NEW YORK, Oct. 21, 2019 /CNW/ – 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

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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% during the forecast period. 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 operation 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 utilities industries.

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In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the enterprise asset management market.
• By Company Type: Tier 1 – 15%, Tier 2 – 43%, and Tier 3 – 42%
• By Designation: C-level – 62%, Director-level – 21%, and Others – 17%
• By Region: North America – 42%, APAC – 30%, Europe – 18%, MEA –5%, and Latin America – 5%

Major vendors offering enterprise asset management solutions and services across the globe include-
IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), Aptean (US), CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), and Ultimo Software Solutions (UK).
The study includes an in-depth competitive analysis of these key players in the EAM market, with their company profiles, recent developments, and key market strategies.

Research coverage
The market study covers the enterprise asset management market size across segments.It aims at estimating the market size and the growth potential of this market across different segments, namely, component (solutions and services), deployment mode, organization size, vertical, and region.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall EAM market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.

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The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

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