Enterprise Asset Management Market Size, Key Vendors, Growth Rate, Drivers, Volume and Forecast Report

Improved return on assets and the need of companies to reduce maintenance and procurement expenses are driving the growth of the enterprise asset management (EAM) market. In 2018, the market generated a revenue of $4.1 billion and is projected to grow at a CAGR of 13.5% during the forecast period (2019-2024). EAM refers to the maintenance of the physical assets of a company, which can include office spaces and manufacturing plants depending upon the organization.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/enterprise-asset-management-market/report-sample

Based on industry, the enterprise asset management market is divided into energy and utilities, transportation and logistics, oil and gas, manufacturing, government, healthcare, and others, where 'others' includes metal and mining, and retail. Out of these, the 'others' category is predicted to witness the fastest adoption of EAM in the period, owing to the expansion of retail businesses around the globe. Further, the establishment of supermarkets and hypermarkets in developing nations and the adoption of EAM solutions by potential players to quicken the store activities and improve the processing rate are driving the market.

Now, coming to the component type, the enterprise asset management market is categorized into service, software, and solution. Among these, during the historical period, the software category dominated the market and will continue to hold its position in the forecast period. However, the service and solution categories are anticipated to witness faster growth during the forecast period because of the rising demand for professional and managed services from businesses for smooth operations.

Make Enquiry Before Purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=enterprise-asset-management-market

On the basis of deployment type, the enterprise asset management market is classified into on-premises and cloud-based. Of these, the cloud-based classification is expected to witness faster growth in the sector, globally. This is attributed to the growing number of start-ups and new players that want to establish themselves quickly in the market, and therefor prefer cloud-deployed solutions. Cloud-based solutions reduce the investments on software and hardware procurement as well as their integration and maintenance. Hence, with the increasing adoption of cloud-deployed solutions by small organizations, the market for this category is progressing worldwide.

Further, with the surging adoption of mobile devices, such as personal digital assistance (PDAs), smartphones, and laptops, the demand for mobility in EAM is also rising, globally. Companies, such as IBM Corporation and SAP SE, provide mobile EAM solutions in the form of applications that help employees load the inspection data into the mobile applications directly, thereby reducing data collection errors, delay time, and operating cost in the process.

The focus area of every organization nowadays is increasing profits by reducing maintenance and procurement costs, which are incurred during the manufacturing process. EAM minimizes the maintenance costs by keeping a close eye on the operations and giving recommendations on capital investment decisions. Additionally, EAM also helps in lowering the operational costs by minimizing material procurement costs and increasing the return on investment (ROI).

Therefore, the increasing need of organizations to lower their procurement and maintenance costs by a considerable margin is augmenting the enterprise asset management market growth.

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

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.

This release was published on openPR.