Enterprise asset management (EAM) provides all-inclusive view of an organization’s physical assets infrastructure throughout the entire lifecycle from commission, design, or procurement to operation, disposal, maintenance, and replacement. The enterprise asset management (EAM) software includes various features such as warranty management, preventive maintenance scheduling, life-cycle management, and portal-based software interface. In layman’s term, EAM software offers the organization with large number of users across various sites including capabilities such as lifecycle planning. Moreover, it offers important tools such as finances skills, information, and material. The global enterprise asset management market
is estimated to account for US$ 2470.73 Mn in terms of value by the end of 2019
Market Dynamics- Drivers
- Rising adoption of cloud services in various companies is expected fuel the market growth
Growing adoption of cloud services in various organizations is expected to drive growth of the global enterprise asset management market during the forecast period. For instance, in November 2019, Salesforce.com, Inc., a U.S.-based cloud-based software company, adopted Microsoft Azure public cloud for its Marketing Cloud service. Cloud-based services are used for IT human resources onto new initiatives, rather than hindering these resources for maintenance of IT infrastructure. This, in turn, leads to new business revenue generation and creation of new opportunities for IT vendors.
Market Dynamics- Restraints
- Lack of long-term strategy, especially in small- and mid-sized companies to restrain the market growth
Although numerous companies deploy EAM solutions, they often fail to create a long-term strategy, which in turn, is expected to restrain the global enterprise asset management market growth over the forecast period. The companies often focus on short-term problems without considering the long-term goals of their assets. Moreover, organizations are required to form a unique strategy for post-installation activities, which will be suitable for the nature of their business.
- North America Trends
North America enterprise asset management market was valued US$ 718.64 Mn in 2019 and is forecast to reach a value of US$ 1353.70 Mn by 2027 at a CAGR of 8.3% between 2019 and 2027
Growing adoption of EAM solution across various institutions is expected to drive growth of North America enterprise asset management market. Numerous educational institutions such as universities and k-12 schools are adopting asset management solutions, in order to monitor assets such as schools, buildings, and other facilities. For instance, in June 2014, AssetWorks LLC entered into a contract with the University of California, Los Angeles, for installation of fixed asset management solution for the management and tracking of its assets.
- Europe Trends
Increasing demand for EAM solutions across various industry verticals is expected to drive growth of the Europe enterprise asset management market during the forecast period. Industries such as manufacturing, energy, transportation, and more across Europe are focusing on adoption of EAM solutions, in order to enhance the efficiency of their business. For instance, in September 2016, IFS AB entered into partnership with L-Systems, a Poland-based IT solutions provider, for the sale and implementation of its EAM solutions in various small- and medium-sized companies.
- Middle East & Africa Trends
Growing adoption of EAM solutions in government institutions is expected to propel the Middle East & Africa enterprise asset management market over the forecast period. For instance, in June 2014, Maximo, an asset management company, deployed analytics solution for the Qatar Public Works Authority, so as to augment quality of service and safety of citizens.
- Latin America Trend
Increasing adoption of asset management solutions in mining and transportation industries is expected to drive the regional market growth. For instance, in August 2016, ABB Ltd. updated its EAM solution at Compañía Minera Doña Inés de Collahuasi (CMDIC), at Collahuasi mine, Chile, in order to enhance asset management capabilities.
- Key players enhance EAM solutions with already installed ERP solutions, which is expected to be a major trend
Key players in the market are involved in enhancing respective EAM solutions, in order to incorporate with already installed ERP solutions. For instance, in December 2015, Ultimo Software BV announced that Ultimo 2015R2 Software attained SAP Certification, which can be integrated with SAP ERP solutions.
- Need for Digital Asset Management (DAM) Strategy
Enterprise Asset Management (EAM) provides real-time information and visibility into almost all physical assets, and across the Maintenance, Repair, and Overhaul (MRO) supply chain network. Considering the marketing benefits of social media, enterprises are willing to invest on digital marketing activities to promote their services and products, in turns, leading to a significant rise in digital content, such as, high-quality images, high-definition videos and audios. To manage this digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline the secure assets, digital assets, surface relevant metadata and also transform digital content into their latest forms. Therefore, digital asset management (DAM) strategy is expected to pose excellent growth opportunities in global enterprise asset management market during forecast period.
ISO 55000: ISO accepted PAS 55 as the basis for development of ISO 55000 series standards for asset management. It offers an overview of asset management, associated terminology, concepts, and principles.
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 players in the market are adopting various growth strategies such as product launch, in order to expand their product portfolio. For instance, in April 2016, SAP SE launched SAP Asset Intelligence Network and SAP Predictive Maintenance and Service solutions to assist manufacturers and asset operators with efficiency and cost-effectiveness.
- Major companies in the market are involved in various business strategies such as product development, in order to enhance market presence. For instance, in February 2016, Oracle Corporation launched new version of Oracle Utilities Work and Asset Management 2.1.1, in order to automate maintenance schedules.
Scope of the Report
- By Vertical
- Public Sector
- Oil and Gas
- Healthcare and Pharmaceutical Industry
- Energy and Utility
- Wholesale and Distribution
- Food & Beverages
- Paper and Packaging
- Chemical and Process Industry (Including Steel Industry)
- 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
- By Region
- North America
- Latin America
- Asia Pacific Excluding Japan