Enterprise Asset Management Market Poised to Garner Maximum Revenues During 2031 | Growing at a 11.5%
The enterprise asset management market is expanding due to the increasing demand for cloud-based solutions that enhance asset quality and utilization.
PORTLAND, OR, UNITED STATES, September 17, 2024 /EINPresswire.com/ — As per the report published by Allied Market Research, the global enterprise asset management market size generated $3.4 billion in 2021 and is expected to reach $9.9 billion by 2031, growing at a CAGR of 11.5% from 2022 to 2031.
Rise in demand for cloud-based EAM solutions among enterprises to optimize quality and utilization of assets throughout their lifecycle drives the global enterprise asset management market. However, high cost of software and lack of awareness in developing countries hinder the market growth. On the contrary, surge in acceptance of advanced technologies across industrial verticals and technological advancements would open new opportunities in the future.
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Covid-19 scenario:
1. The Covid-19 pandemic positively affected the market. As major enterprises suffered huge losses during lockdown, they needed to focus on trimming costs, securing liquidity, and generating savings. This increased the demand for EAM software.
2. Moreover, enterprise asset management proved to be important during the pandemic as companies need to optimize processes and increase efficiency of limited resources at their disposal.
The report segments the global enterprise asset management market based on component, deployment model, enterprise size, application, industry vertical, and region.
Based on components, the report is divided into service and solution. The solution segment held the largest share in 2020, accounting for more than two-thirds of the market. However, the services segment is projected to register the highest CAGR of 13.8% during the forecast period.
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Based on the deployment model, the on-premise segment held the largest share in 2020, contributing to nearly three-fifths of the market. However, the cloud segment is estimated to manifest the highest CAGR of 14.3% from 2022 to 2031.
The global enterprise asset management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 14.7% during the forecast period.
The global enterprise asset management industry includes an in-depth analysis of the prime market players such as EAM market are ABB Ltd., AssetsWorks, LLC, CGI Group Inc., IFS, International Business Machine Corporation, Infor, Oracle Corporation, SAP SE, SSG Insights, and UpKeep Technologies, Inc.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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