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Enterprise Asset Management (EAM) Market Size, Share, Trends, Competitive Analysis, Growth Rate and Demand by 2023; Assetsworks, Real Asset Management, CGI Group, Infor, Schneider Electric, ABB Ltd., IFS AB, Oracle Corp., SAP SE and IBM Corp
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The key drivers for enterprise asset management (EAM) market includes increasing asset utilization of the enterprise, their increasing need for reduction in operating costs, and safeguarding the supply chain availability and visibility. Enterprise asset management is also helpful in the industries with dynamic nature of work, such as audit compliance where the standards change over time and the upkeep of their records is important.
The enterprise asset management market is consolidated with players such as SAP SE, IBM and Oracle accounting for a majority of share. The market is led by SAP SE which also claims to have the largest range of solution for enterprise assets management. Owing to the increasing market reach of dominant players, the share of small-sized regional EAM companies have been declining over past few years. The smaller enterprise asset management suppliers are not able to compete efficiently with the larger enterprise asset management suppliers owing to their limited product offering and high product differentiation.
North America was the largest market of enterprise asset management market; the market leadership of North America is attributed to the wide adoption of enterprise asset management across small and medium sized enterprises. Asia-Pacific region is expected to be the fastest growing enterprise asset management market during the forecast period. Industrialization and need for increased manufacturing capacity in Asia Pacific market is expected to be a dominant driver for the enterprise asset management market in the region.
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Some of the competitors in global the enterprise asset management market are Assetsworks, Real Asset Management, CGI Group, Infor, Schneider Electric, ABB Ltd., IFS AB, Oracle Corp., SAP SE and IBM Corp.
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