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Enterprise Asset Management MarketThe effective performance of an enterprise depends on the proper functioning of its assets. The growing need for maintaining an enterprise’s holdings throughout its lifecycle is a major factor that can surge the global enterprise asset management (EAM) market. The global enterprise asset management market is expected to expand at an impressive CAGR over the assessment period and register and attain a substantial valuation by the end of the forecast year. Digitalization is transforming the business ecosystem. As companies depend more on online data, the need for protecting and maintaining data increases. Technical advancements like cloud computing and big data analytics are likely to promote the growth of the global enterprise asset market. Expansion of existing companies and an increase in the number of startups are some of the positive outcomes of the fourth industrial revolution. Hence, with the escalation in the number of companies, the need for maintaining their assets is surging. The increase in the adoption of enterprise asset management solutions is expected to spur the market growth.
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Additionally, the ability of enterprise asset management solutions to streamline business process that aids in the smooth run of a company is expected to drive the enterprise asset management market growth. Enterprise asset management market is anticipated to gain momentum as the inclination of businessmen towards smart solutions increases. The enterprise asset management market is also likely to gain tractions as effective performance of a company’s assets can curb down the capital cost. Enterprise asset management solutions also allow asset condition monitoring, mobile inspection and calibration, improved project management, and others. These benefits are anticipated to impel the global enterprise asset management market. On the flip side, lack of awareness of EAM solutions and their high cost can impede the global enterprise asset management market growth. The growing competition among vendors is likely to benefit the growth of the global enterprise asset management market growth. Well-established companies are investing in the research and developmental activities, encouraging innovations. Modified versions of global enterprise asset management is likely to intensify the growth of the market.
The enterprise asset management market has been studied on the basis of deployment, organization, and application. Based on the deployment, the enterprise asset management market has been segmented into on-cloud and on-premise. The fast-paced expansion of the global enterprises asset management market can be attributed to the increase in the adoption of cloud computing across different industry verticals. Based on the organization, the enterprise asset management market has been segmented into SMEs and Large Organization. The high rate of adoption of enterprise asset management solutions by large enterprises is anticipated to fuel the market growth. Based on the application, the market has been segmented into Manufacturing, Government, Oil & Gas, Aerospace & Defence, Healthcare, and Transportation. The manufacturing, the aerospace, and the oil and gas industries are high end-users of the global enterprise asset management market. By region, the global enterprise asset management market has been analyzed across North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America, followed by Asia Pacific is expected to hold a significant share of the global enterprise asset management market due to industrialization.
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