EAM Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies

The global enterprise asset management market was valued at $5.5 billion in 2019, and it is predicted to generate a revenue of $25.9 billion by 2030. Furthermore, the market will demonstrate a CAGR of 17.0% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major growth drivers of the market are the increasing focus of enterprises on the optimum usage of assets, rising requirement for reducing procurement and maintenance expenses, rapid digitalization in various industries, surging competitiveness in the industry, growing adoption of cloud solutions, and increasing penetration of the internet.

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Businesses require enterprise asset management solutions for managing various assets, such as machines, information technology (IT) infrastructure, and buildings. Moreover, these solutions assist businesses in attaining improved return on assets (ROA), which basically shows how profitable the assets of an organization are in generating revenue. These solutions enable the timely maintenance for assets, which helps in preventing the malfunctioning of equipment or machines, thereby reducing the downtime of machines. Additionally, it extends assets’ life, which, in turn, helps companies in preserving capital and escaping the financial and environmental consequences of decommissioning the assets.

Furthermore, enterprise asset management software optimizes the productivity and usage of an enterprise’s resources, thereby improving its ROA. Besides, these solutions also assist businesses in effectively utilizing assets. Organizations primarily employ the use of the asset turnover ratio for calculating their productivity and efficiency. This ratio is basically a financial ratio of sales and the costs of assets. Therefore, in order to increase this ratio, an organization has to simply achieve greater sales of assets in comparison to their prices.

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The adoption of enterprise asset management solutions for asset usage management enables businesses to carry out asset inventory tracking, meter reading and invoice charge tracking, maintenance agreement management, examination of trends in excess charges and invoice payments, and funding and invoice information analysis. Depending on offering, the market is divided into service and solution categories. Between these, the solution category contributed higher revenue to the market in 2019.

Hence, it can be said without hesitation that the market will exhibit huge expansion in the coming years, primarily because of the rising requirement for improved ROA and surging use of EAM solutions for effective asset utilization.

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