Each enterprise requires an asset management solution to better support its customers in each phase of the lifecycle. An appropriate enterprise asset management (EAM) plan enables enterprises to efficiently cover everything from consulting, evaluation of business situation, and implementation of the right solution, to everything that lies in between, i.e. upgrades, integration, maintenance, and enhancement. To support the entire business lifecycle, EAM is indispensable. It optimally manages all the physical assets or an organization and helps to maximize the value. In addition to asset lifecycle management, EAM also measures the usage of assets. It ensures that the organizational assets are available, reliable, and safe whenever a business needs to achieve a set of goals, by controlling costs.
Currently, the global enterprise asset management market is growing at an impressive pace and by the end of 2026, the market is likely to expand at a CAGR of 7.2%. According to Future Market Insights’ recently conducted study on the EAM market, the global revenues will possibly surpass a value of US$ 4 Bn in 2026. The primary factor compelling more number of businesses adopt EAM will be increasing awareness about the long-term benefits. Organizations are keen to narrow down the costs related to a wide range of business operations and processes, eventually enhancing the maintenance and management of their assets.
What are the key benefits of implementing an EAM solution for your enterprise?
- Regulated costs and business risks
- Maximum asset ROI
- Improved asset-related decision making
- Enhanced efficiency and productivity
- Better responsiveness
- Reduced overall costs
- Streamlined regulatory compliance
Among these, increased ROI seems to be the key booster pushing more organizations invest in enterprise asset management, attracting more revenues to the global market. Moreover, promising emergence of IoT and a fundamental shift to cloud services and operations will also be responsible for the EAM market growth. Thus, leading players in the EAM market are focusing more on providing cloud-based solutions to companies, especially SMEs belonging to varied business verticals. Some of them are also trialing integration of ERP and predictive analytics into their EAM solution offerings. Businesses are increasingly investing in software as a substitute to manual labor, which is another factor identified by Future Market Insights, favoring the sales of EAM services and solutions.
Cloud solutions dominate, implementation services gain traction
On the basis of EAM solution, Future Market Insights indicates that cloud-based solution will continue to gather momentum during the next decade. Preferred due to post-installation support and low maintenance, this US$ 489 Mn segment will possibly experience healthy growth this year, at 10.1% Y-o-Y rate. On the other hand, mobile solution will also record impressive growth over the next decade, estimated at 7.8% CAGR. Depending on the EAM service, implementation service is likely to witness the maximum growth. This segment will thrive at a moderate CAGR during the next decade, followed by consulting service. A majority EAM service and solution providers will serve the manufacturing vertical, as per the market research. Furthermore, demand from healthcare and pharmaceuticals industry will also be substantial.
For More Insights on Enterprise Asset Management Market Analysis And Forecast By Solution – Analytics, Mobile, Cloud-Based; By Services – Consulting, Implementation, Training And Support, Outsourcing; By Vertical – Public Sector, Manufacturing, Oil And Gas, Healthcare And Pharmaceuticals, Energy And Utility, Transportation, Wholesale And Distribution, Food And Beverages, Paper And Packaging, Chemical Process Industry, Mining, And Services Industry: http://www.futuremarketinsights.com/reports/sample/rep-gb-193
Author: Abhishek Budholiya is a tech blogger, digital marketing pro, and has contributed to numerous tech magazines. Currently, as a technology and digital branding consultant with Future Market Insights, he offers his analysis on the tech market research landscape. His forte is analysing the commercial viability of a new breakthrough, a trait you can see in his writing. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.