Enterprise Asset Management Market Worth $8.2 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Aug. 16, 2019 /PRNewswire/ -- According to a new market research report "Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy and Utilities, Government and Defense, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024", published by MarketsandMarkets, the EAM Market size expected to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 10.0% during the forecast period.
The growing demand for cloud-based EAM solutions to enhance asset lifecycle and reduce maintenance and repair cost with the help of advanced technologies are some of the major factors driving the growth of the enterprise asset management market.
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The asset lifecycle management solution segment to hold the largest market size in the EAM Market during the forecast period
Physical assets used in different industries can range in scope and size. Hence, it becomes essential for any organization to manage its critical assets and maximize the total cost of ownership throughout the asset's lifecycle. Most times, organizations lack the granularity to view every asset lifecycle and how these stages can affect the whole business processes. The demand for asset management solution is expected to grow further during the forecast period.
The cloud deployment mode is expected to grow at a higher CAGR during the forecast period as compared to the on-premises segment
Currently, organizations are looking forward to having their solution deployed on the cloud, as cloud deployment offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost efficiency. The implementation of cloud-based EAM solution facilitates SMEs and large enterprises to focus on their core competencies, rather than IT processes. With the help of the cloud-based enterprise asset management solutions, organizations can gain a 360-degree view of the critical asset and rectify them before unplanned failures. Moreover, cloud-based enterprise asset management solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations boost the performance of their asset-intensive tasks.