Published on 20 Oct 2020:

Meticulous Research®– a leading global market research company published a research report titled Enterprise Asset Management Systems Market by Application (MRO, Linear Assets, FSM), Offering, Organization Size, Deployment, Industry Verticals (IT, Automotive, BFSI, Healthcare, Retail, Energy, Manufacturing), and Region – Global Forecast to 2027”.

According to this latest publication from Meticulous Research®, the enterprise asset management market is expected to grow at a CAGR of 9.5% from 2020 to reach $8.6 billion by 2027. The growth of the market is majorly attributed to factors such as the increasing 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 rising adoption of advanced technologies for extending the asset lifecycle is also expected to support the growth of this market over the coming years. Apart from this, the increasing integration of predictive analytics in EAM solutions is an upcoming new trend in the enterprise asset management systems market. However, concerns associated with data security & confidentiality and the global impact of COVID-19 on across all industry verticals are the factors expected to obstruct the growth of this market to some extent.

The enterprise asset management market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of application, offering, organization size, deployment mode, industry vertical, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on application, the enterprise asset management systems market is segmented into assets maintenance, repair, & operations (MRO), non-linear assets, linear assets, and field service management (FSM). In 2020, the linear assets segment is estimated to account for the largest share of the enterprise asset management systems market. The large share of the segment is mainly attributed to the increasing need by companies to optimize efficiency & save money, rising adoption of advanced technologies for extending asset lifecycle, and increasing investment by organizations on enterprise asset management software.

Based on offering, the enterprise asset management systems market is segmented into solutions and services. In 2020, the solutions segment is estimated to account for the largest share of the enterprise asset management systems market. The large share of the segment is mainly attributed to the growing inclination of companies towards controlling cost with curtailment of maintenance & procurement expenses, growing need for better-informed capital investment decisions, and increasing demand for innovative technologies such as AI and machine learning for predicting and preventing system errors.

Based on organization size, the enterprise asset management systems market is segmented into small & medium enterprises (SMEs) and large enterprises. In 2020, the small & medium enterprises segment is estimated to account for the largest share of the enterprise asset management systems market. This can be attributed to the growing demand for cloud-based EAM solutions and rising need to maximize resource utilization. In addition, for achieving efficiency in business operations and cut costs optimally, SMEs are focusing on establishing themselves in the market landscape.

Based on deployment mode, the enterprise asset management market is segmented into on-premise and cloud-based. In 2020, the on-premise segment is estimated to account for the largest share of the enterprise asset management systems market. Factors driving this segment include the customization abilities offered by on-premise deployment, increasing need for better organizational control & data security, and increasing need to reduce the overall maintenance cost. However, cloud-based EAM systems are expected to grow at the highest CAGR over the coming years.

Based on industry vertical, the enterprise asset management systems market is segmented into IT & telecom, manufacturing, government & defense, automotive & transportation, BFSI, healthcare, retail, and energy & utilities. In 2020, the energy & utility sectors segment is estimated to account for the largest share of the enterprise asset management systems market, owing to the rising digitalization rate of the energy & utility sectors, the advent of industry 4.0 with an increase in the infrastructural expenditure, need to prevent machine malfunctions, and surge in the customer demand for customized products.

Check complete table of contents with a list of tables and figures: https://www.meticulousresearch.com/product/enterprise-asset-management-systems-market-5136/

Geographic Review:

Geographically, the enterprise asset management systems market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The North American region is estimated 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 the presence of major players and several emerging start-ups in the region, early adoption of latest technologies and government investments in advanced technologies, presence of highly developed IT infrastructure, and rising need to meet the stringent regulations.

However, Asia-Pacific is expected to witness rapid growth during the forecast period, driven by increasing demand for advanced EAM and predictive maintenance solutions for effectively utilizing their assets, simplifying work operations, reducing maintenance costs, and rising number of start-ups. In addition, high adoption of advanced technologies, such as IoT, 5G technology, and cloud computing in the region is one of the major factors driving the growth of the enterprise asset management systems market in APAC.

Key Players:

The key players operating in the enterprise asset management market are SAP SE(Germany), IBM Corporation (U.S.), Oracle Corporation (U.S), IFS AB (Sweden), UpKeep Maintenance Management (U.S), Sage Group PLC (U.K.), Ultimo Software Solutions (U.K), eMaint Enterprises, LLC (U.S), ABB Ltd. (Ellipse) (Switzerland), Aptean (U.S), CGI Inc. (Canada), IPS (Germany), Maintenance Connection (Accurent) (U.S), AssetWorks (U.S), Infor (U.S), and SSG Insight (U.K.), among others.

Key questions answered in the report-

  • Which are the high growth market segments in terms of application, offering, organization size, deployment mode, industry vertical, and region?
  • What was the historical market for enterprise asset management systems across the globe?
  • What are the market forecasts and estimates for the period 2020-2027?
  • What are the major drivers, restraints, opportunities, and trends in the enterprise asset management systems market?
  • Who are the major players and their share in the enterprise asset management systems market?
  • How is the competitive landscape in the enterprise asset management systems market?
  • 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 key geographic trends and which are the high growth countries?

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