LONDON, Oct. 21, 2020 /PRNewswire/ -- According to a new market research report titled, "Enterprise asset management systems market by Application (MRO, Linear Assets, FSM), Offering, Organization Size, Deployment, Industry Verticals (IT, Automotive, BFSI, Healthcare, Retail, Energy, Manufacturing), and Region – Global Forecast to 2027", the enterprise asset management systems market is expected to grow at a CAGR of 9.5% from 2020 to 2027 to reach $8.6 billion by 2027.
The surge in demand for cloud-based EAM solutions, emergence of IoT devices in industry verticals, and integration of drone & artificial intelligence-based asset management are expected to drive the growth of the EAM systems market. In addition, the rising adoption of advanced technologies for extending the asset lifecycle, emergence of disruptive digital technologies across industry verticals, and consistent technological developments in AI, IoT, and cloud are the key factors driving the growth of the enterprise asset management systems market. Moreover, the increasing integration of predictive analytics in EAM solutions is the new trend in the enterprise asset management systems market. However, concerns regarding data security and confidentiality and the global impact of COVID-19 on the industry vertical may restrain the growth of this market to some extent.
Impact of COVID-19 on the Enterprise Asset Management Market
As the COVID-19 pandemic continues to spread, the world faces a very difficult and unpredicted situation. The outbreak is creating serious challenges to the world's economy and industry verticals. The novel coronavirus has started showing its distressing collision on most profitable businesses across the globe. During the COVID-19, organizations have increased their telehealth services and are relying on remote access systems to help prevent the spread of COVID-19. This has increased the demand for public-cloud services for industry-specific applications, which has boosted the demand for cloud-based EAM solutions.
Furthermore, lockdowns imposed to contain the pandemic have also resulted in severe losses to businesses. Remote working policies are adopted by major companies to prevent the spread of COVID-19 at workplaces. EAM solutions & services are being adopted to prevent system failure downtime, enhance efficiency, management of assets, machines, structures, IT, and other project resources. Advanced technologies, such as AI and machine learning are being used for the integration of predictive analytics in EAM solutions. This is expected to showcase a positive sign for the growth of EAM systems in the coming years.
Several leading EAM players are considering this pandemic as a new opportunity to restructure and revisit their existing strategies and advance product portfolio. For instance, in June 2020, IBM expanded its partnership with Siemens to enhance the availability of a new solution designed to optimize the Service Lifecycle Management (SLM) of assets by dynamically connecting real-world maintenance activities and asset performance back to design decisions and field modifications. This new solution establishes an end-to-end digital thread between equipment manufacturers and the owner/operators of that equipment by leveraging elements of the Xcelerator portfolio from Siemens Digital Industries Software and IBM Maximo. Similarly, in the same month, Aptean acquired WorkWise, LLC, a leading provider of enterprise resource planning (ERP) software solutions designed for discrete manufacturers and customer relationship management (CRM) software.
The enterprise asset management market study presents historical market data (2018 & 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of application (assets maintenance, repair, & operations; non-linear assets; linear assets; and field service management), offering (solutions and services), organization size, deployment mode (on-premise and cloud), industry vertical (IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, and manufacturing), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on application, the linear assets segment is expected to account for the largest share of the overall enterprise asset management systems market in 2020. The large share of this segment can be attributed to the increasing demand for robust and cost-effective applications to strengthen IT infrastructure, increasing need to optimize work efficiency & save money in various companies, rising adoption of advanced technologies for extending asset lifecycle, and increasing investment by organizations on enterprise asset management software. However, the asset maintenance, repair, & operations segment is slated to grow at the fastest CAGR during the forecast period.
Based on offering, the solutions segment is poised to account for the largest share of the overall enterprise asset management systems market in 2020. The large share of this segment is primarily attributed to the increasing demand for advanced solutions for robust and cost-effective EAM systems, rising need for innovative technologies for predicting & preventing system errors, growing inclination of companies towards controlling cost with lesser maintenance, and procurement expenses. However, the services segment slated to grow at the fastest CAGR during the forecast period, due to rising demand for managed and professional services in SMEs for smooth operations, increasing used of cloud-based systems & IoT devices in organizations, and increasing need to reduce costs & streamline business activities.
Based on organization size, the small & medium enterprises (SMEs) segment is projected to account for the largest share in 2020. Increasing digitization and emergence of IoT devices in industry verticals are contributing to the adoption of EAM systems in SMEs.
Based on deployment mode, the on-premise segment is estimated to account for the largest share of the enterprise asset management systems market in 2020. The large share of this segment is primarily attributed to the growing security issues related to cloud deployment, customization abilities offered by on-premises deployment, increasing need for better organizational control & data security, and increasing need to reduce the overall maintenance cost. However, the cloud-based segment slated to grow at the fastest CAGR during the forecast period, due to rising digitization, adoption of cloud-based EAM solutions, and increasing number of large enterprises using cloud platforms for data repository.
Based on industry vertical, the energy & utilities sector is estimated to account for the largest share of the enterprise asset management systems market in 2020. The large share of this segment is primarily attributed to rising digitalization in this sector, the advent of industry 4.0, and increasing need to prevent machine malfunctions. However, the automotive & transportation sector slated to grow at the fastest CAGR during the forecast period, due to the rising demand for connected automated vehicles and growing number of electronics contents per vehicle.
Based on geography, North America is projected to account for the largest share of the enterprise asset management systems market in 2020. The large share of this region is primarily attributed to the presence of major EAM players in this region, along with several emerging start-ups, early adoption of latest technologies & government investments, presence of highly developed IT infrastructure, and proliferation of cloud-based solutions.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years (2017–2020). The enterprise asset management systems market has witnessed various partnerships & agreements in recent years.
The enterprise asset management market is fragmented in nature. The major players operating in this market are SAP SE (Germany), IBM Corporation (U.S.), Oracle (U.S), IFS AB (Sweden), UpKeep Maintenance Management (U.S), Sage Group PLC (U.K.), Ultimo Software Solutions (U.K), eMaint Enterprises, LLC (U.S), ABB Ltd. (Ellipse) (Switzerland), Aptean (U.S), CGI Inc. (Canada), IPS (Germany), Maintenance Connection (Accurent) (U.S), AssetWorks (U.S), Infor (U.S), and SSG Insight (U.K.), among others.
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