Rise in demand to extend the life span of enterprise assets, huge demand for SaaS-based EAM solutions, increase in need to generate maximum economical return on the assets, and global acceleration of digital transformation in enterprises due to COVID-19 outbreak drive the growth of the U.S. enterprise asset management market. Based on component, the solution segment accounted for the major share in 2020. By industry vertical, on the other hand, the SME’s segment would exhibit the fastest CAGR throughout the forecast period.
Portland, OR , May 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the U.S. enterprise asset management market was estimated at $1.60 billion in 2020 and is expected to hit $4.39 billion by 2030, registering a CAGR of 11.5% from 2021 to 2030. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Rise in demand to extend the life span of enterprise assets, huge demand for SaaS-based EAM solutions, increase in need to generate a maximum economical return on the assets, and global acceleration of digital transformation in enterprises due to COVID-19 outbreak drive the growth of the U.S. enterprise asset management market. On the other hand, a lack of knowledge while selecting solutions that perfectly match the enterprise business and several issues associated with regulatory compliances hinder the growth to some extent. However, the convergence of technologies such as AI, ML, IoT, and analytics and the emergence of industrial internet of things (IIoT) and industry 4.0 is anticipated to create lucrative opportunities in the industry.
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During the Covid-19 pandemic, the manufacturing and utility industries were hampered due to the non-maintenance of assets and were not able to operate efficiently; however, due to the adoption of EAM solutions, the effective management of assets as possible, and they were widely adopted. This, in turn, impacted the U.S. Enterprise Asset Management market positively.
The companies were leveraging various advanced capabilities offered in intelligent asset performance management (APM) and enterprise asset management (EAM) systems during the pandemic.
This trend is most likely to continue post-pandemic as well.
Get a detailed COVID-19 impact analysis on the U.S. enterprise asset management market:
The U.S. enterprise asset management market is analyzed across component, deployment model, enterprise size, and industry verticals. Based on components, the solution segment accounted for around three-fifths of the total market share in 2020 and is anticipated to rule the roost by 2030. The services segment, however, would register the fastest CAGR of 12.3% during the forecast period.
Based on enterprise size, the large enterprise segment contributed to more than three-fifths of the total market revenue in 2020 and is expected to lead the trail by the end of 2030. The SME’s segment, on the other hand, would exhibit the fastest CAGR of 11.8% throughout the forecast period.
Based on industry vertical, the energy and utilities segment accounted for around one-third of the total market revenue in 2020 and is anticipated to rule the roost by the end of 2030. The healthcare segment, simultaneously, would manifest the fastest CAGR of 14.8% during the forecast period.
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The key market players analyzed in the U.S. enterprise asset management industry report include CGI, Infor, Inc., MRI Software, LLC, Oracle Corporation, Ramco Systems, International Business Machines Corporation (IBM), ABB Group, SAP SE, Schneider Electric, and IFS (Industrial & Financial Systems). These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry.
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