LONDON, Aug. 24, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the enterprise asset management market, the growing demand for SaaS-based EAM solutions is driving the growth of the market. SaaS-based EAM services is a cloud-based software service that helps vendors deliver applications through a subscription-based model. These solutions have become a fundamental part of the technological world for dashboards, mobile applications, asset tracking, performance management, forecasting and regulatory compliance. Customers are increasingly investing in SaaS solutions rather than traditional on-premises solutions due to various factors such as reduced time-to-use, lower costs, scalability and integration, etc. For example, according to the study published on DevSquad in 2022, 73% of companies are switching all systems to SaaS and companies plan to increase their spending by 44% compared to the previous year.
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The global enterprise asset management market size is expected to grow from $5.21 billion in 2021 to $5.81 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global enterprise asset management market share is expected to reach $8.98 billion in 2026 at 11.5% CAGR.
Technological advancements are gaining popularity in enterprise asset management industry trends. Major companies in the enterprise asset management market are focusing on expanding their development activities in new technologies. For example, in March 2022, Aptean launched a cloud-based EAM solution, including a computerized maintenance management system for industrial customers. Then, the new launch will help customers of small and medium manufacturers to meet their asset management requirements and demands.
The key players in enterprise asset management market are ABB Ltd., CGI Inc., IBM, Infor, Oracle, SAP, Schneider Electric SE, MRI Software LLC, Ramco Systems Limited, Rockwell Automation Inc., Ultimo Software Solutions BV, Upkeep Technologies Inc., Assetworks LLC, Bentley Systems Incorporated and IFS.
The global enterprise asset management market is segmented by the move towards on-premises cloud; by application in asset lifecycle management, inventory management, work order management, labor management, etc. ; by vertical in energy and utilities, transportation and logistics, government and public sector, IT and telecommunications, manufacturing, healthcare and life sciences, education, etc.
North America was the greater region in the enterprise asset management market in 2021. Asia Pacific should be the fastest growing region in the global enterprise asset management market over the forecast period. Regions covered in the Global Enterprise Asset Management Market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The Global Enterprise Asset Management Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provide insights into the management market Enterprise Asset Management, analyze and forecast market size and growth for overall market, Enterprise Asset Management market segments and geographies, Enterprise Asset Management market trends, drivers Enterprise Asset Management Market Report, Enterprise Asset Management Market Constraints, Revenues, Profiles and Market Share of Enterprise Asset Management Market Top Competitors in 1000+ Reports industry, covering more than 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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