CHICAGO, March 1, 2021 /PRNewswire/ -- According to a new market 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™, the global Enterprise Asset Management (EAM) market 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. ssIt 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).
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.
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 Enterprise Asset Management 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.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.