Enterprise asset management is commonly known by its abbreviation ‘EAM’. It is basically a software that was devised for the purpose of managing physical assets of any given organization. This innovative technology has made the lives of business owners a lot easier than before. They can keep an eye on the physical assets of the business without being present there 24*7, the software does that job for them. In the last few years, EAM has made quite an impressive reputation for itself. Due to this, the global enterprise asset management market is gaining momentum.
Enterprise asset management (EAM) monitors the entire lifespan of the physical resources of a business set-up. Under its comprehensive service range, elements like construction, decommissioning, design, commissioning and operations are included. Furthermore, it can also enable replacement of facilities, plants and equipment. The physical assets may vary, they can be fixed objects like plants, buildings and machineries. Or the assets can be moving like moving equipment, vehicles and ships. Whatever be the kind of valuable, its lifecycle management can be carried out through this software.
Owing to its beneficial features and utility it would not be a surprise if the global enterprise asset management market soars in the forthcoming years.
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SAP SE (Germany),
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.
Global Enterprise Asset Management Software Market has been valued at US ~$4 billion which is expected to grow at US ~$8 billion by the end of forecast period with CAGR of ~11%.
The Global EAM Market has been segmented on the basis of Deployment, Organization Type and Application Vertical. By Deployment, the market has been segmented as On Cloud and On Premises. By Organization Type the market has been segmented as SMEs and Large organization whereas the Applications Verticals of EAM has been identified as Government, Manufacturing, Healthcare, Transportation, Oil and Gas, Aerospace & Defence among others.
North America is dominating the market of EAM due to the presence of global players in U.S. Growing Organization Sizes and increasing application areas of EAM is supporting the market of EAM in North America. Europe holds second position in the global market whereas Asia-Pacific has emerged as fastest growing market. Growing economy of Asian countries such as India and China and rich presence of manufacturing companies in Asian countries are some major factor which is driving the market.
At present, there are two major trends that are and will continue ruling the global enterprise asset management market in the coming years as well. The trends have been listed below.
- Mobility – Mobile applications will aid individuals to undertake tasks that are important without being present there physically, thus saving a whole lot of time and energy.
- Cloud – Cloud hosting will offer a number of benefits like enhanced project management, reduced expenses and versatility.
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- Enterprise Asset Management Software Providers
- SMEs and Large Enterprise Asset Management Organization
- Training and Education Service Providers
- Enterprise Asset Management Vendors
- Construction Companies
- Cloud Service Providers
- Network Service Providers
- Support and Maintenance Service Providers