MarkNtel Advisors recently published a detailed industry analysis of the Enterprise Asset Management Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
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Insights and Analysis of the Enterprise Asset Management Market (2024-2030)
The Global Enterprise Asset Management Market size was valued at USD 4.4 billion in 2023 and is estimated to grow at a CAGR of around 10.8% during the forecast period, i.e., 2024-30.
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What is driving the Enterprise Asset Management market?
Rising Adoption of Cutting-Edge Technologies & Connected Devices – Internet penetration & smartphone accessibility have increased significantly during historical years. As per the statistics provided by the Data Reportal, in 2023, there were approximately 5.16 billion internet users across the globe, which is approximately 64.4% of the total world population. Similarly, smartphone accessibility across the globe has also increased. This proliferation of smart devices is creating a conducive environment for digital platforms & services. As a result, several organizations globally have shifted towards digital platforms & started offering their services via digital means. According to the BigCommerce Company, as of 2023, around 20% to 30% of organizations have moved to online platforms & around 60% of enterprises are planning to increase their online presence. Therefore, organizations are increasingly utilizing technology-based solutions to boost their online performance.
Additionally, these companies are adopting sensor technologies, data analytics, and Artificial Intelligence (AI) since these emerging technologies enable the organization to make well-informed decisions. Thus, to improve customer engagement, simplify business operations, and optimize overall operational efficiency, organizations are increasingly using technology-based asset management solutions, driving the Global Enterprise Asset Management Market.
Furthermore, industries across the globe are undergoing Industrial Revolution 4.0, owing to which the manufacturing units require solutions that help in real-time monitoring. Thus, these industries would shift towards Internet of Things (IoT) based enterprise asset management solutions to minimize downtime, consequently enlarging market size in the forecast period.
What segments define the Enterprise Asset Management market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
By Offering
(Solutions, Services, (Professional services, (Planning & Consulting, Training & Education, Support & Maintenance), Managed Services)),
By Application
(Asset Lifecycle Management, Inventory Management, Work order Management, Labour Management, Facility Management, Others),
By Deployment Model
(Cloud, On-premises),
By Organization Size
(Large Enterprises, SMEs),
By Vertical
(Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Transportation & Logistics, Telecom, Government & Public Sector, Education, Others)
Region
(North America, South America, Europe, The Middle East & Africa, Asia-Pacific)
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Who are the leading key players shaping the Enterprise Asset Management Market landscape?
IBM, SAP, Oracle, Hexagon, IFS, Hitachi Energy, IPS Intelligent Process Solutions, Accruent, Aveva, Aptean, Emaint, CGI, Upkeep, Assetworks, Ramco Systems, and Others
Questions Addressed in this Study
1.What factors are driving the Enterprise Asset Management Market growth?
2.How is the Enterprise Asset Management Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Enterprise Asset Management Market?
4.What is the current size of the Enterprise Asset Management Market, and how is it projected to change in the future?
6.What is the future outlook for the Enterprise Asset Management Market in terms of technological advancements and market expansion?
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