Enterprise Asset Management 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 according to report published by MarketsandMarkets. 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.
Major factors that are expected to drive the growth of the EAM market include increasing shift from legacy asset management methods to modern asset management by enterprises, rising popularity of SaaS-based EAM solutions, growing need for gaining a 360-degree view of assets, increased usage of IoT platforms and devices to manage enterprise assets, elimination of overheads caused due to adherence to compliance, convergence of technologies such as AI, IoT, and analytics, and increase in mobility usage among end users.
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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.
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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 EAM 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.
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