MarketsandMarkets predicts a great season ahead for asset management companies. According to a research report published by the research firm, which is titled "Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy and Utilities, Government and Defense, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024", the Enterprise Asset Management (EAM) market size is expected to grow for the next five years. It would elevate from $5.1 billion in 2019 to $ 8.2 billion by 2024 at a CAGR of 10.0 percent during the forecast period. The growing demand for cloud-based EAM solutions to enhance asset lifecycle and reduce maintenance and repair cost using advanced technologies, serves as some of the major factors driving the growth of the EAM market.

The physical assets used in different industries can range in scope and size. Hence, managing its critical assets and maximize the total cost of ownership throughout the asset lifecycle, has turned essential for every organization. At times, organizations lack the granularity to view every asset lifecycle, and how these stages can affect the whole business processes. The asset management solution demand is further expected to grow during the forecast period.

Lately, organizations are looking forward to having their solution deployed on the cloud. The cloud deployment offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration and cost efficiency.

The implementation of cloud based EAM solution facilitates SMEs and large enterprises to focus on their core competencies, rather than just the IT processes. The cloud based EAM solution assists the organization to gain a 360 degree view of the critical asset and rectify them before any unplanned failures could occur. In addition, cloud based EAM solution also offers a centralized way to integrate the systems and its components with the web and mobile applications. This would help the organizations to boost their asset intensive tasks’ performance.

North America exhibits a wide presence of key industry players offering enterprise asset management solutions and services. The region’s financial position enables it to invest majorly in leading tools and technologies for effective business operations

North America is estimated to account for the largest share of the enterprise asset management market in 2019. It is also considered that the most advanced region in terms of adopting digital technologies would be the US and Canada. Furthermore, North America exhibits a wide presence of key industry players offering enterprise asset management solutions and services. The region’s financial position enables it to invest majorly in leading tools and technologies for effective business operations.

IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), Aptean (US), CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), and Ultimo (UK) are some of the leading companies operating in this market.