Enterprise Asset Management Market: Bolstering Deployment of EAM Solutions for Improved ROI and Successful Emergence of IoT to Fuel Revenue Growth: Global Industry Analysis (2013-2017) and Opportunity Assessment (2018-2028)
LONDON, Sept. 12, 2018 /PRNewswire/ -- Enterprise asset management (EAM) is known as the process of managing the lifecycle of physical assets for maximising their usability along with management cost reductions, quality and efficiency improvement. The EAM software is primarily used by the enterprises across different industry verticals which are heavily dependent on the complex and expensive physical assets, such as plants, heavy equipment, and vehicles. Key end-users include industries such as oil & gas, manufacturing, energy & utility, mining, and others. This software is offered with the deployment options such as on-premise and cloud-based.
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Advent of IoT and soaring investments in software to push the market up
Improved ROI with the aid of enterprise asset management solutions, emergence of the Internet of Things and gradual increase in investment on software by organizations constitute the major factors driving growth of the global enterprise asset management market. However, the high cost of implementation, lack of skilled personnel and inadequacy of strategic planning post-installation are identified to be the major restraints impacting the market growth on a global level, especially in some of the developing economies.
Global enterprise asset management market is categorized on the basis of component, deployment, vertical and region
On the basis of component, the market is bifurcated into solution and services. The services segment, which is further divided into consulting services and professional services, is expected to register a healthy CAGR of 7.8% during the forecast period. Based on the deployment, the market is segmented into on-premise and cloud. Although on-premise segment will continue to dominate throughout the projection period, the revenue contribution from the cloud segment is expected to expand at a CAGR of 9.0% over the course of 2018-2028. By vertical, the market is classified as public sector, manufacturing, oil and gas, healthcare and pharmaceutical industry, energy and utility, transportation, wholesale and distribution, food and beverages, paper and packaging, chemical and process industry (including steel industry), mining and service industry. However, the revenue contribution from the manufacturing segment is expected to expand at a relatively higher CAGR of 9.4% during the forecast period.
North America and Europe are anticipated to maintain the key market positions throughout the next decade
Among the key regional markets, North America is projected to exhibit relatively higher growth in the global market, registering a CAGR of over 9% during the forecast period. The revenue generated in North American and Western European markets will reportedly account for a collective share of more than 45% of the global market revenue. Some of the top companies identified across the enterprise asset management value chain are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd, IFS Ltd, Infor Inc., Ultimate Software Solutions BV, Carl International SA, Mainsaver Inc., Mex Pty Ltd and others. Leading providers are likely to encounter with attractive opportunities in near future and eventually expand their footprints across several regions, especially in India and China.
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