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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Enterprise asset management (EAM) refers to the management of physical assets of an enterprise throughout each asset’s lifecycle, in order to augment their use, enhance quality and efficiency, save money, and protect health and the environment. EAM majorly finds applications in various industries that are dependent on complex and expensive assets including plants, vehicles, heavy equipment, etc. Major industries employing EAM are energy, government, oil and gas, mining, utility, shipbuilding, defense, and aerospace. A specialized software is often used that handles every aspect of running a public works or asset-intensive organization. For instance, EAM software can alert operations managers to failure of machine part and provides necessary information and tools required to dispatch to person to prevent further causalities.

The global enterprise asset management market is estimated to account for US$ 2470.74 Mn in terms of value by the end of 2019.

Market Dynamics- Drivers

  1. Growing investment by organizations in EAM software is expected to drive the global enterprise asset management market during the forecast period

Increasing investment by organizations on enterprise asset management software is expected to drive growth of the global enterprise asset management market during the forecast period. Various governmental and corporate organizations around the world are employing EAM software, in order to optimize the company’s work efficiency and save money. For instance, in August 2019, Infor, Inc., a U.S.-based enterprise software company, received the contract for EAM solution from Auckland Transport (AT) to manage its asset in future. AT manages a public transport system that includes assets of US$ 1.02 billion with 43 railway stations, 21 ferry wharves, and 2,337 bus stations.

  1. Growing emergence of IoT such as smartphones is expected to propel the global enterprise asset management market

Furthermore, rising emergence of Internet of Things (IoT) such as smartphones, medical electronics, automobiles, thermostats, and more, which allows devices to communicate and send and receive data is expected to propel the global enterprise asset management market growth over the forecast period.

North America region dominated the global enterprise asset management market in 2018, accounting for 31.2% share in terms of value, followed by Europe and Latin America, respectively

MARKET SHARE 2018

 Enterprise Asset Management (EAM)  | Coherent Market Insights

Source: Coherent Market Insights Analysis

Market Dynamics- Restraints

  1. High cost associated with installation of EAM software is expected to restrain the market growth

High cost of enterprise asset management software, especially for small and medium-sized companies is expected restrain growth of the global enterprise asset management market in the near future. Various companies such as IBM and SAP SE offers EAM solutions, though they are not always affordable for small- or medium-sized companies. Moreover, its implementation is time intensive, which would cost the company.

  1. Lack of trained personal is to deploy EAM software is expected to hinder the market growth

Moreover, lack of skilled professionals to deploy EAM software is expected to hamper the market growth in the near future. Although there is no specific career path for EAM solutions for an individual, companies often understaff this particular domain. Moreover, this process is spanned through multiple departments and lack of coordination among those department can make it challenging to reach towards the same goal.

Market Trends

  1. Growing focus of key market players on cloud-based EAM solution to be the popular trend

Key players in the market are focused on providing cloud-based EAM solutions, so as to facilitate increasing demand around various industrial verticals, especially in small- and medium-sized enterprises. For instance, in April 2016, Oracle Corporation entered into partnership with GE Digital, in order to develop platform-as-a-service (PaaS) EAM solution, to facilitate digital connectivity of industrial assets worldwide.

  1. Rising integration of predictive analysis to be a major trend in the market

Furthermore, various EAM solutions providers such as IBM Corporation and SAP SE are incorporating predictive analytics solutions with EAM solution, so as to reduce cost and manage assets effectively. For instance, in April 2016, SAP SE launched SAP Asset Intelligence Network and SAP Predictive Maintenance and Service solution, in order to facilitate asset operators, equipment manufacturers, and service providers to reduce costs.

Market Opportunities

  1. Extending the Asset Lifecycle With the Help of Advanced Technologies

Digitization across different verticals are creating new opportunities for organizations to optimize their relationship with the customers. Many asset-intensive organizations are focusing on investing in new advanced technologies to radically transform and improve their operational processes. Best-in-class organizations are embracing emerging advanced technologies such as, Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), digital twin, predictive maintenance, and telematics as the next big thing in industrial services are expected to pose excellent growth opportunities for market players during forecast period.

  1. Integration of AI and Drone-based Asset Management

Integration of artificial intelligence (AI) and drone-based asset management is one of the opportunities for the growth of players operating in the enterprise asset management market. AI is used to improve data handling in which 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 bridges, cargo ships, airplanes, oil refineries, offshore oil drilling platforms and railroad beds, which is expected to pose excellent growth opportunities in global enterprise asset management market during the forecast period.

Enterprise Asset Management (EAM)  | Coherent Market Insights

Source: Coherent Market Insights Analysis

Regulations

PAS55: Public Available Specification or PAS was developed by Institute of Asset Management (IAM) and British Standard Institution (BSI) between 2002 and 2004. PAS, publicized in 2004, is explicitly focused on optimal management of physical assets. Moreover, it has been extensively adopted by mining, transport, manufacturing, and utilities industries.

Enterprise Asset Management (EAM)  | Coherent Market Insights

Source: Coherent Market Insights Analysis

The manufacturing segment of global enterprise asset management market was valued at US$ 398.01 million in 2019 and is expected grow at a CAGR of 9.3% between 2019 and 2027.

Competitive Section

Key players operating in the global enterprise asset management market are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., IFSAB, Infor, Inc., Ultimo Software Solutions BV, CARL International SA e Maint Enterprises, LLC, Mainsaver, Inc. MEX Pty Ltd., and Asset Works LLC.  

Key Developments

  1. Key players in the market are involved in various growth strategies such as product launch, in order to enhance the market presence. For instance, in December 2018, SAP SE, a Germany-based software corporation, introduced SAP Intelligent Asset Management (SIAM) with incorporation of planning, collaborative asset intelligence, prediction and simulation for equipment maintenance.
  2. Major companies in the market are adopting inorganic strategies such as collaborations and partnerships, in order to gain competitive edge in the market. For instance, in October 2019, Ultimo Software Solutions partnered with Senseye Ltd., to incorporate Ultimo’s Enterprise Asset Management System and Senseye’s predictive maintenance.

Enterprise Asset Management (EAM) is an optimal lifecycle management solution which manages the assets of a company. Enterprise asset management (EAM) includes the management of the maintenance of physical assets of an organization throughout each asset's lifecycle. EAM system helps enterprises to reduce the end-user’s maintenance costs. EAM is used to optimize, plan, execute, and track the required maintenance activities with the associated priorities, tools, skills, materials and information. Moreover, rising adoption of EAM has lowered the labor costs, production costs, reduced equipment breakdowns and boosted maintenance productivity. Furthermore, the EAM solution offers maximum control and visibility over important assets that affect business performance, risk as well as compliance. Reduction of maintenance and procurement expenses, improved return on assets and increasing adoption of EAM solutions are the major factors which are expected to further augment the growth of global enterprise asset management market during forecast period.

Market Taxonomy

Enterprises require EAM for management of assets, buildings, machines, IT and other enterprise assets. The on premise implementation of enterprise asset management solutions requires a lot of time and capital. It requires organizations to make significant investments in finding the right servers, storage devices, and communication infrastructure. Moreover, cloud-based enterprise asset management solutions can be easily scaled to fit the needs of an organization. Additionally, there is far more reliability with a cloud-based system, because data centers are geographically dispersed along with storage. Asset-intensive organizations take advantage of the latest hardware, software, and communications features available in the market by adopting cloud-based enterprise asset management solutions. These solutions make it easier for organizations to gain business intelligence and optimize the use and value of enterprise assets. However, high implementation cost for SME's and concerns of organizations related to data security and confidentiality are expected to hinder the market growth during forecast period.

Key features of the study:

  • This report provides an in-depth analysis of the Global Enterprise Asset Management Market with market size (US$ Million) and CAGR (%) over the forecast period: 2019 – 2027, considering 2018 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by leading players
  • It profiles leading players in the global enterprise asset management market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments, and strategies
  • Key companies covered as part of this study include IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., IFSAB, Infor, Inc., Ultimo Software Solutions BV, CARL International SA e Maint Enterprises, LLC, Mainsaver, Inc. MEX Pty Ltd., and Asset Works LLC.
  • Insights from this report will allow marketers and management authorities of companies to make informed decisions with respect to future product launches, technology upgrades, market expansion, and marketing tactics
  • Various strategy matrices used in analyzing the global enterprise asset management market would provide stakeholders vital inputs to make strategic decisions accordingly

Detailed Segmentation:

  • Global Enterprise Asset Management Market, By Vertical:
    • Public Sector
    • Manufacturing
    • Oil and Gas
    • Healthcare and Pharmaceutical Industry
    • Energy and Utility
    • Transportation
    • Wholesale and Distribution
    • Food & Beverages
    • Paper and Packaging
    • Chemical and Process Industry (Including Steel Industry)
    • Mining
    • Service Industry
  • Global Enterprise Asset Management Market, By Solution:
    • Database Solution
    • Analytics Solution
    • Mobile Solution
    • Cloud-based Solution
  • Global Enterprise Asset Management Market, By Service:
    • Consulting Service
    • Implementation Service
    • Training and Support Service
    • Outsourcing Service
  • Global Enterprise Asset Management Market, By Geography:
    • North America
      • By Country
        • U.S.
        • Canada
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
    • Latin America
      • By Country
        • Mexico
        • Brazil
        • Rest of Latin America
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
    • Europe
      • By Country
        • Germany
        • France
        • U.K.
        • Russia
        • Poland
        • Spain
        • Italy
        • Scandinavia
        • Benelux
        • Rest of Europe
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
    • Asia Pacific (excluding Japan)
      • By Country
        • China
        • India
        • Rest of Asia Pacific excluding Japan
        • Australia & New Zealand
        • ASEAN
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
    • Middle East and Africa
      • By Country
        • GCC
        • North Africa
        • South Africa
        • Rest of Middle East and Africa
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
    • Japan
      • By Segmentation
        • By Vertical:
          • Public Sector
          • Manufacturing
          • Oil and Gas
          • Healthcare and Pharmaceutical Industry
          • Energy and Utility
          • Transportation
          • Wholesale and Distribution
          • Food & Beverages
          • Paper and Packaging
          • Chemical and Process Industry (Including Steel Industry)
          • Mining
          • Service Industry
        • By Solution:
          • Database Solution
          • Analytics Solution
          • Mobile Solution
          • Cloud-based Solution
        • By Service:
          • Consulting Service
          • Implementation Service
          • Training and Support Service
          • Outsourcing Service
  • Company Profiles
      • IBM Corporation *
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • SAP SE
      • Oracle Corporation
      • ABB Ltd.
      • IFSAB
      • Infor, Inc.
      • Ultimo Software Solutions BV
      • CARL International SA
      • e Maint Enterprises, LLC
      • Mainsaver, Inc.
      • MEX Pty Ltd.
      • Asset Works LLC

 “*” marked represents similar segmentation in other categories in the respective section.

Table of Content

  1. Research Objective and assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet By Vertical
      • Market Snippet By Solution
      • Market Snippet By Service
      • Market Snippet By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • PEST Analysis
      • Merger and Acquisitions
      • New Product Approvals/Launch
      • Promotion and Marketing Initiatives
  4. Global Enterprise Asset Management Market, By Vertical, 2017 - 2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Public Sector
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Manufacturing
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Oil and Gas
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Healthcare and Pharmaceutical Industry
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Energy and Utility
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Transportation
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Wholesale and Distribution
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Food & Beverages
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Paper and Packaging
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Chemical and Process Industry (Including Steel Industry)
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Mining
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Service Industry
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
  5. Global Enterprise Asset Management Market, By Solution, 2017 - 2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Database Solution
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Analytics Solution
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Mobile Solution
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Cloud-based Solution
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
  6. Global Enterprise Asset Management Market, By Service, 2017 - 2027  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2027 (%)
      • Segment Trends
    • Consulting Service
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Implementation Service
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Training and Support Service
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
    • Outsourcing Service
      • Introduction
      • Market Size and Forecast, 2019 - 2027, (US$ Million)
  7. Global Enterprise Asset Management Market, By Regions, 2017 - 2027  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2027 (%)
    • North America
      • Introduction
        • Market size and Forecast, 2019 - 2027 (US$ Million)
      • By Segment
        • Market Size and Forecast, By Vertical, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Solution, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Services, 2019 - 2027 (US$ Million)
      • By Country
        • U.S.
        • Canada
    • Latin America
      • Introduction
        • Market size and Forecast, 2019 - 2027 (US$ Million)
      • By Segment
        • Market Size and Forecast, By Vertical, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Solution, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Services, 2019 - 2027 (US$ Million)
      • By Country
        • Mexico
        • Brazil
        • Rest of Latin America
    • Europe
      • Introduction
        • Market size and Forecast, 2019 - 2027 (US$ Million)
      • By Segment
        • Market Size and Forecast, By Vertical, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Solution, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Services, 2019 - 2027 (US$ Million)
      • By Country
        • Germany
        • France
        • U.K.
        • Russia
        • Poland
        • Spain
        • Italy
        • Scandinavia
        • Benelux
        • Rest of Europe
    • Asia Pacific
      • Introduction
        • Market size and Forecast, 2019 - 2027 (US$ Million)
      • By Segment
        • Market Size and Forecast, By Vertical, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Solution, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Services, 2019 - 2027 (US$ Million)
      • By Country
        • China
        • India
        • Rest of Asia Pacific excluding Japan
        • Australia & New Zealand
        • ASEAN
    • Middle East and Africa
      • Introduction
        • Market size and Forecast, 2019 - 2027 (US$ Million)
      • By Segment
        • Market Size and Forecast, By Vertical, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Solution, 2019 - 2027 (US$ Million)
        • Market Size and Forecast, By Services, 2019 - 2027 (US$ Million)
      • By Country
        • GCC
        • North Africa
        • South Africa
        • Rest of Middle East and Africa
  8. Competitive Landscape
    • Company Profiles
      • IBM Corporation*
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Recent Developments/Updates
      • SAP SE
      • Oracle Corporation
      • ABB Ltd.
      • IFSAB
      • Infor, Inc.
      • Ultimo Software Solutions BV
      • CARL International SA
      • e Maint Enterprises, LLC
      • Mainsaver, Inc.
      • MEX Pty Ltd.
      • Asset Works LLC
    • Analyst Views
  9. Section
    • Available Customizations
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse all the market data tables and figures on "Global Enterprise Asset Management Market - Global forecast to 2027”.

Frequently Asked Questions

The global enterprise asset management (EAM) market is estimated to account for US$ 2,470.74 Mn in terms of value by the end of 2019.
Major players operating in the global enterprise asset management (EAM) market include IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., IFSAB, Infor, Inc., Ultimo Software Solutions BV, CARL International SA e Maint Enterprises, LLC, Mainsaver, Inc. MEX Pty Ltd., and Asset Works LLC.
High cost associated with installation of EAM software, coupled with lack of trained personal to deploy EAM software are the major factors that are expected to hamper growth of the market over the forecast period.
The increasing investments by organizations in EAM software and emergence of IoT such as smartphones are the major factors that are expected to drive growth of the market over the forecast period.
Growing focus of major market players on cloud-based EAM solution, coupled with rising integration of predictive analysis are the major trends that has been observed in the market.
Among regions, North America held a dominant position in the global enterprise asset management (EAM) market in 2018, accounting for 31.2% share, in terms of value, followed by Europe and Latin America, respectively.
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