Market Overview:
Enterprise asset management (EAM) systems emerged in the 1980s as an extension of the Computerized Maintenance Management Systems (CMMS). Enterprise asset management (EAM) systems were designed to substitute manual maintenance systems, and also to satisfy a need to establish robust asset management procedures as the number of assets utilized by enterprises grew. Enterprise asset management (EAM) is a critical business area for any large enterprise that depends on physical assets for production. Furthermore, Enterprise asset management (EAM) refers to a set of tools, software, and practices including Enterprise asset management (EAM) software, that allows organizations to operate productive facility management.
Top Key Players for Enterprise Asset Management (EAM) Market:
ABB (Switzerland), CGI Inc. (Canada), Dude Solutions Inc. (US), eMaint Enterprises LLC (US), IBM Corporation (US), IFS AB (Sweden), Infor (US), Oracle Corporation (US), Ramco Systems Ltd. (Chennai), SAP SE (Germany), Schneider Electric SA (France), IPS (Germany), Accruent (US), AVEVA Group plc (UK), Aptean (US), Professional Datasolutions Inc (US), AssetWorks LLC (US), Ultimo Software Solutions Inc (US), EZOfficeInventory (US), AssetInfinity (India), InnoMaint Software (India), Aladinme (UAE), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), GoCodes (US), Fleetio (US), Upkeep Maintenance Management (US), and other major players.
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Market Dynamics and Factors for Enterprise Asset Management (EAM) Market:
Drivers:
Emergence of mobility in EAM solutions
The ubiquity of mobility and mobile devices, including smartphones, tablets, and phablets, drive a “mobile-first” mentality across businesses and industries. This increased use of mobile devices is expected to expand the reach of mobility in EAM solutions. The handheld smart devices have grown in capability alongside EAM and field service systems with technologies such as GPS, GIS, RFID, and embedded cameras. With modern mobile devices and ruggedized versions of these devices, life can be easier and more productive for EAM users. Maintenance workers can access work order instructions, equipment hierarchies, part numbers, inventory data, and similar information at their fingertips. Hence, EAM and CMMS software providers have addressed this data duplication by creating mobile applications that can easily be integrated with the core system. Due to the integration with the central system, even remote employees could enter the data safely and quickly.
Opportunities:
Adoption of a digital asset management strategy to drive better return on assets
Digital asset management strategy forms an important part of businesses. Improving assets' reliability and performance are among organizations' top priorities. Implementing and deploying EAM solutions across organizations can be complex and involve many strategic and technical decisions. Businesses are focusing on controlling costs and maximizing value from their investments. The major challenge businesses face is that they have no digital asset management strategy. However, organizations have started recognizing the potential of the digital asset management strategy and made significant improvements in labor utilization and reduced equipment downtime and inventory needs. With multiple touchpoints, a well-formulated asset management strategy would help organizations make the best use of their assets.
Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis.
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Segmentation Analysis of the Enterprise Asset Management (EAM) Market:
By Component, the solutions segment is anticipated to have the highest share of the enterprise asset management (EAM) market. The rapid growth in the demand for advanced solutions for robust and cost-effective Enterprise asset management (EAM) systems and the growing inclination of enterprises towards controlling cost with lesser maintenance are the main factors driving the growth of this segment. Additionally, an increase in production hours and increased asset life is further promoting the growth of this segment.
By Technology, the Enterprise asset management (EAM) market is segmented into cloud-based and on-premises technology. Cloud-based technology is anticipated to dominate the market in the period of forecast owing to the low implementation cost and very fast implementation by the provider. Moreover, storage options can be extended according to the needs without any problem. Automatic updates are provided by the vendors therefore, no need for the IT department to worry about maintenance or payment for future upgrades. With remote access, employees can access the information wherever they are, and uses less energy as compared to traditional data centers. Furthermore, there is no need to implement hardware and components that can take hours or days to install on the premises.
By Component
- Solutions
- Services
By Deployment Type
- Cloud-Based
- On-Premise
By Enterprise Size
- Large Enterprises
- SMEs
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Regional Analysis of the Enterprise Asset Management (EAM) Market:
North American region is forecasted to dominate the enterprise asset management (EAM) market owing to the presence of major players, the rise in the adoption of advanced technologies and the investments by governments to develop advanced technologies are some major factors promoting the growth of Enterprise asset management (EAM) market in this region. Moreover, the favorable conditions for the emergence of new private businesses are fueling the growth of the market in this region.
By Region
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In September 2020, the Government National Mortgage Association (Ginnie Mae) chose CGI, to authorize the agency's Digital Asset Management Solution via a blanket purchase agreement including one base year and four option years. CGI will aid Ginnie Mae to create an enterprise-wide strategy for document, record, and content management to encourage the digital transformation of its operations and enhance the user experience of its stakeholders.
In August 2020, Dude Solutions Inc., the major software-as-a-service (SaaS) provider of operations management solutions, declared the incorporation of a strategic asset management tool, Capital Predictor, to its connected suite of solutions for educational institutions and local and regional governments. This declaration follows the company's purchase of Assetic, the leading strategic asset management software and services firm, and addresses the increasing need to elevate asset longevity and reduce maintenance and renewal costs.
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