Northbrook, IL 60062 -- (SBWire) -- 08/21/2023 --The global Enterprise Asset Management Market size is expected to grow from USD 4.2 billion in 2022 to USD 7.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period, according to research report by MarketsandMarkets™.
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By component, services segment is expected to grow at a higher CAGR during forecast period
Based on components, the market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professionals, specialists, or experts offer professional services to support different businesses. These services include planning & consulting, training & education, and support & maintenance. The latest techniques, strategies, and skills adopted by professionals are helping organizations in adopting EAM solutions. These services also offer customized implementation and risk assessment and assist in deploying via industry-defined best practices. As far as implementation services are concerned, vendors cover all solution implementation phases, such as planning, deployment, support, and ongoing optimization.
Security systems must be upgraded regularly to counter newly available threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies rapidly outsource their asset security concerns to specialized service providers such as Managed Security Service Providers (MSSPs). Managed services secure data generated from assets and provide confidentiality, integrity, and availability. Regulatory compliances are achieved, and the reduction in data breaches and protection of the intellectual property is guaranteed.
Work order management application segment to hold significant market share in 2022
Work order management paves the way for various large enterprises to efficiently service customers and creates sustainable growth. The work order management solution lets organizations record workers' data and track their performance, customers, and enterprise information. It offers various benefits, including real-time updates (on completion of jobs and assignments) and simplified job scheduling, tracking, monitoring, and forecasting. Real-time updates about field employees' location and the status of job completion enable managers to monitor, manage, and allocate service requests from customers to available employees. This results in enhanced customer experiences, new business opportunities, and increased revenue generation for organizations.
North America holds the largest market size in 2022
The presence of well-established EAM vendors, such as IBM, Oracle, and SAP, which have diversified product portfolios and robust partner ecosystems, is one of the major reasons for adopting EAM solutions in the region. Enterprises are restructuring their budgets to accommodate EAM, supporting the growth of the enterprise asset management market in North America. Organizations have invested in advanced technologies to gain a competitive position in the market. Further, adopting technologies, such as AI, ML, and cloud, supports organizations in enhancing their customer base. The EAM market is expected to grow steadily as enterprises are adopting SaaS-based solutions and services at various levels as part of digitalization to ensure business continuity and manage resources efficiently.
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Key players
The major players operating in the enterprise asset management market include IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), IFS (Sweden), Hitachi Energy (Switzerland), IFS Intelligent Process Solutions (Germany), Accruent (US), AVEVA (UK), Aptean (US), eMaint (US), CGI (Canada), UpKeep (US), RFgen Software (US), AssetWorks (US), and Ramco Systems (India).
Key Dynamic Factors For Enterprise Asset Management Market:
Industry 4.0 and digital transformation: Businesses are undergoing a digital transformation as they incorporate the Internet of Things (IoT) and data analytics into their daily operations. For managing and sustaining digital assets, maximising performance, and deriving insights from IoT data, EAM solutions are essential.
Maintenance Strategy Optimisation: EAM systems are essential to the improvement of maintenance tactics. The use of predictive and preventive maintenance techniques is expanding, assisting businesses in minimising downtime, extending asset lifespans, and lowering maintenance costs.
Regulatory Compliance and Standards: Regulatoryly strict industries including utilities, healthcare, and manufacturing require EAM solutions to assure compliance, manage audits, and retain paperwork.
Cloud Adoption: Scalability, accessibility, and cost-effectiveness are all features of cloud-based EAM solutions. In order to increase flexibility and lower the expenses of their IT infrastructure, businesses are switching from on-premises systems to cloud-based solutions.
Asset Performance Management: The adoption of EAM systems is being driven by the emphasis on maximising asset performance. To analyse asset data, forecast faults, and maximise asset utilisation, analytics and machine learning are utilised.
Remote Work and Mobility: It is becoming more crucial to have remote access to EAM systems via mobile devices so that technicians and maintenance teams may manage assets and tasks from multiple places.
Integration with Enterprise Systems: To generate a unified perspective of organisational activities, EAM systems are being integrated with other enterprise software such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) systems.
Energy efficiency and sustainability: Businesses are looking for solutions to lessen their environmental effect and maximise their use of energy. Monitoring energy use, tracking emissions, and ensuring compliance with sustainability objectives are all made easier by EAM systems.
Data security and cybersecurity are becoming increasingly important as assets become more connected in order to safeguard sensitive asset data and thwart unauthorised access.
Vendor Innovation and Competition: EAM solution suppliers are always coming up with new ways to deliver cutting-edge capabilities like mobility, remote monitoring, and AI-driven analytics. This innovation fuels competition and pushes businesses to implement more complex EAM systems.
Global Economic Conditions: Organisations' decisions to invest in EAM solutions may be influenced by economic considerations like tight budgets, market instability, and economic recovery.
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Competitive and Segmentation Analysis:
Due to the increasing demand for effective asset management solutions across numerous industries, the enterprise asset management (EAM) industry is characterised by fierce competition. Due to their comprehensive solutions, sizable customer base, and track record of providing efficient asset management technologies, well-established firms in the market including IBM Maximo, SAP EAM, and Infor EAM have established themselves as industry leaders. These businesses have been successful in maintaining a sizeable market share by capitalising on their well-known brands and solid customer connections.
But the market has also seen the emergence of more recent entrants and creative entrepreneurs that provide specialised solutions to meet particular business demands. firms like Fiix and UpKeep have found success by offering EAM systems that are simple to use and accessible to a larger range of companies, including small and medium-sized firms.
With the incorporation of cutting-edge technologies like IoT, AI, and predictive analytics, the EAM industry is continually changing. This has prompted traditional EAM suppliers and technology providers to collaborate and form partnerships to improve their product lines and add more sophisticated capabilities. Additionally, when larger technology corporations buy EAM-focused businesses to diversify their service offerings, mergers and acquisitions have contributed to changing the competitive landscape.
With the help of segmentation, EAM manufacturers can customise their solutions for various consumer groups and target particular pain areas within each group. With this strategy, vendors may offer more targeted and pertinent solutions, guaranteeing they can compete in a market that is both diverse and changing. Effective segmentation helps suppliers to create value-driven solutions that connect with the particular requirements of various industries and organisations as technological breakthroughs continue to transform the EAM environment.
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Enterprise Asset Management Market Business Opportunities, Upcoming Trends and Future Demand
This research report categorizes the enterprise asset management market to forecast revenue, analyze trends, enterprise asset management market business opportunities, upcoming trends and future demand.