Dublin, June 02, 2023 (GLOBE NEWSWIRE) -- The "Global Enterprise Asset Management Market Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Enterprise Asset Management Market was valued at USD 4.6 Bn in 2021, estimated to reach USD 8.95 Bn in 2027, with a CAGR of 8.13% from 2022-2027.
Companies Mentioned
- SAP SE
- Sage Group PLC
- PcsInfinity (Asset Infinity)
- Oracle Corporation
- International Business Machines (IBM) Corporation
- Infor
- IFS AB
- CGI Inc.
- AssetWorks LLC
- Aptean
Enterprise Asset Management (EAM) is a mix of software, systems, and services, and is used to maintain and manage operating assets and machinery.
The goal is to maximize productive time, reduce operational expenses, and optimize asset quality and usage throughout their lives. Work management, asset upkeep, budgeting and organizing, and supply chain management efforts are all a part of enterprise asset management.
Market Drivers
The rising emphasis on improving asset availability and removing asset breakdowns that impede corporate operations is driving the market for enterprise asset management (EAM). It is projected that factors such as the rising need for a complete view of assets, the reduction of compliance-related costs, the integration of technologies like IoT, AI, and analytics, and the ongoing usage of IoT platforms and devices to maintain organizational assets will boost the expansion of the EAM market.
Businesses are using cloud-based EAM deployments to manage assets during COVID-19 because they allow for remote management of daily operations. Due to EAM's capacity for efficient asset management, demand for it is anticipated to soar during the projection period. The need for cloud-based installations has increased because of many firms adopting the work-from-home model to protect employee well-being and maintain operational efficiency. The number of EAM deployments will increase as more businesses make investments in their IT infrastructure.
Market Restraints
Data security and cybercrimes can potentially restrain the growth of the enterprise asset management market. Cyber attacks are dramatically rising along with increasing digitization. Data security has thus become crucial for firms to maintain competitiveness in the global economy.
Companies that adopt cutting-edge digital technologies expose their data to threats. Since criminal entities can target servers, networks, and communication channels, there is a considerable increase in cyber security issues with the movement of data from the field to the cloud platform.
Market Segmentation
By Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
By Deployment
- Cloud
- On-Premises
By Vertical
- Manufacturing
- Utilities
- Healthcare
- Education
- Government
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/jeie5x
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