The Enterprise Asset Management Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period, to reach USD 7.0 billion by 2027 from USD 4.2 billion in 2022.
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By component, services segment is expected to grow at a higher CAGR during forecast period
Based on components, the market is segmented into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. Professionals, specialists, or experts offer professional services to support different businesses. These services include planning & consulting, training & education, and support & maintenance. The latest techniques, strategies, and skills adopted by professionals are helping organizations in adopting EAM solutions. These services also offer customized implementation and risk assessment and assist in deploying via industry-defined best practices. As far as implementation services are concerned, vendors cover all solution implementation phases, such as planning, deployment, support, and ongoing optimization.
Security systems must be upgraded regularly to counter newly available threats, attacks, ransomware, and sophisticated cybercriminals. As a result, companies rapidly outsource their asset security concerns to specialized service providers such as Managed Security Service Providers (MSSPs). Managed services secure data generated from assets and provide confidentiality, integrity, and availability. Regulatory compliances are achieved, and the reduction in data breaches and protection of the intellectual property is guaranteed.
Work order management application segment to hold significant market share in 2022
Work order management paves the way for various large enterprises to efficiently service customers and creates sustainable growth. The work order management solution lets organizations record workers’ data and track their performance, customers, and enterprise information. It offers various benefits, including real-time updates (on completion of jobs and assignments) and simplified job scheduling, tracking, monitoring, and forecasting. Real-time updates about field employees’ location and the status of job completion enable managers to monitor, manage, and allocate service requests from customers to available employees. This results in enhanced customer experiences, new business opportunities, and increased revenue generation for organizations.
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The major players have adopted various growth strategies to expand their global presence and increase their market reach to enhance their customer base. Key players such as IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden) have adopted strategies such as product launches and upgradations, partnerships, agreements, and mergers and acquisitions to gain market presence and support the growth of the global enterprise asset management market.
IBM Maximo provides real-time visibility into asset usage, which helps in improving return on assets (RoA) and widening functions across sites. The company focuses on developing data analysis and data handling software to cater to rising customer demands. One-third of IBM’s research spending is on data, analytics, and cognitive computing. The company has a strong partner ecosystem comprising more than 300 partners with rich industry and domain expertise. It charges its EAM users based on the number of users accessing the system. The key differentiating factor for IBM in the enterprise asset management market is its diverse technology product portfolio, which gives it access to innovations across cloud, AI, IoT, and analytics-related technologies.
SAP enables enterprises to deliver high-quality, on-demand services rapidly to their customers. This solution is highly scalable and suitable for large and mid-sized enterprises across asset-intensive industries. Organizations across the globe are choosing and deploying SAP Intelligent Asset Management solutions to cope with the growing demand for their customers. With indirect sales channels, the company operates a robust network of value-added resellers, hardware and software suppliers, system integrators, and third-party consultants. To hold the leading position, the company consistently focuses on catering to its customers with highly competent technology-enabled products and services in the enterprise asset management market. SAP drives its revenue through its direct sales organizations. It follows the go-to-market strategy and regional expansions to drive demand, build pipelines, and enhance customer relationships within its target industries.
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