated to remain the highest among all deployment types during the forecast period.
- The SME’s category is expected to witness the fastest growth in the market
- The retail, metal and mining sector is expected to witness fastest growth during the forecast period owing to growing retail business worldwide
- Major players are actively focusing on on mergers & acquisitions to expand their customer base
- Some of the major companies involved in mergers & acquisitions in the market are International Business Machines (IBM) Corporation, ABB, Ltd., and Bentley Systems Incorporated
The Report Offers:
- Historical market estimate for the years 2014–2018 and forecast for the years 2019–2024
- Insight on current market trends, market dynamics, key opportunities and major challenges in the industry
- Market insights by in-depth segmentation with industry dynamics.
- Competitive analysis and benchmarking of the industry leaders and their product offerings
- Profiles of leading players and innovators, their financial overview and product portfolio
- Analysis of key industry trends and recent developments
- Value chain analysis and distribution channel analysis with opportunity assessment
- Market share analysis of major players
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The report provides the market value for the base year 2018 and a yearly forecast till 2024 in terms of revenue (USD Million) and volume (Thousand Units). The report segments the global enterprise asset management (EAM) market on the basis of component, deployment type, enterprise size, industry, and region.
Global Enterprise Asset Management (EAM) Market Coverage
Component Insight and Forecast 2014-2024
- Software
• Linear Assets
• Field Service Management
• Non-Linear Assets
• Assets Maintenance, Repair, and Operations - Service
• Managed
• Professional - Solution
• Planning and Forecasting
• Logistics and Inventory
• Network Field Operations
• Asset Transfer and Retirement
• Procurement of Material
Deployment Type Insight and Forecast 2014-2024
- On-Premises
- Cloud-Based
Enterprise Size Insight and Forecast 2014-2024
- Large Enterprises
- Small and Medium Enterprises
Industry Insight and Forecast 2014-2024
- Manufacturing
- Oil and Gas
- Healthcare
- Energy and Utilities
- Transportation and Logistics
- Government
- Others (Retail, and Metal and Mining)
Geographical Segmentation
Enterprise Asset Management (EAM) Market by Region
North America
- By Component
- By Deployment Type
- By Enterprise Size
- By Industry
- By Country – U.S., Canada, and Mexico
Europe
- By Component
- By Deployment Type
- By Enterprise Size
- By Industry
- By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe
Asia-Pacific (APAC)
- By Component
- By Deployment Type
- By Enterprise Size
- By Industry
- By Country – China, Japan, India, South Korea, Singapore, and Rest of Asia-Pacific
Rest of the World (RoW)
- By Component
- By Deployment Type
- By Enterprise Size
- By Industry
- By Country – Brazil, Chile, Argentina, Colombia, U.A.E., Saudi Arabia, South Africa, Turkey, and Other Countries
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