The report "Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026 ", size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. The EAM refers to the combination of software, systems, and services used by enterprises to manage the life cycle of physical assets and equipment for maximizing their lifetime; reducing costs; and improving quality and efficiency, health of assets, and environmental safety.
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The market is expected to be driven by the
Growing need for gaining a 360-degree view of assets
Asset infrastructure is
highly complex as assets are spread across locations, departments, and
databases in many organizations. The complexity of asset infrastructure makes
it difficult to achieve a complete view. A decade ago, it was next to
impossible to remotely run a field service business. Currently, smartphones and
tablets have made this a reality. With asset capabilities constantly changing
and new technologies enhancing the power of data processing, enterprises need
access to an EAM system with a 360–degree view of all assets–from design to
installation and operations. Organizations are continuously seeking ways for
improving asset management efficiency, reducing the risk of downtime, and
gaining a competitive edge over their competitors. The demand for
mobility-driven EAM solutions is increasing, helping organizations in making
better business decisions, gaining better control over service operations, and
delivering prompt services to customers.
Increased security capabilities and
customized costing in cloud-based EAM solutions is driving the adoption of
cloud-based deployment
With a cloud-based EAM solution, users
can get more functionality and the ability to manage distributed IT
environments. With the use of AI, AR, analytics and ML, data can be turned into
actionable insights to improve operations. The cloud-based EAM software can be
deployed easily, and users will be able to get real-time insights of assets and
can facilitate remote monitoring with exceptional ease. Cloud-based EAM
provides easy and quick upgradations, which offers better security against
cyberattacks.
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North
America to dominate the global cloud system management market in 2020
North
America is the dominant market for EAM due to the presence of a large number of
end users who are technology aware and early adopters of solutions that are
enriched with new capabilities. Countries evaluated in North America are the US
and Canada. The region holds a market share of 48.0% in 2020 for the EAM
market, and the demand for EAM is expected to be high in the near future. The
primary factors for large-scale adoption are the inclination of organizations
toward SaaS-based offerings and adoption of digital business strategies. The
presence of well-established EAM vendors such as Infor, Oracle, IBM, and SAP,
which have a strong set of product portfolios and robust partner ecosystems, is
another reason for the high adoption of EAM in the region.
The
EAM market is dominated by companies such as IBM (US), SAP (Germany), Oracle
(US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process
Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US),
Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo
Software Solutions (UK), UpKeep (US), and others. These vendors have a large
customer base and strong geographic footprint along with organized distribution
channels, which helps them to increase revenues.
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