MarketsandMarkets forecasts the Enterprise Asset Management (EAM) Market size to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 10.0% from 2019 to 2024. The growing demand for cloud-based EAM solutions and gaining a 360-degree view of assets are expected to increase the adoption of EAM across the globe during the forecast period.
The asset lifecycle management solution segment to hold the largest market size in the EAM market during the forecast period
Physical assets used in different industries can range in scope and size. Hence, it becomes essential for any organization to manage its critical assets and maximize the total cost of ownership throughout the asset’s lifecycle. Most times, organizations lack the granularity to view every asset lifecycle and how these stages can affect the whole business processes. The demand for asset management solution is expected to grow further during the forecast period.
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The cloud deployment mode is expected to grow at a higher CAGR during the forecast period as compared to the on-premises segment
Currently, organizations are looking forward to having their solution deployed on the cloud, as cloud deployment offers various advantages, such as scalability, flexibility in capacity, enhanced collaboration, and cost efficiency. The implementation of cloud-based EAM solution facilitates SMEs and large enterprises to focus on their core competencies, rather than IT processes. With the help of the cloud-based enterprise asset management solutions, organizations can gain a 360-degree view of the critical asset and rectify them before unplanned failures. Moreover, cloud-based enterprise asset management solutions offer a centralized way to integrate the system and its components with web and mobile applications and helps organizations boost the performance of their asset-intensive tasks.
The EAM market includes major vendors, such as IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), Aptean (US), CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), and Ultimo Software Solutions (UK). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the EAM market.
IFS (Sweden) has witnessed continuous growth over the past few years in the EAM market. The company offers a broad range of products to fulfill the requirements of diversified customers. It has adopted both organic and inorganic growth strategies to compete with other players in the market. For instance, in December 2018, IFS partnered with Borr Drilling, an international drilling contractor to help them deploy IFS Applications and improve their business operations. By implementing IFS Applications, Borr Drilling managed all their critical assets. Moreover, in December 2018, IFS entered into a partnership with Lockheed Martin to help them automate the scheduling and dispatching process and managed work order priority wise. This partnership helped Lockheed Martin to leverage IFS Applications and perform support and maintenance tasks for 300,000 fielded assets owned by the US Army.
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Infor (US) is a prominent player in the EAM market with an extensive partner network across the globe. It offers vertical-specific solutions for manufacturing, asset management, finance, Human Resource (HR), distribution, consumer products, sales & services, and service industries. In the EAM market, the company offers CloudSuite EAM and CloudSuite Facilities Management to help organizations maximize asset performance; inventory management; labor management, facility management, and predictive maintenance. Moreover, these solutions are powered with advanced technologies such as AI, mobility, analytics, IoT, and drone technologies to help organizations automate and streamline their service operations. Furthermore, the company majorly focuses on inorganic growth strategies for its business growth in the EAM market. For instance, in April 2019, Infor partnered with First Bus, a leading transport operator in the UK and North America to help them manage assets efficiently and enhance customer experience.
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