World News: 10:12 GMT Wednesday 15th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The enterprise asset management (EAM) market is projected to generate a revenue of $8.7 billion by 2024, advancing at a CAGR of 13.5% during the forecast period (2019-2024)Across the globe, the major factors responsible for the growth of the market are increasing demand for effective utilization of assets, improved return on assets, and controlling procurement and management expenses.On the basis of component, the enterprise asset management market is classified into service, software, and solution. The software category is further divided into linear assets, non-linear assets, field service management (FSM), and asset maintenance, repair, and operations (MRO). Among these, in 2018, the linear assets division dominated the market with the largest revenue share. This can be ascribed to the increasing requirement for controlled management of large railway line, power line, oil and gas pipeline, road, and drainage and facility networks.Based on deployment type, the enterprise asset management market is fragmented into cloud-based and on-premises deployment. Of these, the market for cloud-based deployment is expected to record faster growth during the 2019-2024 period. In an enterprise, cloud-based EAM facilitates users to access personal data anytime from anywhere. Due to no upfront hardware cost associated with cloud deployment, small and medium enterprises are preferring this solution, as they are eager to enter the market quickly with less investments.Now, based on enterprise size, the enterprise asset management market is categorized into small and medium enterprises (SME), and large enterprises. The SMEs category is predicted to record the faster growth during the 2019-2024 period, as these are rapidly deploying EAM software to maintain their assets and improve their operational efficiency. Further, to meet the need for domain-specific technical personnel, SMEs are inclining toward EAM software.To calculate productivity and efficiency, an organization uses the asset turnover ratio. The deployment of EAM for asset utilization management consists of asset inventory tracking, invoice payment trends checking, maintenance agreement management, and invoice and funding information examination. Via these processes, the EAM software creates a set of reports, which helps decision makers compare expected billing and invoice amounts, see each asset or group of assets, and inspect unusual activity to minimize fraud and waste. Therefore, with the increasing demand for effective utilization of assets from enterprises, the EAM market is witnessing growth on a global ground.The primary aim of an organization is increasing its profits by minimizing the procurement and maintenance costs generated during the manufacturing process. EAM can cut the maintenance costs by keeping a check on operations and giving correct information on capital investment decisions. The surging need of organizations to reduce their procurement and maintenance costs is augmenting the demand for EAM, worldwide. 1.1 Research Objectives1.2 Market Definition1.3 Research Scope1.4 Key Stakeholders2.1 Secondary Research2.2 Primary Research2.3 Market Size Estimation2.4 Data Triangulation2.5 Assumptions for the Study4.1 Definition of Market Segments4.1.1 By Component126.96.36.199 Software188.8.131.52.1 Linear assets184.108.40.206.2 Non-linear assets220.127.116.11.3 Field service management (FSM)18.104.22.168.4 Assets maintenance, repair, and operations (MRO)22.214.171.124 Service126.96.36.199.1 Professional188.8.131.52.2 Managed184.108.40.206 Solution220.127.116.11.1 Planning and forecasting18.104.22.168.2 Procurement of material22.214.171.124.3 Logistics and inventory126.96.36.199.4 Network field operations188.8.131.52.5 Assets transfer and retirement4.1.2 By Deployment Type184.108.40.206 On-premises220.127.116.11 Cloud-based4.1.3 By Industry18.104.22.168 Government22.214.171.124 Oil and Gas126.96.36.199 Healthcare188.8.131.52 Transportation and Logistics184.108.40.206 Manufacturing220.127.116.11 Energy and Utilities18.104.22.168 Others4.1.4 By Enterprise Size22.214.171.124 SMEs126.96.36.199 Large Enterprises4.2 Value Chain Analysis4.2.1 EAM Software Designers and Integrators4.2.2 Software Integrators4.2.3 Service Providers4.2.4 End-User4.3 Market Dynamics4.3.1 Trends188.8.131.52 Integration of IoT and mobility with EAM184.108.40.206 Inclination toward cloud-based EAM4.3.2 Drivers220.127.116.11 Reduced maintenance and procurement expenses18.104.22.168 Increasing adoption of EAM for effective utilization of assets22.214.171.124 Improved return on assets (ROA)126.96.36.199 Impact analysis of drivers on market forecast4.3.3 Restraints188.8.131.52 High implementation cost for SMEs184.108.40.206 Impact analysis of restraints on market forecast4.3.4 Opportunities220.127.116.11 Integration of AI and Drones with EAM4.4 Porter's Five Forces Analysis5.1 By Component5.1.1 Software, by Type5.1.2 Services, by Type5.1.3 Solutions, by Type5.2 By Deployment Type5.3 By Industry5.4 By Enterprise Size5.5 By Region11.1 Market Share Analysis of Key Players11.2 List of Key Players11.3 Recent Activities of Major Players11.4 Global Strategic Developments of Key Players11.4.1 Mergers and Acquisitions11.4.2 Product Launches11.4.3 Partnerships
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Globe Newswire: 10:12 GMT Wednesday 15th May 2019
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