Increasing Adoption of EAM for Effective Use of Assets Driving Enterprise Asset Management Market

The global enterprise asset management (EAM) market generated a revenue of $4.1 billion and is projected to advance at a 13.5% CAGR during the forecast period (2019–2024). The various factor positively impacting the growth of the market are the rising adoption of EAM for effective use of assets, improved return on assets (ROA), and reduced procurement and maintenance expenses. The management of physical assets of an organization, including plant, property, and equipment is referred to as EAM. EAM incorporates techniques for optimization and control during asset lifecycle.

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In terms of component, the EAM market is categorized into service, software, and solution. Among these, the software category dominated the market during the historical period (2014–2018) and is expected to account for the major share of the market during the forecast period as well. The service category is projected to grow significantly during the forecast period due to the increasing demand for professional and managed services from the business owners for continuous and obstacle-free business operations. The larger demand was created for managed services during the historical period.

When industry is taken into consideration, the EAM market is divided into manufacturing, oil & gas, healthcare, government, energy & utilities, transportation & logistics, and others (which include retail, metal, and mining). The manufacturing industry held the largest share of the market during the historical period and is predicted to retain its position during the forecast period. The retail, metal, and mining division are expected to witness the fastest growth during the forecast period because of the expanding retail businesses and increasing adoption of EAM solutions by new entrants.

One of the major driving factors of the EAM market is the surging adoption of EAM for efficient utilization of assets. The organizations make use of asset turnover ratio, which is the ratio of sales and price of assets, for the calculation of company’s productivity and efficiency. Hence, in order to increase the ratio, the company simply needs to grow its sales as compared to the price of its assets. The utilization of EAM enables the decision-makers to compare expected billing amounts and invoice and detect unusual activity to prevent fraud and reduce waste.

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Another factor driving the EAM market is the rising need for reduction in management and procurement expenses. EAM solutions and services can reduce maintenance costs by giving better information on capital investment decisions, closely tracking operation, and integrating the procurement to maintenance jobs for effective control of equipment. Furthermore, EAM aids in reducing operation costs by decreasing procurement of material cost, increasing project return on investment, and reducing maintenance cost. Because of these factors, businesses are optimizing their operating costs by making use of EAM software.

A major trend being observed in the EAM market is the rising integration of internet of things (IoT) with EAM solutions. IoT devices are increasingly being utilized in EAM for providing real-time data to the EAM system, which provides significant insights to the user. Because of this, the businesses can maintain, manage, and supervise their assets in real-time. Moreover, integration of IoT with EAM provides potential process control modifications, identification of performance non-conformities, and repair as well as replacement opportunities.

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This release was published on openPR.