The enterprise asset management market size is expected to grow from USD 4.7 billion by 2023 to USD 7.6 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. The compatibility of SaaS-based solutions with new technologies such as AI, IoT, and analytics is the primary factor for the inclination of end users toward SaaS-based enterprise asset management.
Download PDF Sample: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=54576143
Based on the offering, the services segment will grow at the highest CAGR during the forecast period. Services in the Enterprise Asset Management (EAM) market play a vital role in ensuring the successful implementation, operation, and continuous improvement of asset management solutions. Professional services, including consultancy, implementation, and training, are essential for organizations looking to tailor EAM systems to their specific needs and industry requirements.
Experienced consultants guide businesses through the intricacies of integrating EAM solutions, enabling a smooth and effective deployment. Meanwhile, managed services provide ongoing support and maintenance, ensuring the EAM system operates optimally and remains aligned with evolving business needs. In the dynamic landscape of asset management, where technology evolves and organizational requirements change, these services become crucial for keeping EAM solutions up-to-date, secure, and efficient.
Based on the deployment model, the cloud segment will grow at a higher CAGR during the forecast period. Cloud-based Enterprise Asset Management (EAM) solutions represent a modern and scalable approach to asset management, where the software and data are hosted on remote servers and accessed over the internet. Unlike traditional on-premises solutions, cloud-based EAM eliminates the need for organizations to invest in and maintain their physical infrastructure.
This model enables seamless and cost-effective scalability, allowing businesses to adapt their EAM capabilities according to changing needs. Cloud-based EAM solutions offer the advantage of accessibility from anywhere with an internet connection, promoting collaboration among geographically dispersed teams. These solutions often incorporate advanced analytics, artificial intelligence, and machine learning capabilities, providing organizations with valuable insights to optimize asset performance, reduce downtime, and enhance overall operational efficiency.
Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=54576143
Based on vertical, the manufacturing vertical will hold the largest market share in 2023. EAM systems enable manufacturers to manage their diverse physical assets effectively throughout their entire lifecycle, from procurement, installation, maintenance, and eventual decommissioning.
In the manufacturing industry, where precision and reliability are paramount, EAM solutions play a pivotal role in streamlining maintenance schedules, minimizing equipment failures, and extending the lifespan of critical machinery. Implementing EAM also facilitates predictive maintenance practices, leveraging data analytics and IoT sensors to predict and prevent potential issues before they disrupt operations. This proactive approach reduces maintenance costs and ensures a smoother production process, thereby contributing to overall cost savings and increased competitiveness. As manufacturers increasingly recognize the value of data-driven decision-making, integrating EAM solutions has become a cornerstone for achieving operational excellence and gaining a competitive position in the market.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan Salgarkar MarketsandMarkets™ INC.
1615 South Congress Ave
Suite 103, Delray Beach, FL 33445
Email: [email protected]
