Summary:
A New Study Title “Enterprise Asset Management Market Size, Status And Forecast 2027” Has Been Featured On Market Research Future.
Market Analysis
The global enterprise asset management market will touch USD 8 billion at an 11% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.

Drivers
Shift to Modern Asset Management to Boost Market Growth
The increasing shift to modern asset management by enterprises from legacy management methods will boost market growth over the forecast period.

Opportunities
Convergence of Technologies to offer Robust Opportunities
The convergence of technologies like analytics, IoT, and AI coupled with inclination of organizations towards cloud-based deployments for overcoming on-premise limitations will offer robust opportunities for the market over the forecast period.

Restraints and Challenges
High Cost of Enterprise Asset Management to act as Market Restraint
The high cost of enterprise asset management coupled with lack of awareness may act as market restraint over the forecast period.

COVID-19 Analysis
During the COVID-19 pandemic the demand for enterprise asset management has been steady however this need is anticipated to be impeded by the reduction in industrial expenditure budgets for lockdowns imposed worldwide. The lockdowns also led to severe losses to business across the globe and has also placed restrictions on music festivals, theatres, concerts, and international events that are impacting market growth. The market however is recovering at a fast pace that can be attributed to the remote working trends adopted by several companies to curb the spread of the virus at workplaces. The industry however is like to face challenges for the effects of the pandemic in the near future.

Market Segmentation
The enterprise asset management market is bifurcated based on application, organization type, and deployment.

By deployment, the on-cloud segment will lead the market over the forecast period for the increasing preference of cloud-based solutions on a global level.

By organization type, the SMEs will dominate the market over the forecast period for the increased adoption of EAMs by SMEs as there is a rise in demand for domain-specific technical personnel and skilled workforce.

By application, the government segment will spearhead the segment over the forecast period for the wide range of application enterprise asset management in different government sectors.

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Regional Analysis

North America to Steer Enterprise Asset Management Market

North America will steer the market over the forecast period. Rapid adoption of EAM solutions by organizations, strong economic conditions, rising number of SMEs, effective asset utilization, developed IT infrastructure, strong inclination of regional firms on predictive utilization, the growing need for meeting the strict regulations, the strong presence of EAM vendors, rising investments by public and private players for better management of their equipment and assets, and strong focus on integrating EAM solutions with next-generation technologies like computer vision, internet of things, and machine learning are adding to the global enterprise asset management market growth in the region. Besides, companies considerably proliferating in the region, expanding construction and building information industries, SMEs’ accessibility, digitalization, and connectivity, and players in the market intensely emphasizing to introduce advanced EAM & predictive maintenance solutions that offer support to maximize asset utilization, AI-powered monitoring, and real-time data collection are also adding market growth.

Key Players

Leading players profiled in the global enterprise asset management market report include SAP SE (Germany), Infor (U.S.), IBM (U.S.), Oracle Corporation (U.S.), Schneider Electric (France), AssetWorks LLC (U.S.), IFS AB (Sweden), ABB Group (Switzerland), Mintek Mobile Data Solutions (U.S.), Ramco Systems (India) among others.

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