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$5+ billion Enterprise Asset Management Market by Component, Organization Size, Deployment Mode, Industry Vertical – Global Forecast to 2024 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy & Utilities, Government & Defense, Manufacturing, Transportation and Logistics), & Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.

The Global Enterprise Asset Management Market Size is Expected to Grow from USD 5.1 Billion in 2019 to USD 8.2 Billion by 2024, at a CAGR of 10.0%.

Growing demand for cloud-based enterprise asset management (EAM) solutions and gaining a 360-degree view of assets are expected to drive the growth of the enterprise asset management market

The growth of the market can be attributed to the increasing demand for cloud-based EAM solutions and gaining a 360-degree view of assets. However, security concerns related to data security can hinder the growth of the market.

The transportation and logistics segment is projected to grow at the highest CAGR during the forecast period

Enterprise asset management solutions help businesses operating in the transportation and logistics industry minimize the costs of managing and maintaining transportation assets such as bridges, roads, tunnels, and rails. Furthermore, geotechnical monitoring of transportation assets allows organizations to perform maintenance operations whenever and wherever required.

The professional services segment expected to account for a larger share during the forecast period as compared to the managed services segment.

Professional services are services offered through professionals, specialists, or experts, to support the business. These services include planning and consulting training and education, and support and maintenance. The growing focus of organizations to effectively deploy EAM solutions and streamline their entire service lifecycle is fueling the adoption of professional services.

APAC expected to grow at the highest rate during the forecast period

The EAM market in APAC is expected to grow at the highest CAGR during the forecast period, due to the penetration of several companies such as Oracle, IBM, and Infor in the region. Additionally, many emerging economies in the APAC region are likely to adopt EAM solutions because of their high demands, specifically in the oil and gas, transportation and logistics, healthcare, and energy and utility industries.

Market Dynamics

Drivers

  • Growing Demand for Cloud-Based EAM Solutions
  • Gaining a 360 Degree View of Assets

Restraints

  • Concerns of Organizations Related to Data Security and Confidentiality

Opportunities

  • Extending the Asset Lifecycle With the Help of Advanced Technologies
  • Need for Digital Asset Management Strategy

Challenges

  • Selecting the Right Solution That Aligns With the Organization’s Business Needs
  • Integration of EAM With Third-Party Erp Systems

Industry Trends

  • Use Case 1: Cern
  • Use Case 2: Universal Forest Products
  • Use Case 3: Pratt & Whitney

Companies Mentioned

  • ABB
  • Aptean
  • AssetWorks
  • AVEVA
  • CGI
  • eMaint
  • IBM
  • IFS
  • Industrial and Financial Systems AB (IFS)
  • Infor
  • Intelligent Process Solutions (IPS)
  • Maintenance Connection
  • Oracle
  • RFgen Software
  • SAP
  • Ultimo Software Solutions
  • UpKeep

For more information about this report visit https://www.researchandmarkets.com/r/wg18xm

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