Enterprise Asset Management Market to Grow With 17% CAGR by 2030: P&S Intelligence
NEW YORK, March 17, 2021 /PRNewswire/ -- One of the best markers of a company's profitability is the return on investment (ROI), which is a direct comparison of its investments with the revenue they are helping generate. Therefore, the higher the ROI, the more profitable the company. This is to be a key factor in the growth of the global enterprise asset management market to $25.9 billion by 2030 from $5.5 billion in 2019, at a 17.0% CAGR between 2020 and 2030, according to the market research study published by P&S Intelligence.
This is because EAM solutions make it easier for businesses to manage and monitor their machines, factories and office buildings, IT infrastructure, and other assets. In essence, the key enterprise asset management market driver is the ability of such solutions to alert users about the preventive maintenance of the assets, which helps reduce the revenue loss due to their unexpected malfunctioning.
Key Findings of Global Enterprise Asset Management Market Report
- Demand for solutions higher than for services
- Cloud-based EAM solutions gaining widespread popularity
- EAM solutions being rapidly integrated with ML, AI, and IoT
- Drone-based EAM solutions key opportunity for investors
- APAC witnessing fastest-rising adoption of EAM solutions
- Market is fragmented and highly competitive
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The lockdowns and movement restrictions implemented to control the spread of the COVID-19 pandemic have affected the enterprise asset management market negatively. The loss of productivity due to the factory closures and workforce reductions have cost companies a lot of money, which is why they have been discouraged from spending on EAM solutions, which are generally expensive.
In the coming years, the small and medium enterprises (SMEs) bifurcation, under the enterprise segment of the enterprise asset management market, will experience the higher CAGR, of 19.1%. Due to the stiff competition in all industries, SMEs are leveraging new-age technologies to optimize their operations and maximize their investments. Moreover, the availability of cost-effective cloud-based EAM solutions is allowing even companies with budget restraints to procure them.
Browse report with detailed COVID-19 impact analysis on "Enterprise Asset Management (EAM) Market Research Report: By Offering (Solution, Service), Enterprise (Large Enterprises, SMEs), Deployment (On-Premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, IT and Telecom, Government and Defense, Oil and Gas) - Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/enterprise-asset-management-market
Till now, North America has been the largest enterprise asset management market because of the strict regulatory requirements, increasing spending by public and private firms for better managing their assets, and presence of many market players. In addition, EAM solutions are being integrated with cutting-edge technologies, such as the internet of things (IoT), machine learning (ML), and computer vision, for enhanced asset management and preventive maintenance.
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The most-rapid advance in the enterprise asset management market is expected to be observed in the Asia-Pacific (APAC) region in the near future. APAC countries are witnessing swift digitization, strong government support for SMEs, and increasing investments in the IT infrastructure. Further, the focus of regional countries on expanding their global footprint, a surge in the construction of houses, and expansion in the manufacturing sector are driving the regional market.
Key players in the global enterprise asset management market include IBM Corporation, Infor Inc., Oracle Corporation, ABB Ltd., SAP SE, MRI Software LLC, IFS AB, Ramco Systems Limited, Schneider Electric SE, CGI Inc., Rockwell Automation Inc., Bentley Systems Incorporated, UpKeep Technologies LLC, Maintenance Connection LLC, AssetWorks LLC, Ultimo Software Solutions BV, eMaint Enterprises LLC, and DataMAX Software Group Inc.
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About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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Prajneesh Kumar
P&S Intelligence
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SOURCE P&S Intelligence
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