Enterprise asset management is intended to enable the simple administration of assets for enterprises in different business components, services, subdivisions and geographies. The worldwide enterprise asset management market can be split into five categories. These are services, software applications, users, verticals and geographical regions. The services market can be fragmented into training and support; implementation and managed services.
The market, on account of software applications, can be sliced into non-linear assets, linear assets, assets MRO and field service management. The users enterprise asset management market is divided into large enterprises and SMBs. The verticals market comprises gas and oil, medical, manufacturing, conveyance, government and utilities, and others. Rising demand for enterprise asset management in the aforementioned verticals is expected to steer the enterprise asset management market forward.
The market, on account of geographical regions, is segmented into Asia Pacific, rest of the world, Europe and North America. The rest of the world includes Latin America; and Africa and the Middle East. The enterprise asset management market was anticipated at around USD 2, 903 million in 2015. It is estimated to register a CAGR of about 10.3 percent during the forecast phase. This phase lasts from 2015 to 2020. The market is projected to exceed beyond USD 4, 751 million by 2020.
The prime factors which drive further demand for the enterprise asset management market are the management of aging infrastructure, enhanced return on assets, and the capability to track assets. Enterprise management solutions provide certain advantages to organizations. These include higher asset output, decreased safeguarding costs, and increased view of undertakings. Industries working in dangerous surroundings have to depend heavily on efficient asset management systems.
These systems aid in increasing the worth of assets. This factor also augurs well for the enterprise asset management market and drives the sales of the same.