Enterprise Asset Management Market, by Vertical (Public Sector, Manufacturing, Oil and Gas, Healthcare and Pharmaceutical Industry, Energy and Utility, Transportation, Wholesale and Distribution, Food & Beverages, Paper and Packaging, Chemical and Process Industry (Including Steel Industry), Mining, and Service Industry), by Solution (Database Solution, Analytics Solution, Mobile Solution, and Cloud-based Solution), by Service (Consulting Service, Implementation Service, Training and Support Service, and Outsourcing Service), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Enterprise asset management (EAM) is an optimal lifecycle management solution which manages the assets of a company. Enterprise asset management (EAM) includes the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM system helps enterprises to reduce the end-user’s maintenance costs. EAM is used to optimize, plan, execute, and track the required maintenance activities with the associated priorities, tools, skills, materials and information. Moreover, rising adoption of EAM has lowered the labor costs, production costs, reduced equipment breakdowns and boosted maintenance productivity. Furthermore, the EAM solution offers maximum control and visibility over important assets that affect business performance, risk as well as compliance. Reduction of maintenance and procurement expenses, improved return on assets and increasing adoption of EAM solutions are the major factors which are expected to further augment the growth of global enterprise asset management market during forecast period.
Market Drivers
Enterprises require EAM for management of assets, buildings, machines, IT and other enterprise assets. The on premise implementation of enterprise asset management solutions requires a lot of time and capital. It requires organizations to make significant investments in finding the right servers, storage devices, and communication infrastructure. Moreover, cloud-based enterprise asset management solutions can be easily scaled to fit the needs of an organization. Additionally, there is far more reliability with a cloud-based system, because data centers are geographically dispersed along with storage. Asset-intensive organizations take advantage of the latest hardware, software, and communications features available in the market by adopting cloud-based enterprise asset management solutions. These solutions make it easier for organizations to gain business intelligence and optimize the use and value of enterprise assets.
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