According
to a research 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"
published by MarketsandMarkets, 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. It mainly offers functionalities, such as planning, organizing, and
implementing maintenance activities carried out by employees of organizations
or third–party entities. Some of the EAM applications are asset lifecycle
management, inventory management, work order management, labor management,
predictive maintenance, facility management, reporting and analytics,
Computerized Maintenance Management System (CMMS), and Field Service Management
(FSM).
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Report Objectives
·
To define, segment, and
project the global market size of the EAM market
·
To understand the
structure of the EAM market by identifying its various subsegments
·
To provide detailed
information about the key factors (drivers, restraints, opportunities, and
industry-specific challenges) influencing the growth of the market
·
To analyze the micro
markets with respect to individual growth trends, prospects, and their
contribution to the total market
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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Asia
Pacific (APAC) to grow at the highest CAGR during the forecast period
APAC
is one of the fastest-growing regions in terms of technology adoption, and the
demand for digitization is driven by various initiatives carried out by
different governments and large enterprises in the region. Countries such as
China, Japan, Australia, Singapore, India, and Indonesia are leading this
technology adoption, which includes embracing new-age technologies such as AI,
edge, IoT, analytics, and cloud. The rising adoption of cloud technologies and
increasing amount of data lead to the complexity of managing workloads and
applications manually, which would act as a major factor driving the adoption
of EAM among enterprises in this region. The affordability and ease of
deployment of cloud services would act as major factors for the adoption of cloud
technologies among enterprises. Some of the major vendors operating in the
region are IBM, Infor, IFS, and SAP.
Key
Market Players
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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