NEW YORK, Aug. 26, 2020 /PRNewswire/ -- One of the major requirements for businesses these days is achieving a reduction in procurement and maintenance expenses. As a result, the global enterprise asset management (EAM) market is likely to witness a robust 17.0% CAGR between 2020 and 2030. At this rate, the revenue garnered by the providers of such solutions will increase from $5.5 billion in 2019 to $25.9 billion by 2030, according to P&S Intelligence.

The need for a reduction in operational expenses is helpful for the enterprise asset management market, as EAM solutions track operations, provide better information on decisions related to capital investments, and integrate procurement and maintenance processes for effective equipment control, which ultimately brings down operational costs. Additionally, EAM software helps reduce material procurement cost and increase the return on investment (ROI), which is why companies are adopting such solutions.

The enterprise asset management market is witnessing the ill-effects of the coronavirus pandemic. Countries around the world have initiated a partial or complete lockdown to stop the virus from spreading, which has led to the closure of many manufacturing and major commercial operations. As a result of the losses being incurred by companies due to subdued sales, they are taking steps to cut down on their expenditure and are therefore hesitating in procuring EAM and other expensive solutions.

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Large enterprises have held the larger share in the enterprise asset management market, based on enterprise, till now, owing to their need for efficient asset management, focus on machine downtime analysis, rising awareness on identifying the reasons for equipment malfunctioning beforehand, and the stringent regulatory landscape they are subject to.

In the years to come, the higher CAGR in the enterprise asset management market, of 20.2%, under the deployment segment, is predicted to be seen in the cloud bifurcation. This would be a result of the increasing number of startups and new companies in various industries around the world, which are utilizing cloud computing for rapid growth. The reasons behind the surging popularity of cloud-based solutions are that they require no additional IT infrastructure and allow the data to be accessed from anywhere, anytime.

Browse report overview with detailed COVID-19 impact analysis on "Enterprise Asset Management (EAM) Market Research Report: By Offering (Solution, Service), Enterprise (Large Enterprises, SMEs), Deployment (On-Premises, Cloud), Vertical (Energy and Utilities, Manufacturing, Healthcare and Life Sciences, Transportation and Logistics, IT and Telecom, Government and Defense, Oil and Gas) - Global Industry Analysis and Growth Forecast to 2030" @ https://www.psmarketresearch.com/market-analysis/enterprise-asset-management-market

Presently, the largest revenue contributor to the enterprise asset management market is North America, due to its developed IT infrastructure, increasing number of small and medium enterprises (SMEs), and strong focus of regional firms on predictive utilization, efficient asset utilization, and safeguarding supply chain management (SCM). Asia-Pacific (APAC) is set to experience the most rapid surge in the demand for EAM solutions in the years to come, because of the quick digitization, escalating IT expenditure, rising government support for SMEs, expanding residential construction industry, and growing focus of companies on business expansion.

Mergers and acquisitions currently characterize the competitive landscape of the enterprise asset management market, as, with such moves, the players are:

• Speeding up digital transformation by increasing their knowledge on mission-critical software
• Improving their value chain optimization solutions
• Expanding in key markets
• Strengthening their product portfolio by integrating each other's EAM capabilities
• Targeting more customers across key industries

The major companies in the global enterprise asset management market are IBM Corporation, Oracle Corporation, Infor Inc., ABB Ltd., MRI Software LLC, SAP SE, IFS AB, Schneider Electric SE, Ramco Systems Limited, CGI Inc., Bentley Systems Incorporated, Rockwell Automation Inc., UpKeep Technologies LLC, AssetWorks LLC, Maintenance Connection LLC, Ultimo Software Solutions bv, DataMAX Software Group Inc., and eMaint Enterprises LLC.

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