Enterprise Asset Management Market will reach to $8.2 billion by 2024

According to a new market research report "Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy and Utilities, Government and Defense, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Enterprise Asset Management Market size expected to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 10.0% during the forecast period.

The growing demand for cloud-based EAM solutions to enhance asset lifecycle and reduce maintenance and repair cost with the help of advanced technologies are some of the major factors driving the growth of the enterprise asset management market.

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The asset lifecycle management solution segment to hold the largest market size in the EAM market during the forecast period

Physical assets used in different industries can range in scope and size. Hence, it becomes essential for any organization to manage its critical assets and maximize the total cost of ownership throughout the asset’s lifecycle. Most times, organizations lack the granularity to view every asset lifecycle and how these stages can affect the whole business processes. The demand for asset management solution is expected to grow further during the forecast period.

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The cloud deployment mode is expected to grow at a higher CAGR during the forecast period as compared to the on-premises segment

Currently, organizations are looking forward to having their solution deployed on the cloud, as cloud deployment offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost efficiency. The implementation of cloud-based EAM solution facilitates SMEs and large enterprises to focus on their core competencies, rather than IT processes. With the help of the cloud-based enterprise asset management solutions, organizations can gain a 360-degree view of the critical asset and rectify them before unplanned failures. Moreover, cloud-based enterprise asset management solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations boost the performance of their asset-intensive tasks.

North America estimated to lead the EAM market size during the forecast period

North America is estimated to account for the largest share of the enterprise asset management market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced region in terms of adopting digital technologies. The North American region exhibits a wide presence of key industry players offering enterprise asset management solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.

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IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), Aptean (US), CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), and Ultimo (UK) are some of the leading companies operating in this market.

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