Enterprise Information Archiving Market Overview: Market Size, Major Drivers And Trends
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The enterprise asset management (EAM) market has witnessed rapid growth in recent years, driven by factors such as regulatory compliance, aging infrastructure, and the integration of EAM with ERP systems. From $6.22 billion in 2023, the market is projected to reach $6.87 billion in 2024, boasting a compound annual growth rate (CAGR) of 10.3%.
Anticipating Future Growth
The forecast for the enterprise asset management market remains optimistic, with expectations of reaching $10.55 billion by 2028, exhibiting a CAGR of 11.3%. The rapid growth is attributed to trends such as mobile exam solutions, sustainability initiatives, cybersecurity measures, and the customization of solutions to meet industry-specific needs.
Surging Demand for SaaS-Based EAM Solutions
The rise in demand for Software as a Service (SaaS)-based EAM solutions is a significant driver of market growth. These cloud-based services offer benefits such as reduced time to benefit, scalability, and integration capabilities. Businesses are increasingly shifting towards SaaS-based solutions due to their cost-effectiveness and flexibility. Major companies like IBM, Oracle, and SAP are at the forefront of providing innovative SaaS-based EAM solutions to meet evolving customer demands.
Innovative Technological Advancements
Major players in the EAM market are focusing on technological advancements to stay competitive. Mobile solutions tailored for specific industries are gaining traction, enabling organizations to streamline asset management processes. For example, Innovapptive’s mobile solutions for IBM Maximo EAM offer enhanced functionalities and address the unique needs of organizations relying on IBM Maximo. Such innovations drive efficiency and improve overall asset management practices.
Strategic Acquisitions: Driving Expansion
Strategic acquisitions play a crucial role in expanding companies’ portfolios and enhancing market presence. COSOL Limited’s acquisition of Clarita Solutions Pty Ltd exemplifies this trend. By combining technologies and expertise, companies aim to strengthen their product offerings and gain a competitive edge in the market. Clarita Solutions Pty Ltd’s expertise in enterprise asset management services complements COSOL Limited’s capabilities, enabling them to offer comprehensive solutions to their clients.
Market Segmentation and Regional Growth
The enterprise asset management market is segmented based on development (on-premise, cloud), application (asset lifecycle management, inventory management, work order management, etc.), and vertical (energy and utilities, transportation and logistics, healthcare and life sciences, etc.). North America currently leads the market, while Asia-Pacific is poised to be the fastest-growing region in the forecast period, driven by increasing investments in infrastructure and technological advancements.
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The Enterprise Information Archiving Global Market Report 2024 provides an overview of the enterprise information archiving market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The enterprise information archiving market forecast analyzes enterprise information archiving market size, enterprise information archiving market share, leading competitor and their market positions.
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