|Status : Published||Published On : Jul, 2019||Report Code : VRICT5128||Industry : ICT & Media||Available Format :||Page : 181|
The global enterprise asset management (EAM) market is projected to reach USD 8.8 billion by 2024, registering a CAGR of 13.3% during the forecast period. Increasing adoption of EAM for effective utilization of assets, and reduced maintenance and procurement expenses, propelling the growth of the market.
Insight by Component
On the basis of component, the global enterprise asset management market is categorized into software, service, and solution, wherein software category accounted for the largest share in 2018. The category is expected to lead throughout the forecast period owing to the mounting need for effective capital planning processes, asset maintenance, and operations.
Further, software category is sub-segmented into linear assets, field service management, non-linear assets, assets maintenance, repair, and operations.
Further, service category is sub-categorized into managed and professional.
Further, solution category is sub-segmented into planning and forecasting, logistics and inventory, network field operations, asset transfer and retirement, procurement of material.
Insight by Deployment Type
On the basis of deployment type, the global enterprise asset management market is divided into on-premises and cloud-based EAM. Among the two categories, the cloud-based category is expected to witness faster growth during the forecast period owing to its beneficial features such as no additional investments required for hardware and also offers improved accessibility to organizations.
Insight by Enterprise Size
Based on enterprise size, the global enterprise asset management market is categorized into large enterprises and small and medium enterprises (SMEs). Of all, the SMEs category is expected to witness the fastest the growth during the forecast period.
Insight by Industry
On the basis of industry, the global enterprise asset management market can be segmented into manufacturing, oil & gas, energy and utilities, government, transportation and logistics, healthcare, and others. Of all, the retail, metal and mining sector is expected to witness fastest growth during the forecast period owing to growing retail business worldwide, with the opening of more number of supermarkets, stores, and hypermarkets in developing nations, and moreover, to speed up the store activities, new players are adopting EAM solutions.
Global enterprise asset management market has been driven by several key factors, predominantly increasing adoption of EAM for effective utilization of assets, reduced maintenance and procurement expenses, and improved return on assets.
Increasing adoption of enterprise asset management by the enterprises to efficiently manage assets, machines, IT, buildings, and others. EAM also helps in reducing machine downtime by preventing the malfunction of machines or equipment’s, with the timely maintenance of assets.
Key factors hindering the growth of the enterprise asset management market are high deployment costs for SMEs, frequent changes in technology, and lack of expertise.
Market players in the global enterprise asset management industry are majorly focusing on mergers & acquisitions to expand their customer base. For example, in November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia. With this acquisition, the company aims to increase the scope of knowledge that can be accessed through AssetWise. In April 2017, ABB Ltd., and International Business Machines (IBM) Corporation collaborated to expand and upgrade ABB’s existing asset and analytics implementation with IBM Watson’s cognitive abilities and ABB Agility.
Some of the key players operating in the global enterprise asset management market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
- Identifying variables and establishing market impact.
- Establishing market trends regionally.
- Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
- Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
- Analyzing sustainability strategies adhered by market participants in an attempt to determine the future course of the market.
- Analyzing historical market trends and super-imposing them on the current and future variables to determine the year-on-year trend.
- Understanding adoption, production, export, import, and regulatory framework.
- Estimated and forecasted data was validated through industry experts.
- Apart from industry experts, data triangulation methods were used for validation.
- Bottom-up and top-down approach has been used for estimation and forecast of market data, whereas the top-down approach was used for validation.
- Demand, as well as supply-side surveys, were conducted in order to understand the industry dynamics and data validation.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research