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Title: Enterprise Asset Management (EAM) Market Analysis | CMI


1
  • Coherent Market Insights
  • Market Research and Business Consulting Services
  • https//www.coherentmarketinsights.com/
  • COVID-19 Impact Tracker

2
ENTERPRISE ASSET MANAGEMENT (EAM) MARKET
ANALYSIS
  • Enterprise Asset Management (EAM) Market, By
    Vertical (Public Sector, Manufacturing, Oil and
    Gas, Healthcare and Pharmaceutical Industry,
    Energy and Utility, Transportation, Wholesale and
    Distribution, Food Beverages, Paper and
    Packaging, Chemical and Process Industry
    (Including Steel Industry), Mining, Service
    Industry), By Solution (Database Solution,
    Analytics Solution, Mobile Solution, Cloud-based
    Solution), By Service (Consulting Service,
    Implementation Service, Training and Support
    Service, Outsourcing Service), By Geography
    (North America, Latin America, Europe, Asia
    Pacific Excluding Japan, MEA, Japan) - Size,
    Share, Outlook, and Opportunity Analysis, 2019 -
    2027
  • The global enterprise asset management market is
    estimated to account for US 2470.74 Mn in terms
    of value by the end of 2019.

3
Market Drivers
  • Growing investment by organizations in EAM
    software is expected to drive the global
    Enterprise Asset Management Market during the
    forecast period
  • Increasing investment by organizations on
    enterprise asset management software is expected
    to drive growth of the global enterprise asset
    management market during the forecast period.
    Various governmental and corporate organizations
    around the world are employing EAM software, in
    order to optimize the companys work efficiency
    and save money. For instance, in August 2019,
    Infor, Inc., a U.S.-based enterprise software
    company, received the contract for EAM solution
    from Auckland Transport (AT) to manage its asset
    in future. AT manages a public transport system
    that includes assets of US 1.02 billion with 43
    railway stations, 21 ferry wharves, and 2,337 bus
    stations.
  • Growing emergence of IoT such as smartphones is
    expected to propel the global enterprise asset
    management market
  • Furthermore, rising emergence of Internet of
    Things (IoT) such as smartphones, medical
    electronics, automobiles, thermostats, and more,
    which allows devices to communicate and send and
    receive data is expected to propel the global
    enterprise asset management market growth over
    the forecast period.

4
  • North America region dominated the global
    enterprise asset management market in 2018,
    accounting for 31.2 share in terms of value,
    followed by Europe and Latin America,
    respectively

5
Market Restraints
  • High cost associated with installation of EAM
    software is expected to restrain the market
    growth
  • High cost of enterprise asset management
    software, especially for small and medium-sized
    companies is expected restrain growth of the
    global enterprise asset management market in the
    near future. Various companies such as IBM and
    SAP SE offers EAM solutions, though they are not
    always affordable for small- or medium-sized
    companies. Moreover, its implementation is time
    intensive, which would cost the company.
  • Lack of trained personal is to deploy EAM
    software is expected to hinder the market growth
  • Moreover, lack of skilled professionals to deploy
    EAM software is expected to hamper the market
    growth in the near future. Although there is no
    specific career path for EAM solutions for an
    individual, companies often understaff this
    particular domain. Moreover, this process is
    spanned through multiple departments and lack of
    coordination among those department can make it
    challenging to reach towards the same goal.

6
Market Trends
  • Growing focus of key market players on
    cloud-based EAM solution to be the popular trend
  • Key players in the market are focused on
    providing cloud-based EAM solutions, so as to
    facilitate increasing demand around various
    industrial verticals, especially in small- and
    medium-sized enterprises. For instance, in April
    2016, Oracle Corporation entered into partnership
    with GE Digital, in order to develop
    platform-as-a-service (PaaS) EAM solution, to
    facilitate digital connectivity of industrial
    assets worldwide.
  • Rising integration of predictive analysis to be a
    major trend in the market
  • Furthermore, various EAM solutions providers such
    as IBM Corporation and SAP SE are incorporating
    predictive analytics solutions with EAM solution,
    so as to reduce cost and manage assets
    effectively. For instance, in April 2016, SAP SE
    launched SAP Asset Intelligence Network and SAP
    Predictive Maintenance and Service solution, in
    order to facilitate asset operators, equipment
    manufacturers, and service providers to reduce
    costs.

7
Market Opportunities
  • Extending the Asset Lifecycle With the Help of
    Advanced Technologies
  • Digitization across different verticals are
    creating new opportunities for organizations to
    optimize their relationship with the customers.
    Many asset-intensive organizations are focusing
    on investing in new advanced technologies to
    radically transform and improve their operational
    processes. Best-in-class organizations are
    embracing emerging advanced technologies such as,
    Artificial Intelligence (AI), Augmented Reality
    (AR), Internet of Things (IoT), digital twin,
    predictive maintenance, and telematics as the
    next big thing in industrial services are
    expected to pose excellent growth opportunities
    for market players during forecast period.

8
  • Integration of AI and Drone-based Asset
    Management
  • Integration of artificial intelligence (AI) and
    drone-based asset management is one of the
    opportunities for the growth of players operating
    in the enterprise asset management market. AI is
    used to improve data handling in which data can
    be analyzed from the records which can enable
    mid-level management to make better and fasten
    the decision-making process. Further, drone-based
    asset management helps in collection of
    information from places that are out of human
    reach. The collected information can be given to
    system for further processes. For instance,
    drone-based enterprise asset management can be
    used in bridges, cargo ships, airplanes, oil
    refineries, offshore oil drilling platforms and
    railroad beds, which is expected to pose
    excellent growth opportunities in global
    enterprise asset management market during the
    forecast period.

9
Regulations
  • PAS55 Public Available Specification or PAS was
    developed by Institute of Asset Management (IAM)
    and British Standard Institution (BSI) between
    2002 and 2004. PAS, publicized in 2004, is
    explicitly focused on optimal management of
    physical assets. Moreover, it has been
    extensively adopted by mining, transport,
    manufacturing, and utilities industries.

10
Segment Information
  • The manufacturing segment of global enterprise
    asset management market was valued at US 398.01
    million in 2019 and is expected grow at a CAGR of
    9.3 between 2019 and 2027.

11
Competitive Section
  • Key players operating in the global enterprise
    asset management market are IBM Corporation, SAP
    SE, Oracle Corporation, ABB Ltd., IFSAB, Infor,
    Inc., Ultimo Software Solutions BV, CARL
    International SA e Maint Enterprises, LLC,
    Mainsaver, Inc. MEX Pty Ltd., and Asset Works
    LLC.

12
Key Developments
  • Key players in the market are involved in various
    growth strategies such as product launch, in
    order to enhance the market presence. For
    instance, in December 2018, SAP SE, a
    Germany-based software corporation, introduced
    SAP Intelligent Asset Management (SIAM) with
    incorporation of planning, collaborative asset
    intelligence, prediction and simulation for
    equipment maintenance.
  • Major companies in the market are adopting
    inorganic strategies such as collaborations and
    partnerships, in order to gain competitive edge
    in the market. For instance, in October 2019,
    Ultimo Software Solutions partnered with Senseye
    Ltd., to incorporate Ultimos Enterprise Asset
    Management System and Senseyes predictive
    maintenance.

13
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  • Download PDF Brochure
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  • Reference https//www.coherentmarketinsights.com
    /market-insight/enterprise-asset-management-market
    -3136

14
About Us
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15
Contact Us
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  • Coherent Market Insights Pvt.Ltd.
  • Address 1001 4th Ave, 3200 Seattle, WA 98154,
    U.S.
  • Phone 1-206-701-6702
  • Email sales_at_coherentmarketinsights.com

16
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