Enterprises as they start expanding, they need a system to keep the record of their assets and help managing them. Enterprise Assets today, are connected in a complex ecosystem, accreting pulling in reams of data from the Internet of Things. Apart from managing and controlling assets, Enterprise Asset Management software using powerful analytics and cloud technologies, enables predictive maintenance and also helps businesses to make smart decisions based on cognitive analysis and insight. This is the predominant factor that dynamically drives the market of EAM.
The factors that drive the market growth of Enterprise Asset Management Software include growing worldwide economy, increasing number of start –ups (enterprises/businesses) and the fast growing businesses coupled with the need to effectively manage valuable assets of organizations. Additionally Government’s encouraging initiatives and funding allotted for new businesses, venture and product development (One such as Make in India) is fostering the market growth up to a large extent. Moreover promising features of Enterprise Asset Management Software which provide cost effective optimization of asset life cycle and offer a fully scalable, modular solution that grows with the needs of organizations provides impetus to market sales of EAM eventually, accelerating its market growth.
On the other hand, factors such as high cost associated with the implementation of EAM Software coupled with the technical incompetency of workforce that refrains restricts them from using the solutions optimally; are restricting the market growth. Adversely, evolvement of cloud deployment model and Big Data integration with enterprise asset management will fuel the market growth during the estimated period.
EAM Solutions can be installed and administered locally at company location or it can be installed in the Cloud and used as Software as a Service (SaaS).
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The prominent players in the market of Enterprise Asset Management are- SAP SE (Germany), Infor (U.S.), IBM (U.S.), Oracle Corporation (U.S.), Schneider Electric (France), AssetWorks LLC (U.S.), IFS AB (Sweden), ABB Group (Switzerland), Mintek Mobile Data Solutions (U.S.), Ramco Systems (India) among others.
Nov. 07, 2017 – PowerPlan (US), provider of strategic corporate performance software for asset-intensive companies, and MACS EU Ltd, one of Europe’s largest IBM Gold Business Partners for the Enterprise Asset Management solution IBM® Maximo®, announce their partnership. This partnership enables IBM® Maximo® to offer their clients a complete EAM solution, including the opportunity to make asset investment decisions and asset lifecycle costing analysis, which closes the gap between operations and accounting.
Nov. 08, 2017 – Infor (US), provider of beautiful business applications specialized by industry and built for the cloud, announced the launch of an updated version of Infor Enterprise Asset Management, an application that delivers consumable, actionable insights to help companies proactively manage assets, asset information, and maintenance activities. The latest version of Infor EAM, version 11.3.2, is now generally available in the cloud as well as via Infor CloudSuite™ Facilities Management, and delivers several new features for tracking, mobility and management. Infor EAM includes several industry-specific features designed to simplify asset management for manufacturing, facilities, life sciences, fleet/transportation, municipalities, and public sector organizations.
Global Enterprise Asset Management Software Market valued at USD 4 billion which is expected to grow to USD 8 billion by the end of forecast period with a double digit CAGR of ~11%. Which means the market will increase twofold.
Enterprise Asset management Global Market- Competitive Analysis
The market of Enterprise Asset management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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North America is dominating the market of EAM due to the presence of global players in U.S. Growing Organization Sizes and increasing application areas of EAM is supporting the market of EAM in North America. Europe holds second position in the global market whereas Asia-Pacific has emerged as fastest growing market. Growing economy of Asian countries such as India and China and rich presence of manufacturing companies in Asian countries are some major factor which is driving the market.
Enterprise Asset Management Market – Segments
For the Better understanding of this report the Global Enterprise Asset Management Market has been segmented in to 5 key dynamics.
Segmentation By Types : Comprises Hardware Asset Management And Software Asset Management
Segmentation By Deployment : Comprises On-Premises, On-Cloud.
Segmentation By Organization Type : Comprises SMEs, Large Organization.
Segmentation By Application Vertical: Comprises Government, Manufacturing, Healthcare, Transportation, Oil & Gas, Aerospace & Defence.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.