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Product Development of Enterprise Asset Management Market in industry
Enterprise Asset Management (EAM) today, plays a significant role in determining the absolute efficiency of an organization. The major need to have a continuous update on all the organizationís assets, has lead to the implementation and rise in demand for EAM solutions.
The EAM market has experienced a substantial growth with the increase in adoption of these solutions for accurate asset tracking and enhanced decision making in asset maintenance. Presently, these solutions offered by vendors provide full support in maintaining records for all the user-specific or standardized asset related operations.
These solutions are further integrated with certain capabilities and analytical engines, which determine the complete lifecycle of the assets. This broadly helps in streamlining the workflow in the organization. By adhering to the schedules highlighted in preventive maintenance for the assets, the organization is benefited with enhanced efficiency of its assets and reduction in overall cost. EAM solutions have been widely adopted by the industry verticals, namely manufacturing, oil and gas, transportation, healthcare, and government and utilities sector. Majority of the Small and Medium Businesses (SMBs) and even certain Enterprises are yet to adopt EAM solutions in the regions of Asia Pacific and Latin America. These emerging regions have huge potential, and offer great opportunities to EAM solution vendors.
The driving factors for the EAM market are mainly the administration of aging infrastructure, facilitation in asset tracking, and Improved Return on Assets (ROA).
The global Enterprise Asset Management (EAM) market is expected to grow from $ 2.49 billion in 2014 to $ 4.23 billion in 2019 at a CAGR of 9.6%.
North America is expected to have the largest market share in the overall Enterprise Asset Management (EAM) market in 2014.
Enterprise Asset Management Market by Software Applications (Linear Assets, Non-Linear Assets, Field Service Management, Assets MRO) by Services (Implementation, Managed Services, Training & Support) - Worldwide Forecasts and Analysis (2014-2019)
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