Long-term benefits of implementing enterprise asset management solutions can help organisations narrow down costs related to various business processes and operations and enhance the management and maintenance control of their assets. In terms of value, the global enterprise asset management market is expected to register a CAGR of 7.2% over the forecast period and is estimated to be valued at US$ 4,032.3 Mn by 2026 end.
An improved ROI by implementing enterprise asset management solutions likely to boost demand and market growth
The primary factors driving the growth of the global enterprise asset management market include a paradigm shift towards cloud services and the emergence of the Internet of Things (IoT). Organisations are gradually increasing their investments in software as a substitute for manual labour and this is further expected to boost the growth of the global enterprise asset management market over the forecast period.
However, high costs associated with designing and implementing enterprise asset management solutions, lack of strategic planning post solution installation, and lack of skilled personnel to manage the enterprise asset management process is anticipated to hamper the growth of the global enterprise asset management market during the forecast period.
Major enterprise asset management solution providers are laying emphasis on introducing cloud-based enterprise asset management solutions to cater to the growing demand across various verticals, especially small and medium enterprises. Providers are also looking to integrate predictive analytics and ERP with their enterprise asset management solution offerings.
Cloud-based Solution segment anticipated to witness comparatively higher CAGR over the forecast period
In 2015, the Cloud-based Solution segment was valued at US$ 443.8 Mn and is estimated to reach US$ 488.8 Mn by the end of 2016, reflecting a Y-o-Y growth rate of 10.1%. This segment is likely to exhibit a higher CAGR owing to greater adoption backed by lower cost of maintenance and support post installation. The Mobile Solution segment is expected to register a CAGR of 7.8% during the forecast period.
Implementation Service segment estimated to contribute a larger revenue share to the global enterprise asset management market
The Implementation Service segment is expected to dominate the global enterprise asset management market in terms of revenue with a CAGR of 5.7% over the forecast period. The Consulting Service segment is estimated to create incremental $ opportunity of US$ 57.3 Mn between 2016 and 2026.
Manufacturing vertical segment expected to hold a larger revenue share of the global enterprise asset management market by 2026
The Manufacturing vertical segment is estimated to reach a market valuation of US$ 749.7 Mn by 2026, registering a CAGR of 9.3% during the forecast period. The Healthcare and Pharmaceutical Industry vertical segment is anticipated to exhibit a CAGR of 7.5% during the forecast period.
North America to dominate the global enterprise asset management market in terms of revenue share throughout the forecast period
The North America enterprise asset management market is estimated to account for 30.3% revenue share by the end of 2016. The North America region is expected to dominate the global enterprise asset management market and is likely to witness a comparatively higher growth rate during the forecast period. Europe is expected to be the second largest market in terms of revenue in the global enterprise asset management market over the next 10 years.
Key market players are focussing on deploying enterprise asset management solutions primarily for large enterprises and asset intensive industries such as public sector, transportation, and energy & utilities
IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., IFS AB, Infor Inc., Ultimo Software Solutions bv, CARL International SA, eMaint Enterprises, LLC, Mainsaver Inc., MEX Pty Ltd., and AssetWorks LLC are some of the leading companies operating in the global enterprise asset management market.
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