Dublin, June 03, 2021 (GLOBE NEWSWIRE) -- The "Enterprise Asset Management Market by Application (MRO, Linear Assets, FSM), Offering, Organization Size, Deployment, Industry Verticals (IT, Automotive, BFSI, Healthcare, Retail, Energy, Manufacturing), and Geography- Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global enterprise asset management systems market is expected to reach $8.6 billion by 2027, growing at a CAGR of 9.5% during the forecast period of 2020 to 2027.
The growth of this market is mainly attributed to the high demand for cloud-based EAM solutions, the emergence of IoT devices in industry verticals, and integration of drone & AI-based asset management. In addition, the increasing amalgamation of predictive analytics in EAM solutions, the emergence of disruptive digital technologies across industry verticals are also encouraging the growth of this market.
Furthermore, the COVID-19 outbreak is further driving the need for cloud-based EAM solutions & services for reducing inventory needs, strategic planning, and increasing labor utilization.
Based on deployment mode, the on-premise segment is expected to account for the largest share in 2020. The large share of this segment is primarily driven by the growing security issues related to cloud deployment, customization abilities offered by on-premise systems, increasing need for better organizational control & data security, and increasing need to reduce the overall maintenance cost.
Based on industry vertical, the energy & utilities sector is poised to register the largest share of the market in 2020. The large share of this sector is mainly attributed to the advent of Industry 4.0, the growing need to prevent machine malfunctions, and increasing need to reduce the overall maintenance cost.
However, the automotive & transportation sector is slated to grow at the fastest CAGR during the forecast period due to the growing number of electronics contents per vehicle and reinforcement of mandates by regulatory bodies for vehicle data protection.
Geographically, the enterprise asset management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is projected to account for the largest share of the enterprise asset management systems market in 2020.
The large share of this segment is mainly attributed to rapid economic development, the presence of major EAM players, a highly developed IT infrastructure, proliferation of cloud-based solutions, and increasing focus of organizations towards meeting regulatory & compliance requirements increasing government initiatives towards advanced technologies.
Market Insights
Drivers
- Increasing Demand for Cloud-Based EAM Solutions
- Growing Significance of IIOT Devices in EAM
Restraints
- Concerns Regarding Data Security & Confidentiality
Opportunities
- Adoption of Advanced Technologies for Extending Asset Lifecycle
- Integration of Drone & Ai-Based Asset Management
Challenges
- Lack of Infrastructure and It Capabilities
Trends
- Increasing Integration of Predictive Analytics
Impact of Covid-19 On the Enterprise Asset Management Market
Key questions answered in the report:
- Which are the high growth market segments in terms of the application, offering, organization size, deployment mode, industry vertical, and region?
- What is the historical market for enterprise asset management systems across the globe?
- What are the market forecasts and estimates from the period of 2020-2027?
- What are the major drivers, restraints, opportunities, and trends in the enterprise asset management systems market?
- Who are the major players in the enterprise asset management systems market, and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the enterprise asset management systems market?
- What are the different strategies adopted by the major players in the enterprise asset management systems market?
- What are the geographical trends and high growth countries?
- Who are the local emerging players in the enterprise asset management systems market, and how do they compete with the other players?
Competitive Landscape
- Key Growth Strategies
- Competitive Benchmarking, by Offering
- Market Share Analysis (2019)
- IBM Corporation (U.S.)
- Sage Group PLC (U.K.)
- SAP SE (Germany)
- Infor, Inc. (U.S.),
- Maintenance Connection (Accruent) (U.S.).
Company Profiles (Business Overview, Financial Overview Product Portfolio, Strategic Developments)
- SAP SE
- IBM Corporation
- Oracle Corporation
- IFS AB
- Ultimo Software Solutions
- Emaint (Fluke Corporation)
- ABB, Ltd.
- Aptean
- CGI, Inc.
- IPS
- Maintenance Connection (Accruent)
- AssetWorks LLC
- Infor, Inc. (Koch Industries)
- SSG Insight
- Upkeep Maintenance Management
- Sage Group PLC
Scope of the Report:
Market by Application
- Assets Maintenance, Repair, and Operations (MROs)
- Non-linear Assets
- Linear Assets
- Field Service Management (FSM)
Market by Offering
- Solutions
- Labor Management
- Predictive Maintenance
- Facility Management
- Reporting and Analytics
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Services
- Managed Services
- Professional Services
Market by Organization Size
- SMEs
- Large Enterprises
Market by Deployment mode
- On-premises
- Cloud
Market by Industry Vertical
- IT & Telecom
- Government & Defense
- Automotive & Transportation
- BFSI
- Healthcare
- Retail
- Energy & Utilities
- Manufacturing
For more information about this report visit https://www.researchandmarkets.com/r/r992l6