Press release
Enterprise Asset Management Market 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc.
Enterprise Asset Management Global Market Report
The Business Research Company offers in-depth market insights through Enterprise Asset Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The enterprise asset management market size has grown rapidly in recent years. It will grow from $6.22 billion in 2023 to $6.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to regulatory compliance, aging infrastructure, cost optimization, preventive maintenance, integration with ERP systems.
The enterprise asset management market size is expected to see rapid growth in the next few years. It will grow to $10.55 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to mobile exam solutions, focus on sustainability, cybersecurity measures, exam for industry-specific needs. Major trends in the forecast period include digital twin technology, technological advancements, IoT integration for condition monitoring, cloud-based exam solutions.
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Market Segmentation:
The enterprise asset management market covered in this report is segmented -
1) By Development: On-Premise, Cloud
2) By Application: Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management, Other Applications
3) By Vertical: Energy And Utilities, Transportation And Logistics, Government And Public Sector, IT And Telecommunications, Manufacturing, Healthcare And Life Sciences, Education, Other Verticals
Major Driver - Surging Demand For Saas-Based Eam Solutions Fuels Market Growth
Rising demand for SaaS-based EAM solutions is driving the growth of the market. SaaS-based EAM services are a cloud bases software service that helps vendors provide applications via a subscription-based model. These solutions have become a fundamental in the technology world for dashboards, mobile apps, asset tracking, performance management, forecasting, and regulatory compliances. The customers are increasingly investing in SaaS-based solutions over the traditional on-premises solutions, owing to various factors such as reduced time to benefit, lower costs, scalability and integration, and others. For instance, according to the study published on DevSquad in 2022, 73% of businesses are switching all systems to SaaS, and the companies are planning to increase their spending by 44% from the previous year.
Competitive Landscape:
Major companies operating in the enterprise asset management market report are International Business Machines Corporation, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Asea Brown Boveri Ltd., Consultants to Government and Industry Incorporated, Rockwell Automation Inc., Rockwell Automation Inc., Fluke Corporation, Infor Inc., AVEVA Group plc, Bentley Systems Incorporated, IFS AB, Accruent LLC, Ramco Systems Limited, Fingent Corporation, MRI Software LLC, Ultimo Software Solutions BV, AssetWorks LLC, Rosmiman Software Corporation, Mainsaver Software, Maintenance Connection, UpKeep Technologies Inc., MPulse Software Inc., CHEQROOM, eWorkOrders, EZOfficeInventory, MVP Plant, Real Asset Management plc, MicroMain Corporation, AMTdirect Inc., ManagerPlus, Nuvolo, Limble CMMS
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Top Trend - Innovative Technological Advancements Propel Enterprise Asset Management Market
Major companies operating in the enterprise asset management market are focusing on innovating new technologies such as, mobile solutions, to sustain their position in the market. Mobile solutions refer to technologies tailored for specific industries using mobile technology to address their unique needs. For instance, in October 2021, Innovapptive, a US-based multinational software company, Launches Mobile Solutions for IBM Maximo Enterprise Asset Management (EAM) and Warehouse Management Suite. Innovapptive, a digital transformation pioneer, has made its mobile solutions available for organizations utilizing IBM Maximo as their enterprise asset management (EAM) solution. This move aims to address the needs of approximately a third of the market, streamlining outdated manual processes prevalent in such environments.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Enterprise Asset Management Market Characteristics
3. Enterprise Asset Management Market Trends And Strategies
4. Enterprise Asset Management Market - Macro Economic Scenario
5. Enterprise Asset Management Market Size And Growth
…..
27. Enterprise Asset Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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