Growing Demand for Improved ROI Through EAM Solutions Projected to Drive Enterprise Asset Management Market
The enterprise asset management systems market is expected to be valued at US$ 4,863.1 Mn in 2028, and is expected to register a CAGR of 7.7% from 2018 to 2028, a new report shows.
Improved ROI with the aid of EAM solutions, widespread penetration of IoT and gradual increase in investment on software by organisations are expected to remain the major factors driving growth of the global enterprise asset management systems market, a report shows.
Enterprise asset management software is primarily used by the enterprises across different industry verticals which are heavily dependent on the complex and expensive physical assets, such as plants, heavy equipment, and vehicles. End users of the EAM primarily include industries such as oil & gas, manufacturing, energy & utility, mining, and others. Enterprise asset management software is offered with the deployment options such as on-premise and cloud based.
Enterprise asset management systems market is categorized on the basis of component, deployment, vertical and region. On the basis of component, the market is segmented as solution and services. The services segment is further bifurcated into consulting services and professional services. The services segment is expected to register a CAGR of 7.8% during the forecast period.
On the basis of deployment, the enterprise asset management systems market is segmented into on-premise and cloud. The revenue contribution from the clouds segment is expected to expand at a CAGR of 9.0% during the forecast period.
On the basis of vertical, enterprise asset management systems market is segmented as public sector, manufacturing, oil and gas, healthcare and pharmaceutical industry, energy and utility, transportation, wholesale and distribution, food and beverages, paper and packaging, chemical and process industry (including steel industry), mining and service industry. The revenue contribution from the manufacturing segment is expected to expand at a CAGR of 9.4% during the forecast period.
Among the regions, North America is projected to exhibit relatively high growth in the global market, registering a CAGR of 9.3% over the forecast period. The revenue from the markets in North America and Western Europe are expected to represent a combined share of 45.3% of the total market revenue by the end of forecast period. Some of the top companies identified across the Enterprise Asset Management Systems value chain are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd, IFS Ltd, Infor Inc., Ultimate Software Solutions BV, Carl International SA, Mainsaver Inc., Mex Pty Ltd and others.