Enterprise Asset Management: Applications and Global Markets
NEW YORK, Dec. 26, 2019 /PRNewswire/ --
Report Scope:
In this report, the market has been segmented based on component, asset type, organization size, deployment, industry vertical and geography.The report provides an overview of the global enterprise asset management and analyzes market trends.
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It also focuses on the major trends and challenges that affect the market and the vendor landscape.Using 2018 as the base year, the report provides estimated market data for the forecast period 2019 through 2024.
Revenue forecasts for this period are segmented based on the report's components. Market values have been estimated based on the total revenue of enterprise asset management solution providers.
Report Includes:
- 56 data tables and 23 additional tables
- A brief overview and industry analysis of the global market for enterprise asset management (EAM) solutions
- Analyses of global market trends with data from 2018 to 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Details of underlying factors contributing in the growth of global enterprise asset management market, which include increasing adoption of EAM solutions, controlling cost with lesser maintenance and procurement expenses, and improved asset utilization
- Regional dynamics of the EAM market covering key geographical regions, including North America, Europe, Asia-Pacific (APAC), South America, and Middle East and Africa
- Competitive landscape of the global EAM market featuring key players, their market shares analysis and financial details
- Profile description of the market leading companies, including ABB Group, Aptean Inc., AVEVA Group Plc, IFS LINKÖPING, SAP SE and IBM Corp.
Summary
Enterprise asset management is an integrated plant operation solution that helps companies to operate their plants efficiently by maintaining continuous equipment functioning at the lowest cost.Enterprise asset management (EAM) solutions enable companies to bring assets online and further manages these assets throughout their operational life and during equipment replacement.
Some of the important functions of enterprise asset management solutions include planning of plant maintenance activity, spare parts tracking and visibility across multiple operational facilities, and tracking of capital and customer funded projects. The most important value that companies receive from EAM is increased
return on investment (ROI) from plants and equipment. EAM solutions maximize asset utilization and production yield by maintaining critical equipment in peak operating condition. They help asset managers proactively manage preventive and predictive maintenance by reducing unplanned and emergency repairs. EAM solutions closely monitor several phases of projects such as equipment performance, scheduling and projects budgets. These solutions provide automatic alerts as the expense levels approach threshold values.
The global market for enterprise asset management solutions was valued at REDACTED in 2018 and reach REDACTED by 2024, growing at a compound annual growth rate (CAGR) of REDACTED during the forecast period.Major business drivers include cost control through reduced maintenance and procurement expenses, improvement in plant and equipment performance, timely asset maintenance, decline in replacement of assets and reduced costs related to over maintenance. However, market growth is being restrained by factors such as lack of awareness on the benefits of EAM and lack of importance on maintenance from companies across different industry verticals.
Based on components, the EAM market has been categorized into software and services.The software component currently accounts for the dominant share of the market and was estimated to be REDACTED in 2018.
EAM software generally maintains a database of information about maintenance operations.The information helps maintenance workers conduct their work more efficiently.
The software also maintains maintenance records,which helps companies meet regulatory compliance standards.The services component of the EAM market includes both implementation and maintenance services.
Service providers provide an entire range of service which are required to successfully implement an asset management system. The implementation of EAM solution can vary based on the specific requirements of the client and the industry vertical
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