WASHINGTON, July 06, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Enterprise Asset Management Market finds that the increasing trend of using modern asset management by enterprises, the growing popularity of software-as-a-service (SaaS) based Enterprise Asset Management Market (EAM) solutions, increasing trend of using modern asset management by enterprises, the growing popularity of software-as-a-service (SaaS) based EAM solutions, the increasing need for gaining a 360-degree view of assets, rising usage of IoT platforms & devices to manage enterprise assets, and growing use of advent technology such as AI, IoT, and analytics are some significant factors that are anticipated to propel the growth of the Enterprise Asset Management Market during the forecast period. The Global Market revenue was valued at USD 3,294.1 Million in 2021.
The Global Enterprise Asset Management Market size is forecasted to reach USD 5,374.1 Million by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 8.5% during the forecast period; states Vantage Market Research, in a report, titled “Enterprise Asset Management Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), by Deployment Model (On-Premises, Cloud), by Organization Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises), by Verticals (Energy & Utilities, Transportation & Logistics, Government & Public Sector, IT & Telecommunications), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Enterprise Asset Management market is predicted to grow at a CAGR of roughly 8.5% during the forecast period.
- The Enterprise Asset Management market was estimated to be worth roughly USD 3,294.1 Million in 2021 and is expected to reach USD 5,374.1 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Enterprise Asset Management market.
Increase the Need for Cloud-Based EAM Solutions between Businesses
Enterprise Asset Management Market systems are used by many companies worldwide to improve job productivity, streamline processes, improve corporate performance, and manage resources. In addition, cloud-based business asset management software and services are used to enhance critical business assets and obtain business statistics for decision-making. In addition, these solutions allow businesses to save money on overheads. Moreover, cloud-based business asset management systems provide superior technical support and services, such as managed services with integrated error correction and performance monitoring tools. In addition, it reduces the additional costs required to acquire businesses in asset management. Therefore, the increasing demand for cloud-based Enterprise Asset Management Market (EAM) solutions for businesses drives the growth of the business asset management sector.
Increased Use of IoT Platforms and Devices to Manage Business Assets
The Enterprise Asset Management Market is undergoing a significant transformation with the advent of new and innovative technologies. The source of the Industrial Internet of Things (IoT) has increased the need for Enterprise Asset Management Market programs. IoT assists with monitoring and retrieving data from remote sites. This data is useful when combined with Enterprise Asset Management Market (EAM) programs as it helps understand comprehensible information. The growth of IoT deployments on smartphones and laptops increases the use of IoT-based applications. This integration with EAM provides performance identification and conversion control. It plays a vital role in the development of smart cities. Smart cities monitor the conditions of all import infrastructure. Growing accuracy in data analysis, decision-making improvements, and asset management results are among the significant factors driving the growing demand for business asset management across all regions.
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Segmentation of the Global Enterprise Asset Management Market:
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Labor Management
- Predictive Maintenance
- Facility Management
- Deployment Model
- Organization Size
- Small & Medium-Sized Enterprises (SMEs)
- Large Enterprises
- Energy & Utilities
- Transportation & Logistics
- Government & Public Sector
- IT & Telecommunications
- Healthcare & Life Sciences
- Other Verticals
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/enterprise-asset-management-market-1707
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Enterprise Asset Management Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
c. Asia Pacific
d. Latin America
e. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Enterprise Asset Management Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on “Enterprise Asset Management Market Size, Share & Trends Analysis Report by Component (Solution, Services), by Application (Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), by Deployment Model (On-Premises, Cloud), by Organization Size (Small & Medium-Sized Enterprises (SMEs), Large Enterprises), by Verticals (Energy & Utilities, Transportation & Logistics, Government & Public Sector, IT & Telecommunications), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
Asia Pacific Anticipated Potential Market Growth
Asia Pacific was expected to dominate the growth of the Enterprise Asset Management Market in 2021 due to the adoption of technology and the need for digital integration, which is driven by the various programs undertaken by multiple governments & large corporations in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are at the forefront of this technology adoption, adopting new technologies such as AI, edge, IoT, analytics, and cloud. The increasing adoption of cloud technology and the growing amount of data are leading to the difficulty of managing operational applications, which can serve as a significant driver of the Enterprise Asset Management Market in the region. Easy access and ease of use of cloud services will be essential features of adopting cloud technology among businesses.
List of Prominent Players in the Enterprise Asset Management Market:
- IBM (US)
- SAP (Germany)
- Oracle (US)
- Infor (US)
- IFS (Sweden)
- ABB (Switzerland)
- Intelligent Process Solutions (Germany)
- Maintenance Connection (US)
- Aveva (UK)
- Aptean (US)
- Emanit (US)
- CGI (Canada)
- Rfgen Software (US)
- Assetworks (US)
- Ultimo Software Solutions (UK)
- UpKeep (US)
- Asset Panda (US)
- EZ Office Inventory (US)
- EZMaintain.com (US)
- Pazo (India)
- Asset Infinity (India)
- Kloud Gin (US)
- Fracttal (Chile)
- Inno Maint Software (India)
- Aladinme (UAE)
- Limble (US)
- Redlist (US)
- TrackX (US)
- Cheqroom (Belgium)
- The Asset Guardian (Canada)
- Go Codes (US)
- Fleetio (US)
January 2021: IBM partnered with Atos to accelerate digital transformation in businesses with AI and RedHat Open Shift technologies. Collaboration provides solutions for managing the life cycle of assets; asset monitoring and MRO solutions; SMART solutions for waste/energy monitoring and efficiency; and packaging, transportation, and planning solutions for end-users.
February 2021: SAP launched the SAP Learning Hub for partners, which incorporates all the learning content needed by partners.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Enterprise Asset Management Market?
- How will the Enterprise Asset Management Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Enterprise Asset Management Market?
- What is the Enterprise Asset Management market drivers and restrictions?
- What will be the CAGR and size of the Enterprise Asset Management Market throughout the forecast period?
This market, titled “Enterprise Asset Management Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered||• Component
• Deployment Model
• Organization Size
|Region & Counties Covered||• North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Companies Covered||• IBM (US)
• SAP (Germany)
• Oracle (US)
• Infor (US)
• IFS (Sweden)
• ABB (Switzerland)
• Intelligent Process Solutions (Germany)
• Maintenance Connection (US)
• Aveva (UK)
• Aptean (US)
• Emanit (US)
• CGI (Canada)
• Rfgen Software (US)
• Assetworks (US)
• Ultimo Software Solutions (UK)
• UpKeep (US)
• Asset Panda (US)
• EZOfficeInventory (US)
• EZMaintain.com (US)
• Pazo (India)
• Asset Infinity (India)
• KloudGin (US)
• Fracttal (Chile)
• InnoMaint Software (India)
• Aladinme (UAE)
• Limble (US)
• Redlist (US)
• TrackX (US)
• Cheqroom (Belgium)
• The Asset Guardian (Canada)
• GoCodes (US)
• Fleetio (US)
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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