Enterprise Asset Management (EAM) Market Research Report: By Offering (Solution, Service), Enterprise (Large Enterprises, SMEs), Deployment (On-Premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, IT and Telecom, Government and Defense, Oil and Gas) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Asset Management Market Research Report: By Offering, Enterprise, Deployment, Vertical - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982443/?utm_source=GNW
According to a study conducted , the global enterprise asset management (EAM) market is expected to generate a revenue of $25.9 billion by 2030, rising from $5.5 billion in 2019, and is predicted to witness a 17.0% CAGR during 2020–2030. The market is growing due to the surging need for reducing operational expenses in companies.
This further results in the reduction of operational costs across the organization. In addition to all this, EAM software also aids in decreasing material procurement cost and increasing the return on investment (ROI), owing to which, companies are increasing adopting it. The coronavirus pandemic however, has slowed the growth of the market at the present time, as the partial or complete lockdown in almost all parts of the world has led to the closure of a number of manufacturing and commercial operations.
In terms of offering, the solution division accounted for the larger share of the enterprise asset management market in the past and is further expected to dominate the market in the coming years as well. This can be ascribed to the rising necessity if effective enterprise asset and resource management, growing awareness regarding a proactive asset management approach, increasing focus on enhanced ROI on assets, and rapidly growing manufacturing, retail, telecommunications, and healthcare sectors.
On the basis of enterprise, large enterprises held the major share of the enterprise asset management market in the past, because of their need for managing assets efficiently, increasing awareness regarding identifying the reasons for equipment malfunctioning beforehand, growing focus on machine downtime analysis, and strict regulatory landscape that the enterprise are subjected to. Considering the deployment segment, the cloud category is predicted to register the higher CAGR in the near future.
This is because of the growing number of startups and companies in several industries across the globe that are making use of cloud computing. Cloud solutions are gaging popularity because they do not need additional IT infrastructure and enable the data to be accessed anytime, from anywhere. Based on vertical, the healthcare and life sciences category is projected to register the highest CAGR in the coming years, due to the need for better performance monitoring, increasing spending in the healthcare sector, and rapid digitization.
Geographically, North America has been dominating the enterprise asset management market at the present time, which can be attributed to the rising number of small and medium enterprises, developed IT infrastructure, efficient asset utilization, and strong inclination of regional firms on predictive utilization. The Asia-Pacific region is expected to grow at the fastest pace in the years to come due to swift digitization, rising IT spending, and expanding construction and residential industry.
Read the full report: https://www.reportlinker.com/p05982443/?utm_source=GNW
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