The enterprise asset management (EAM) market is projected to generate a revenue of $8.7 billion by 2024, advancing at a CAGR of 13.5%
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
Enterprise Asset Management (EAM) Market by Component (Software [Linear Assets, Field Service Management, Non-Linear Assets, Assets Maintenance, Repair, and Operations], Service [Managed, Professional], Solution[Planning and Forecasting, Logistics and Inventory, Network Field Operations, Asset Transfer and Retirement, Procurement of Material]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry (Manufacturing, Oil and Gas, Healthcare, Energy and Utilities, Transportation and Logistics, Government), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, China, Japan, India, South Korea, Singapore, Brazil, Argentina, Chile, Colombia, Peru, U.A.E., Saudi Arabia, Turkey, South Africa, Egypt) Global Market Size, Share, Development, Growth and Demand Forecast, 2014-2024
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The enterprise asset management (EAM) market is projected to generate a revenue of $8.7 billion by 2024, advancing at a CAGR of 13.5% during the forecast period (2019–2024)according to the report. Across the globe, the major factors responsible for the growth of the market are increasing demand for effective utilization of assets, improved return on assets, and controlling procurement and management expenses.
On the basis of component, the enterprise asset management market is classified into service, software, and solution. The software category is further divided into linear assets, non-linear assets, field service management (FSM), and asset maintenance, repair, and operations (MRO). Among these, in 2018, the linear assets division dominated the market with the largest revenue share. This can be ascribed to the increasing requirement for controlled management of large railway line, power line, oil and gas pipeline, road, and drainage and facility networks.
Based on deployment type, the enterprise asset management market is fragmented into cloud-based and on-premises deployment. Of these, the market for cloud-based deployment is expected to record faster growth during the 2019–2024 period. In an enterprise, cloud-based EAM facilitates users to access personal data anytime from anywhere. Due to no upfront hardware cost associated with cloud deployment, small and medium enterprises are preferring this solution, as they are eager to enter the market quickly with less investments.
Now, based on enterprise size, the enterprise asset management market is categorized into small and medium enterprises (SME), and large enterprises. The SMEs category is predicted to record the faster growth during the 2019–2024 period, as these are rapidly deploying EAM software to maintain their assets and improve their operational efficiency. Further, to meet the need for domain-specific technical personnel, SMEs are inclining toward EAM software.
To calculate productivity and efficiency, an organization uses the asset turnover ratio. The deployment of EAM for asset utilization management consists of asset inventory tracking, invoice payment trends checking, maintenance agreement management, and invoice and funding information examination. Via these processes, the EAM software creates a set of reports, which helps decision makers compare expected billing and invoice amounts, see each asset or group of assets, and inspect unusual activity to minimize fraud and waste. Therefore, with the increasing demand for effective utilization of assets from enterprises, the EAM market is witnessing growth on a global ground.
The primary aim of an organization is increasing its profits by minimizing the procurement and maintenance costs generated during the manufacturing process. EAM can cut the maintenance costs by keeping a check on operations and giving correct information on capital investment decisions. The surging need of organizations to reduce their procurement and maintenance costs is augmenting the demand for EAM, worldwide.
Enterprise Asset Management Market Segmentation
Market Segmentation by Component
• Software
- Linear assets
- Non-linear assets
- Field service management (FSM)
- Assets maintenance, repair, and operations (MRO)
• Service
- Managed
- Professional
• Solution
- Planning and forecasting
- Logistics and inventory
- Network field operations
- Assets transfer and retirement
- Procurement of material
Market Segmentation by Deployment Type
• On-premises
• Cloud-based
Market Segmentation by Industry
• Government
• Oil and Gas
• Healthcare
• Transportation and Logistics
• Manufacturing
• Energy and Utilities
• Others (retail, and metal and mining)
Market Segmentation by Enterprise Size
• Small and Medium Enterprises (SMEs)
• Large Enterprises
Market Segmentation by Region
• North America Enter market
- By component
- By deployment type
- By industry
- By enterprise size
- By country – U.S., Canada, Mexico, and Rest of North America
• Europe EAM market
- By component
- By deployment type
- By industry
- By enterprise size
- By country – U.K., Italy, France, Germany, Russia, Spain, and Rest of Europe
• Asia-Pacific (APAC) EAM market
- By component
- By deployment type
- By industry
- By enterprise size
- By country – China, Japan, India, South Korea, Singapore, and Rest of APAC
• South America EAM market
- By component
- By deployment type
- By industry
- By enterprise size
- By country – Brazil, Argentina, Chile, Colombia, Peru, and Rest of South America
• Middle East and Africa (MEA) EAM market
- By component
- By deployment type
- By industry
- By enterprise size
- By country – Saudi Arabia, U.A.E., South Africa, Turkey, Egypt, and Rest of MEA
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