Enterprise Asset Management (EAM) Market Analysis By Manufacturers IBM, SAP SE, Oracle, ABB, IFSAB, Infor, Ultimo Software Solutions BV

Enterprise asset management (EAM) refers to the management of physical assets of an enterprise throughout each asset’s lifecycle, in order to augment their use, enhance quality and efficiency, save money, and protect health and the environment. EAM majorly finds applications in various industries that are dependent on complex and expensive assets including plants, vehicles, heavy equipment, etc. Major industries employing EAM are energy, government, oil and gas, mining, utility, shipbuilding, defense, and aerospace. A specialized software is often used that handles every aspect of running a public works or asset-intensive organization. For instance, EAM software can alert operations managers to failure of machine part and provides necessary information and tools required to dispatch to person to prevent further causalities.

The global enterprise asset management market is estimated to account for US$ 2470.74 Mn in terms of value by the end of 2019.

Market Dynamics- Drivers

Growing investment by organizations in EAM software is expected to drive the global enterprise asset management market during the forecast period
Increasing investment by organizations on enterprise asset management software is expected to drive growth of the global enterprise asset management market during the forecast period. Various governmental and corporate organizations around the world are employing EAM software, in order to optimize the company’s work efficiency and save money. For instance, in August 2019, Infor, Inc., a U.S.-based enterprise software company, received the contract for EAM solution from Auckland Transport (AT) to manage its asset in future. AT manages a public transport system that includes assets of US$ 1.02 billion with 43 railway stations, 21 ferry wharves, and 2,337 bus stations.

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Growing emergence of IoT such as smartphones is expected to propel the global enterprise asset management market
Furthermore, rising emergence of Internet of Things (IoT) such as smartphones, medical electronics, automobiles, thermostats, and more, which allows devices to communicate and send and receive data is expected to propel the global enterprise asset management market growth over the forecast period.

North America region dominated the global enterprise asset management market in 2018, accounting for 31.2% share in terms of value, followed by Europe and Latin America, respectively

Market Dynamics- Restraints

High cost associated with installation of EAM software is expected to restrain the market growth
High cost of enterprise asset management software, especially for small and medium-sized companies is expected restrain growth of the global enterprise asset management market in the near future. Various companies such as IBM and SAP SE offers EAM solutions, though they are not always affordable for small- or medium-sized companies. Moreover, its implementation is time intensive, which would cost the company.

Lack of trained personal is to deploy EAM software is expected to hinder the market growth
Moreover, lack of skilled professionals to deploy EAM software is expected to hamper the market growth in the near future. Although there is no specific career path for EAM solutions for an individual, companies often understaff this particular domain. Moreover, this process is spanned through multiple departments and lack of coordination among those department can make it challenging to reach towards the same goal.

Market Trends

Growing focus of key market players on cloud-based EAM solution to be the popular trend
Key players in the market are focused on providing cloud-based EAM solutions, so as to facilitate increasing demand around various industrial verticals, especially in small- and medium-sized enterprises. For instance, in April 2016, Oracle Corporation entered into partnership with GE Digital, in order to develop platform-as-a-service (PaaS) EAM solution, to facilitate digital connectivity of industrial assets worldwide.

Rising integration of predictive analysis to be a major trend in the market
Furthermore, various EAM solutions providers such as IBM Corporation and SAP SE are incorporating predictive analytics solutions with EAM solution, so as to reduce cost and manage assets effectively. For instance, in April 2016, SAP SE launched SAP Asset Intelligence Network and SAP Predictive Maintenance and Service solution, in order to facilitate asset operators, equipment manufacturers, and service providers to reduce costs.

Market Opportunities

Extending the Asset Lifecycle With the Help of Advanced Technologies
Digitization across different verticals are creating new opportunities for organizations to optimize their relationship with the customers. Many asset-intensive organizations are focusing on investing in new advanced technologies to radically transform and improve their operational processes. Best-in-class organizations are embracing emerging advanced technologies such as, Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), digital twin, predictive maintenance, and telematics as the next big thing in industrial services are expected to pose excellent growth opportunities for market players during forecast period.

Integration of AI and Drone-based Asset Management
Integration of artificial intelligence (AI) and drone-based asset management is one of the opportunities for the growth of players operating in the enterprise asset management market. AI is used to improve data handling in which data can be analyzed from the records which can enable mid-level management to make better and fasten the decision-making process. Further, drone-based asset management helps in collection of information from places that are out of human reach. The collected information can be given to system for further processes. For instance, drone-based enterprise asset management can be used in bridges, cargo ships, airplanes, oil refineries, offshore oil drilling platforms and railroad beds, which is expected to pose excellent growth opportunities in global enterprise asset management market during the forecast period.

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