Enterprise Asset Management Market Share was valued at USD 3,000 Million in 2019 and is expected to register a CAGR of 8.7% during the forecast period. GMI Research witnesses the rising trend and dynamics of the enterprise asset management market due to implementing cutting-edge technologies like AI and machine learning among organizations.
Introduction of the Enterprise Asset Management
Enterprise asset management is a combination of software, systems, and services are used to measure and manage operational assets and tools. It is a process of managing the lifecycle of physical assets and equipment to extend its lifetime, intensify quality & capability, minimize costs, and raise environmental safety. Therefore, enterprise asset management comprises asset maintenance, work management, supply chain management, scheduling & planning, etc.
Key Players of the Market
- AVEVA Group plc
Enterprise Asset Management Market Dynamics
The thriving demand for developing the lifecycle performance of assets and a reduction in the procurement & maintenance expenses in several organizations are the remarkable factors responsible for steering the growth of the global enterprise asset management market. Moreover, various organizations are increasingly inclined to cloud-based deployment and including several latest technologies like big data are a few factors surging the growth for the enterprise asset management market during the forecast period.
Therefore, enterprise asset management offers various benefits, including its capacity to boost the interest on assets, reduce the risks & costs, make informed decisions related to the assets, raise uptime & enhance predictability, and minimize the total cost of ownership. All these factors are stimulating the Enterprise Asset Management Market Opportunities. In addition, as per the enterprise assets management market report, growth in the digitalization of industries and technological infrastructure enhancement are vital factors that stimulate market growth worldwide. On the other hand, the factors that can hinder the enterprise asset management market size are growing concerns about data confidentiality and safety among organizations.
Enterprise Asset Management Market Segmentation
Component Market Drivers
Based on the component, the solution segment is expected to rise at a higher CAGR in the global enterprise asset management market during the forecast period as organizations inclined towards predictive maintenance due to the rising acceptance of several advanced technologies like artificial intelligence and machine learning. In addition, numerous advantages offered by the solutions like the reduction in the breakdown costs & maintenance costs and increased production hours, and enhanced asset life is further mushrooming the market growth in this segment.
Organization Size Market Drivers
The small & medium-sized enterprise segment is estimated to rise at a faster CAGR over the forecast period due to the growing demand for enterprise asset management among small & medium-sized companies, especially to increase the applications of their resources to stay competitive in the market. Furthermore, the entrance of small & medium-sized enterprises increased in the market is also a crucial factor blooming the segment growth.
Based on the region, the North America region speculates augmenting at a faster compound annual growth rate during the forecast period due to its mounting acceptance among several private and public organizations for advanced management of their tools and assets. Moreover, the significant drivers burgeoning the market growth in the region include the availability of different enterprise asset management vendors and rising demand to match the stringent regulatory compliances.
Enterprise Asset Management Market Segmentation
Market Segmentation by Component
- Inventory Management
- Asset Lifecycle Management
- Labor Management
- Work Order Management
- Facility Management
- Predictive Maintenance
- Reporting & Analytics
- Managed Services
- Professional Services
Market Segmentation by Deployment Mode
Market Segmentation by Organization Size
- Small & Medium-Sized Enterprises
- Large Enterprises
Market Segmentation by Vertical
- Healthcare & Life Sciences
- IT & Telecom
- Transportation & Logistics
- Energy & Utilities
- Government & Defense
Market Segmentation by Region
- The United States of America
- The United Kingdom
- Rest of Europe
- Rest of APAC
Rest of World
- South Africa
- Saudi Arabia
- Rest of world
About GMI Research
GMI Research is a popular marketing intelligence and consulting company that offers a complete analysis of profiles of enterprises. We implement outstanding research-based business solutions and assist our clients in making effective investment decisions and increasing revenue. We carry outlined research-based reports and several consulting services based on insight facts to support our clients attain victory by succeeding in the competition.
Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: [email protected] Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: [email protected]
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland