What is the current size and value of enterprise asset management market?
According to a new market report published by Credence Research, Inc. “Enterprise Asset Management Market By Type (Solution, Service), By Solution (Database Management, Mobility, Analytics, Cloud-based Solution), By Service (Consulting, Implementation & Integration, Training & Support), By End-user (Public Sector, Manufacturing, Oil & Gas, Healthcare, Energy & Utility, IT & Telecom, Transportation & Logistics) – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023”, the global Enterprise Asset Management market is expected to witness a steady growth, expanding at a CAGR of over 8% from 2016 to 2023.
Growing inclination of end-user organizations to enhance ageing asset life and performance is driving the adoption of enterprise asset management solutions across the globe. Also, reduction in long-term operational cost and increased return on investment is encouraging organization to deploy asset management solutions and systems. Thus, fueling growth of the enterprise asset management market. Further, growing uptake of intelligent systems and connected devices is supporting the growth of the market. However, high cost of deployment and data privacy threats are expected to hinder growth of the enterprise asset management market over the forecast period. Growing adoption of cloud-based enterprise asset management solutions is projected to create opportunity for cloud-based solution providers in the near future.
The global enterprise asset management market ecosystem consists of system providers, solution providers, communication device providers, system integrators and service providers. Prominent players operating in the global enterprise asset management market are focused towards entering strategic partnership and collaboration to develop advanced systems and solutions to sustain market competition. The major players operating in the global enterprise asset management market are Real Asset Management, Infor, AssetWorks LLC, IBM Corporation, ABB Ltd., Oracle Corporation, SAP SE, and Schneider Electric.
- Introduction of cloud-based enterprise asset management solutions and services has become an emerging trend in the market
- Increasing number of strategic partnership and collaboration
- Introduction of industry-specific enterprise asset management systems and solutions to assist market growth