| Published: March 2019 | Report Code: IM10276 | Available Format: | Pages: 200 |
Enterprise Asset Management (EAM) Market Overview
The enterprise asset management market is estimated to value $4.1 billion in 2018, and is expected to grow at a CAGR of 13.5%, during 2019-2024. The major factors contributing in the growth of global enterprise asset management market, include reduction of maintenance and procurement expenses, increasing adoption of EAM solutions, and improved return on assets.
Based on component, the enterprise asset management market is categorized into software, service, and solution; wherein software category is estimated to hold largest share, primarily Europe market in 2018. This is due to increasing need for effective capital planning processes, asset maintenance, and operations. Moreover, in terms of deployment type, the market is categorized as on-premises and cloud-based EAM; wherein cloud-based deployment category is projected to register faster growth, during the forecast period. Cloud-based EAM requires no additional hardware investments and offers improved accessibility to organizations.
On the basis of industry, the enterprise asset management market is categorized into manufacturing, oil & gas, energy and utilities, government, transportation and logistics, healthcare, and other applications. Of these, the market for retail, metal and mining, is anticipated to witness the fastest growth during the forecast period. This can be attributed to the stimulating growth of retail businesses across the globe, with establishment of hypermarkets and supermarkets in developing regions, and new entrants adopting EAM solutions to speed-up the store activities, whilst improving the throughput.
On the basis of region, North America is estimated to hold the largest share in terms of revenue, in 2018, owing to increasing IT sector, improving employment rate, and focus of enterprises on innovation and business efficiency. Further, in North America industrial landscape, enterprises considerably focus on asset utilization, predictive utilization, and safeguarding supply chain management, in order to smoothen and streamline business operations.
Enterprise Asset Management Market Dynamics
Trend
The key trend observed in the enterprise asset management market is the integration of Internet of Things (IoT) with EAM solutions. This can be attributed to the growing deployment of IoT in mobile devices like smartphones, personal digital assistance (PDAs), and laptops, globally. Companies such as SAP SE and IBM Corporation offers mobile EAM solutions in the form of an application software which enable workers to input the inspection data directly to the mobile application. In addition, integration of IoT with EAM provides identification of performance non-conformities, repair as well as replacement detection, and potential process control modifications.
Enterprises are inclined toward cloud-based EAM solution to streamline work and manage facilities. Cloud computing enable enterprises to lessen their overhead cost by reducing their investments in IT infrastructure. It also offers better technical support and services by integrating debugging and performance monitoring tools in the system, increased business agility, and enables maintenance personnel to be more mobile.
Driver
Enterprises require EAM for management of assets, buildings, machines, IT and other enterprise assets. Return on assets (ROA) shows how profitable a company’s assets are in generating revenue. EAM offers timely maintenance of assets that helps to prevent the malfunction of machines or equipment and thus, reduces machine downtime. EAM extends the life of assets that preserves capital and saves the environmental and financial impacts of decommissioning of the existing assets. EAM software optimizes the utilization and productivity of company resources and hence in turn increases the ROA.
Opportunity
One of the opportunities for the growth of players operating in the enterprise asset management market lies in the integration of AI and drone-based asset management. AI is used to improve data handling wherein data can be analyzed from the records which can enable mid-level management to make better and fasten the decision-making process. Further, drone-based asset management helps in collection of information from places that are out of human reach. The collected information can be given to system for further processes. For instance, drone-based enterprise asset management can be used in oil refineries, offshore oil drilling platforms, bridges, cargo ships, airplanes and railroad beds.
Enterprise Asset Management Market Competitive Landscape
In the recent past, players in the enterprise asset management market have particularly focused on mergers & acquisitions to expand their customer base. For instance, in November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia, an innovative technology solutions provider, to connect with enterprise resource planning (ERP), EAM, and geographical information systems (GIS). With this acquisition, the company aims to expand the scope of information that can be accessed through AssetWise. The acquisition was completed for an undisclosed amount.
Some of the other key players operating in the enterprise asset management market includes Oracle Corporation, SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., and AssetWorks LLC.
Prescient & Strategic (P&S) Intelligence Private Limited (formerly known as P&S Market Research Private Limited) was born out of the idea of helping businesses achieve breakthroughs through intelligent decision making, underpinned by a thorough understanding of industry dynamics
Enquire Before Purchase