The global Enterprise Asset Management (EAM) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. Major factors that are expected to drive the growth of the EAM market include increasing shift from legacy asset management methods to modern asset management by enterprises, rising popularity of SaaS-based EAM solutions, growing need for gaining a 360-degree view of assets, increased usage of IoT platforms and devices to manage enterprise assets, elimination of overheads caused due to adherence to compliance, convergence of technologies such as AI, IoT, and analytics, and increase in mobility usage among end users.
The market is expected to be driven by the Growing need for gaining a 360-degree view of assets
Asset infrastructure is highly complex as assets are spread across locations, departments, and databases in many organizations. The complexity of asset infrastructure makes it difficult to achieve a complete view. A decade ago, it was next to impossible to remotely run a field service business. Currently, smartphones and tablets have made this a reality. With asset capabilities constantly changing and new technologies enhancing the power of data processing, enterprises need access to an EAM system with a 360–degree view of all assets–from design to installation and operations. Organizations are continuously seeking ways for improving asset management efficiency, reducing the risk of downtime, and gaining a competitive edge over their competitors. The demand for mobility-driven EAM solutions is increasing, helping organizations in making better business decisions, gaining better control over service operations, and delivering prompt services to customers.
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Increased security capabilities and customized costing in cloud-based EAM solutions is driving the adoption of cloud-based deployment
With a cloud-based EAM solution, users can get more functionality and the ability to manage distributed IT environments. With the use of AI, AR, analytics and ML, data can be turned into actionable insights to improve operations. The cloud-based EAM software can be deployed easily, and users will be able to get real-time insights of assets and can facilitate remote monitoring with exceptional ease. Cloud-based EAM provides easy and quick upgradations, which offers better security against cyberattacks.
The EAM market includes major vendors, such as IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), Asset Panda (US), EZOfficeInventory (US), EZMaintain.com (US), Pazo (India), Asset Infinity (India), KloudGin (US), Fracttal (Chile), InnoMaint Software (India), Aladinme (UAE), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Gaurdian (Canada), GoCodes (US), and Fleetio (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, IBM, SAP, Infor and IFS have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the EAM market.
IBM has a strong presence in the EAM market, with a large number of deployments. IBM provides its state-of-the-art EAM solution, IBM Maximo, to help organizations improve asset life and lower total cost of ownership. This solution is powered by advanced analytics and IoT capabilities, which help enterprises improve the management of plants, production, infrastructure, facilities, transportation, and communications. IBM Maximo is used by SMEs and large enterprises as it can be deployed on-premises, cloud, or on both. All industries widely adopt it as it enables organizations to reduce asset downtime, get real-time insights, and make more informed decisions. IBM has a strong presence in more than 175 countries. It offers a wide range of solutions and services to different industry verticals that include automotive, aerospace and defense, government, banking, healthcare, finance, IT and telecom, BFSI, consumer products, and retail.
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SAP is a leading provider of enterprise software. It focuses on strengthening its product portfolio by launching new and advanced solutions in five categories: applications, analytics, mobile, database and technology, and cloud. It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes ERP and Digital Core, Digital Platform, Intelligent Technologies, Analytics, CRM and Customer Experience, HR and People Engagement, Digital Supply Chain, and Network and Spend Management. Under the product category of Digital Supply Chain, SAP offers asset management solutions to organizations for optimizing their service operations, and boosting asset reliability and reducing their downtime. These solutions are powered with ML and IoT technologies, which help organizations enhance customer satisfaction by providing proactive service and support. SAP caters to various verticals, including automotive, communications, financial services, high tech, insurance, life sciences, manufacturing, and retail. It has a strong partner ecosystem with more than 17,000 partners, and 100+ innovation and development centers to cater to its client base of over 413,000 customers spread across the Americas, Europe, MEA, and APAC.
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