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(MoneyNewsWire.Net, September 05, 2019 ) Market Overview
• Enterprise asset management (EAM) involves the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM is used to plan, optimize, execute, and track the needed maintenance activities with the associated priorities, skills, materials, tools, and information. EAM is mostly used in industries that heavily rely on expensive and complex physical assets, such as vehicles, plants and heavy equipment. Prominent users include the energy and utilities, government and defense, manufacturing, among others.
• The report covers all the major trends and drivers playing a vital role in the growth of the enterprise asset management market. The global enterprise asset management market has been segmented based on region, deployment, solution, and vertical.
Market Dynamics
• The global enterprise asset management market growth is primarily driven by the rising need to gain a 360-degree view of assets and increasing adoption of EAM solutions in North America and APAC regions. Enterprise asset management can both minimize risks and costs and optimize business value by helping to ensure that high-value assets operate the way they are designed to. For instance, EAM software might alert operations managers about a failure of a machine part, and provide the information and scheduling tools needed to dispatch a repair person. Timely maintenance can also avoid the risk of improperly operating equipment injuring workers or reducing machine downtime.
• Therefore, the need for effective utilization of assets, controlling maintenance and procurement expenses, and to improve the return on assets is further expected to boost growth in the global enterprise asset management market over the forecast period.
• However, concerns of organizations related to data security and confidentiality coupled with integration of EAM with third-party ERP systems might hinder the market growth over the forecast period.
Market Segmentation
• By deployment, the global enterprise asset management market is segmented into Cloud (public, private, and hybrid) and On-Premise. In 2018, On-premise deployment segment accounted for the largest market share in the global market. However, cloud deployment segment is expected to witness higher CAGR over the forecast period. Cloud technology enables developers to adopt agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates.
• By vertical, the global enterprise asset management market is segmented into Energy and Utilities, Healthcare & Life sciences, IT and Telecom, Government and defense, and others. Healthcare & life sciences segment is expected to exhibit higher CAGR over the forecast period. Rapid adoption of enterprise applications in this sector can be attributed to increasing demand for real-time data transparency, which provides patient-centric healthcare solutions and systems with changing business models. Software vendors such as Infor, Oracle, and SAP provide solutions that improve overall performance, cost efficiency, patient safety, and quality of care.
Geographical Analysis
By geography, the global enterprise asset management market is segmented into
• North America,
• Asia-Pacific (APAC),
• Europe,
• South America,
• The Middle East
• and Africa (MEA).
Company profiles
Some key players in the market are
• Oracle,
• IBM Corporation,
• SAP, Aptean,
• Others
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