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(Wireless-NewsWire.Com, June 07, 2018 ) The Enterprise Asset Management market is expected to grow from USD 3.44 Billion in 2017 to USD 6.05 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period. Several factors, such as the increased asset of life aging infrastructure, reduced maintenance and procurement costs, increased tracking ability of assets in an organization, and improved return on assets, are responsible for the growth of the EAM market. Industries such as the government, oil and gas, manufacturing, healthcare, transportation and logistics, energy and utilities, and others, including the retail, and metal and mining have boosted the growth of the EAM market.
The EAM market is segmented by component (software and services), organization size, deployment type, industry, and region. The service component is expected to grow at the highest CAGR during the forecast period, because services help organizations in easily deploying the software on their premises or on cloud.
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The cloud deployment type is expected to grow at the highest CAGR during the forecast period. Cloud-based services are provided directly through the cloud-deployed network connectivity. They help in reducing the overall costs, while also providing highly flexible and scalable access to solutions. Companies are deploying solutions on-cloud to improve the centralization, mobility, collaboration of data, and reduction of data loss during the transit. Security remains to be a critical issue, which restricts its adoption; however, this issue is gradually being eradicated through rigorous security tests, conducted to the highest standards by third parties. Due to these advantages, most vendors are switching from on-premises deployment type to the Software as a Service (SaaS)-based software.
The Small and Medium-Sized Enterprises (SMEs) segment is expected to grow at the highest CAGR in the Enterprise Asset Management market during the forecast period.Organizations with an employee strength between 100 and 1,000 are categorized under SMEs. SMEs are rapidly adopting the EAM software due to the need for domain-specific technical personnel and skilled workforce. Small organizations are not very receptive to the implementation of EAM solutions, but the increasing competition for these solutions has prompted SMEs to invest in this business software and adopt the go-to-market strategies and make effective decisions for their business growth. Implementing this software can help SMEs enhance operational efficiencies and develop asset usage by building a strong standard base. EAM is likely to help SMEs administer assets efficiently across the facility by improving the deployment and extending the asset life. Even though the demand for EAM solutions in SMEs is low, the need for such software solutions is expected to increase as the SMEs grow.
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The global Enterprise Asset Management market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. North America is expected to have the largest market share and expected to dominate the market from 2017 to 2022. This is because, this region is quick in adopting new technologies, such as Bring Your Own Device (BYOD) and cloud platform, for which, companies are willingly investing to serve in the North American region.
The major vendors that offer EAM across the globe are ABB Ltd. (Switzerland), CGI Group Inc. (US), Dude Solutions, Inc. (US), eMaint (US), International Business Machines (IBM) Corporation (US), IFS AB (Sweden), Infor (US), Oracle Corporation (US), Ramco Systems (India), SAP SE (Germany), Schneider Electric SA (France), and Vesta Partners, LLC (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings in the EAM market.
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