This will majorly be because EAM helps in reducing operational and maintenance costs and increasing the return on assets (ROA). This is done by tracking operations, using advanced maintenance solutions for effective equipment control, decreasing material procurement costs, and offering better insights into capital investment decisions.
New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Asset Management Market" - https://www.reportlinker.com/p06191018/?utm_source=GNW
EAM includes solutions for asset lifecycle management, work order management, inventory management, labor management, facility management, predictive maintenance, and reporting and analytics, which increase the productivity of employees, prevent unplanned system breakdowns (thereby minimizing maintenance costs), and offer a better return on investments (ROI). This is why after initially not spending on such solutions during the COVID-19 pandemic, companies are now.
The demand for EAM integration & deployment, consulting, training, and monitoring & upgradation services will rise fast in the coming years.
Due to the wide array of assets they own and their better financial stability, large enterprises have contributed the higher revenue to enterprise asset management market players till now.
In the future, the preference for cloud-based EAM solutions will rise faster with the increasing demand for anytime, anywhere data access, scalability, and reduced IT expenses.
The manufacturing sector is the largest user of EAM solutions because it encompasses a large number of factories, laborers, warehouses, and machines.
The major companies in the enterprise asset management market are Oracle Corporation, IBM Corporation, SAP SE, Schneider Electric SE, Industrial and Financial Services (IFS) AB, ABB Ltd., MRI Software LLC, Infor Inc., CGI Inc., Ramco Systems Limited, Bentley Systems Incorporated, and Rockwell Automation Inc. Since all of them have a global presence, the market competition is stiff, which is why they are engaging in mergers & acquisitions and launching new EAM solutions.
Moreover, since many of these companies are based in the U.S., North America is set to dominate the enterprise asset management market throughout this decade. Other key reasons for the high adoption of these solutions in the region are its developed IT infrastructure, hugely productive manufacturing industry, and strong focus of U.S. and Canadian companies on optimum asset utilization, predictive maintenance, and effective supply chain management (SCM).
Read the full report: https://www.reportlinker.com/p06191018/?utm_source=GNW
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