Enterprise asset management is a system that is designed to manage the assets of the organization across various department, business units, services and geographies. EAM solutions enhances the operational efficiency of the business by effective asset utilization, consolidation and analyzing the critical information of all type of assets and by ensuring better asset reliability. EAM performs designing, construction, operation and maintenance, commissioning, decommissioning and replacement of assets. The global enterprise asset management market is anticipated to grow with the CAGR of 10.8% during 2017-2022. The major factor that are augmenting the growth of the market was estimated to be rising need of increasing the lifecycle performance of the asset. Furthermore, various benefits offer by enterprise asset management solutions such as improved return on asset, tracking of asset and reduction in the procurement and maintenance cost are estimated to fuel the growth of the market.
In the current scenario, when the industries are investing more in assets and are facing hitches monitoring those assets, Enterprise asset management solution can play vital role in handling critical asset information and asset management. Health of an asset is crucial and it affects the business process. EAM consolidates all the relevant information of the all the asset and analyzes the critical information to ensure optimum utilization of the assets in the organization. EAM reduces the operational and maintenance costs and thus improves the overall return on asset.
However, there are certain challenges that are affecting the growth of the EAM market across the globe. High cost of deployment, lack of awareness are estimated to be the major constraints in the growth of the market. Besides these petty challenges, EAM market is yet to explore its full potential in the global market. Increasing adoption of cloud based services and integration of EAM with the big data analytics are developing numerous expansion opportunities for the growth of the EAM market.
Global enterprise asset management market is analyzed on the basis of the geographical regions that are contributing significantly towards the growth of the market. On the basis of the geography, market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is estimated to account for major share in the global EAM market owing to early adoption of the enterprise asset management solution. Presence of key players such as IBM and Oracle are also estimated to the major factor that is backing the growth of the market. Furthermore, high penetration of cloud based services in North America is also one of the major factors that is driving the growth of the market. Asia Pacific is estimated to be the fastest growing region during the forecast period owing to rising adoption of the EAM in the SMEs in the Asia Pacific region.
Key players of the Enterprise asset management market across the globe are: ABB Group, Assetworks LLC, CARL International SA, CGI Group, eMaint Enterprises, Fujitsu Ltd., Genesis Technology Solutions, Inc., IBM Corporation, IFS AB, Infor, Mainsaver Inc., MEX PTY Ltd., Oracle Corporation, Real Asset Management, SAP SE, Schneider Electric, Ultimo Software Solutions and so on. In order to sustain in the market, these players adopt different strategies such as merger, acquisition, product launch etc. For example: In 2016, Oracle Corporation announces the acquisition of Log fire a cloud based warehouse management application with the sole purpose of strengthening its position in cloud as a service market.
- GLOBAL ENTERPRISE ASSET MANAGEMENT MARKET BY SERVICES
- ·TRAINING AND SUPPORT SERVICES
- ·IMPLEMENTATION SERVICES
- ·MANAGED SERVICES
- GLOBAL ENTERPRISE ASSET MANAGEMENT MARKET BY SOFTWARE
- ·LINEAR ASSET
- ·NON-LINEAR ASSET
- ·FIELD SERVICE MANAGEMENT
- ·ASSETS MAINTENANCE, REPAIR AND OTHER OPERATIONS
- GLOBAL ENTERPRISE MANAGEMENT MARKEY BY VERTICLES
- ·GOVERNMENT AND UTILITIES
- ·OIL AND GAS
OMR Report covers:
- Comprehensive research methodology of Global Enterprise Asset Management Market
- This report also includes detailed and extensive market overview with Analyst insights & key market trends.
- Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the Global Enterprise Asset Management Market
- Insights about market determinants which are stimulating the Global Enterprise Asset Management Market
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.