- Enterprise asset management framework extends and optimizes an organization's asset life cycle and decreases the cost of ownership, which is driving the boom of this marketplace.
JERSEY CITY, N.J., Nov. 3, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Enterprise Asset Management Market" By Deployment Type (On-Premises, Cloud), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), and By Geography. According to Verified Market Research, the Global Enterprise Asset Management Market size was valued at USD 5.48 Billion in 2020 and is projected to reach USD 17.04 Billion by 2028, growing at a CAGR of 15.17% from 2021 to 2028.
Global Enterprise Asset Management Market Overview
The factors that are responsible for driving the growth of the worldwide enterprise asset management marketplace encompass the developing demand for rising the lifecycle overall performance of assets and a decrease in the procurement & maintenance costs in numerous organizations. Moreover, growing inclination towards cloud-based deployment and the incorporation of numerous advanced technologies including huge records are some other factors that are creating numerous growth opportunities for enterprise asset management marketplace during the forecast period.
Furthermore, several benefits provided by enterprise asset management consist of its ability to maximize the return on assets, reduce the risks & costs, make informed decisions associated with the assets, increase uptime & enhance predictability and reduce total cost of ownership, amongst others. All those factors are proliferating the growth of the worldwide enterprise asset management marketplace.
In addition to this, growth in the digitization of industries and enhancement in the technological infrastructure is the enormous factors that are accelerating the demand for enterprise asset management in the marketplace worldwide. However, the factors that hamper the growth of the marketplace encompass the growing issues associated with records confidentiality and safety among the organizations.
In February 2021, SAP Acquires No-Code Development Pioneer AppGyver. With the acquisition, SAP is better able to help customers and partners adapt their IT systems efficiently to their specific needs and optimize the usability of their applications.
In July 2021, Infor, the industry cloud company, today announced it has entered into an agreement to sell its global EAM (Enterprise Asset Management) business to Hexagon AB.
In June 2020, Accruent, the world's leading provider of physical resource management solutions, today announced a definitive agreement to acquire Maintenance Connection, a leading Computerized Maintenance Management System (CMMS) provider. This agreement accelerates Accruent's efforts to help customers gain insight and make data-driven decisions for multi-site facility management.
The major players in the market are SAP, Aveva, ABB, Oracle, Infor, Maintenance Connection, Aptean, IFS, IBM, and CGI.
Verified Market Research has segmented the Global Enterprise Asset Management Market On the basis of Deployment Type, Organization Size, and Geography.
Enterprise Asset Management Market, By Deployment Type
Enterprise Asset Management Market, By Organization Size
Small and Medium-Sized Enterprises
Enterprise Asset Management Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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