Aug 6, 2019   SOURCE: PR NewsWire

Enterprise Asset Management Market, 2024 Opportunities in Integration of AI and Drones with EAM

DUBLIN, Aug. 6, 2019 /PRNewswire/ -- The "Enterprise Asset Management Market by Component, by Deployment Type, by Enterprise Size, by Industry, by Geography Global Market Size, Share, Development, Growth and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.

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The enterprise asset management (EAM) market is projected to generate a revenue of $8.7 billion by 2024, advancing at a CAGR of 13.5% during the forecast period 2019-2024

Across the globe, the major factors responsible for the growth of the market are increasing demand for effective utilization of assets, improved return on assets, and controlling procurement and management expenses.

On the basis of component, the enterprise asset management market is classified into service, software, and solution. The software category is further divided into linear assets, non-linear assets, field service management (FSM), and asset maintenance, repair, and operations (MRO). Among these, in 2018, the linear assets division dominated the market with the largest revenue share. This can be ascribed to the increasing requirement for controlled management of large railway line, power line, oil and gas pipeline, road, and drainage and facility networks.

Based on deployment type, the enterprise asset management market is fragmented into cloud-based and on-premises deployment. Of these, the market for cloud-based deployment is expected to record faster growth during the 2019-2024 period. In an enterprise, cloud-based EAM facilitates users to access personal data anytime from anywhere. Due to no upfront hardware cost associated with cloud deployment, small and medium enterprises are preferring this solution, as they are eager to enter the market quickly with less investments.

Now, based on enterprise size, the enterprise asset management market is categorized into small and medium enterprises (SME), and large enterprises. The SMEs category is predicted to record the faster growth during the 2019-2024 period, as these are rapidly deploying EAM software to maintain their assets and improve their operational efficiency. Further, to meet the need for domain-specific technical personnel, SMEs are inclining toward EAM software.

To calculate productivity and efficiency, an organization uses the asset turnover ratio. The deployment of EAM for asset utilization management consists of asset inventory tracking, invoice payment trends checking, maintenance agreement management, and invoice and funding information examination. Via these processes, the EAM software creates a set of reports, which helps decision makers compare expected billing and invoice amounts, see each asset or group of assets, and inspect unusual activity to minimize fraud and waste. Therefore, with the increasing demand for effective utilization of assets from enterprises, the EAM market is witnessing growth on a global ground.

The primary aim of an organization is increasing its profits by minimizing the procurement and maintenance costs generated during the manufacturing process. EAM can cut the maintenance costs by keeping a check on operations and giving correct information on capital investment decisions. The surging need of organizations to reduce their procurement and maintenance costs is augmenting the demand for EAM, worldwide.

Market Dynamics

Trends

    --  Integration of IoT and mobility with EAM
    --  Inclination toward cloud-based EAM

Drivers

    --  Reduced maintenance and procurement expenses
    --  Increasing adoption of EAM for effective utilization of assets
    --  Improved return on assets (ROA)

Restraints

    --  High implementation cost for SMEs

Opportunities

    --  Integration of AI and Drones with EAM

Companies Mentioned 

    --  Schneider Electric SE
    --  Oracle Corporation
    --  International Business Machines (IBM) Corporation
    --  SAP SE
    --  ABB Ltd.
    --  Industrial and Financial Systems (IFS) AB
    --  MRI Software LLC
    --  CGI Group Inc.
    --  Infor Inc.
    --  Ramco Systems Limited
    --  Rockwell Automation Inc.
    --  Bentley Systems Incorporated
    --  AssetWorks LLC

For more information about this report visit https://www.researchandmarkets.com/r/vbdl79

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SOURCE Research and Markets