As per the industry analysis report titled ‘Enterprise Asset Management (EAM) Market Size By Component (Solution [Asset Lifecycle Management, Predictive Maintenance, Work Order Management, Labor Management, Facility Management, Inventory Management], Service [Professional Service, Managed Service]), By Deployment Model (On-premise, Cloud), By Enterprise Size (Large Enterprises, SMEs), By Application (Linear Assets, Asset MRO, Non-Linear Assets, Field Service Management), By End-user (Energy & Utilities, Manufacturing, IT & Telecom, Healthcare, Oil & Gas, Transportation and Logistics, Government & Public Sector), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyreport, the enterprise asset management (EAM) market is slated to progress considerably through the forecast period-end.

Industry experts cite that increasing demand for asset management solutions across various sectors has propelled enterprise asset management (EAM) market expansion over the forecast period.

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For the uninitiated, enterprise management systems are a combination of systems, services and software that facilitate regulation of operational equipment and assets. Optimization of quality and usage of assets is the primary goal of EAM systems. Moreover, extended lifespan of assets, reduced operational costs, and enhanced productivity are the key benefits of these systems.

Moving on to component segmentation, the work order management sub-segment captured a market share of around 9.2% in 2020 and is expected to witness a robust growth rate in the upcoming years.

Meanwhile, the labour management sub-segment is predicted to showcase a considerable growth rate of more than 10% during the analysis timeframe, attributable to increased product uptake as it aids in reducing labour costs, while improving efficiency, quality and safety.

From the perspective of application, global enterprise asset management (EAM) industry from non-linear assets segment is slated to record a robust CAGR of around 10% through the forecast timeline, creditable to mounting product usage in managing historical information, approvals, workflow and asset locations.

Speaking of end user scope, the IT & telecom segment is slated to showcase a year-over-year growth rate of around 10% during the study period. This can be ascribed to increasing product application in tracking & managing virtual servers, connected servers, network equipment, and plotters.

In a similar vein, the government and public sector segment accounted for 5% of the overall market share in 2020 and progress at a strong pace through 2027, owing to boom in tracking, reconciling, and maintaining assets and equipment in the public sector.

From a regional standpoint, Latin America enterprise asset management (EAM) marketplace is slated to register a CAGR exceeding 5% over the analysis period due to booming trade industry within the region.

The competitive framework of this business sphere is defined by key players such as Ramco Systems Ltd, Oracle Corporation, SAP SE, International Business Machines Corporation (IBM), IFS AB, ABB Ltd., CGI Group Inc., Infor, Intelligent Process Solutions (IPS), Aptean, AVEVA Group plc, and AssetWorks LLC.