25.10.2021 Бизнес

EAM Market Size, Share, Growth, Trends, Applications, and Industry Strategies

The global enterprise asset management market was valued at $5.5 billion in 2019, and it is predicted to generate a revenue of $25.9 billion by 2030. Furthermore, the market will demonstrate a CAGR of 17.0% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The major growth drivers of the market are the increasing focus of enterprises on the optimum usage of assets, rising requirement for reducing procurement and maintenance expenses, rapid digitalization in various industries, surging competitiveness in the industry, growing adoption of cloud solutions, and increasing penetration of the internet.

Businesses require enterprise asset management solutions for managing various assets, such as machines, information technology (IT) infrastructure, and buildings. Moreover, these solutions assist businesses in attaining improved return on assets (ROA), which basically shows how profitable the assets of an organization are in generating revenue. These solutions enable the timely maintenance for assets, which helps in preventing the malfunctioning of equipment or machines, thereby reducing the downtime of machines.

Additionally, it extends assets’ life, which, in turn, helps companies in preserving capital and escaping the financial and environmental consequences of decommissioning the assets.
The adoption of enterprise asset management solutions for asset usage management enables businesses to carry out asset inventory tracking, meter reading and invoice charge tracking, maintenance agreement management, examination of trends in excess charges and invoice payments, and funding and invoice information analysis. Depending on offering, the market is divided into service and solution categories. Between these, the solution category contributed higher revenue to the market in 2019.

Globally, the enterprise asset management market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region in the upcoming years. This is credited to the surging use of digital services by various organizations, soaring information technology (IT) expenditure, increasing support being provided by governments to SMEs, rising residential construction activities, and growing focus of companies on business expansion and improvement in the region. Additionally, the region is a manufacturing hub and hence, it is witnessing the large-scale adoption of enterprise asset management solutions by enterprises, as these solutions enable them to efficiently manage various industrial operations.

Hence, it can be said without hesitation that the market will exhibit huge expansion in the coming years, primarily because of the rising requirement for improved ROA and surging use of EAM solutions for effective asset utilization.