With the rapid pace of digital transformation and growing technological infrastructure, various industry verticals are witnessing and adopting a change in their operational processes. Organizations are investing in EAM solutions to accelerate their management operations. EAM systems have emerged as one of the key tools to plan, construct, operate, maintain, and replace plants, equipment, and facilities. These systems manage complex and expensive assets of an organization throughout their entire lifecycle. They help reduce inventory needs, strategize planning, increase labor utilization, boost maintenance productivity, and reduce equipment breakdowns. They are also used to collect, consolidate, and analyze all the crucial information on important assets and offer maximum visibility and control that affect business performance, risk, and compliance. In its latest publication on the enterprise asset management systems market, Meticulous Research states that the enterprise asset management systems market will grow at a CAGR of 9.5% from 2020 to 2027 to reach $8.6 billion by 2027.
The growth of this market is backed by the surge in demand for cloud-based EAM solutions, the emergence of IoT devices across various industry verticals, the integration of drone & AI-based asset management, and the emergence of disruptive digital technologies. In addition, increasing government investment in advancing EAM systems, rising adoption of advanced technologies for extending asset lifecycle, and increasing integration of predictive analytics in EAM solutions are also supporting the growth of the enterprise asset management systems market. Although the impact of the COVID-19 pandemic may restrict the growth of this market in this year, the increasing demand for advanced cloud-based EAM systems will accelerate the growth of this market in the coming years.
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To provide efficient analysis, Meticulous Research® has segmented this market on the basis of application (assets maintenance, repair, & operations; non-linear assets; linear assets; and field service management), offering (solutions and services), organization size (SMEs and large enterprises), deployment mode (on-premise and cloud-based), industry vertical (IT & telecom, government & defense, automotive & transportation, BFSI, healthcare, retail, energy & utilities, and manufacturing), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Geographically, the North American region is expected to command the largest share of the enterprise asset management systems market in 2020. This region is expected to continue its dominance through the forecast period due to the presence of major EAM players, increasing government initiatives towards advanced technologies, proliferation of cloud-based solutions, presence of highly developed IT infrastructure, and increasing focus of organizations towards meeting regulatory & compliance requirements.
On the other hand, the APAC region is poised to grow at the highest CAGR during the forecast period. The rising consumption of connected IoT devices, adoption of advanced technologies for predictive maintenance, rising number of EAM start-ups, and growing demand for robust & cost-effective EAM solutions are some of the major factors driving the growth of this regional segment.
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Scope of the Report:
Enterprise Asset Management Market by Application
- Assets Maintenance, Repair, and Operations (MRO)
- Non-linear Assets
- Linear Assets
- Field Service Management (FSM)
Enterprise Asset Management Market by Offering
- Labor Management
- Predictive Maintenance
- Facility Management
- Reporting and Analytics
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Managed Services
- Professional Services
Enterprise Asset Management Market by Organization Size
- Large Enterprises
Enterprise Asset Management Market by Deployment Mode
Enterprise Asset Management Market by Industry Vertical
- IT & Telecom
- Government & Defense
- Automotive & Transportation
- Energy & Utilities
Enterprise Asset Management Market by Geography
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
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Based on offering, the solutions segment is projected to account for the largest share of the enterprise asset management systems market in 2020. The growth of this segment is attributed to the growing number of data security & privacy concerns, increasing demand for advanced solutions for robust & cost-effective EAM systems, and growing inclination of companies towards controlling cost with lesser maintenance & procurement expenses.
On the other hand, the services segment is slated to grow at the fastest CAGR during the forecast period due to the increasing use of cloud-based systems and IoT devices in organizations, increasing need to reduce costs, increasing demand for streamlining business activities through EAM systems, and rising demand for managed & professional services in SMEs.
The report provides the competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in the enterprise asset management systems market, including SAP SE (Germany), IBM Corporation (U.S.), Oracle (U.S), IFS AB (Sweden), UpKeep Maintenance Management (U.S), Sage Group PLC (U.K.), Ultimo Software Solutions (U.K), eMaint Enterprises, LLC (U.S), ABB Ltd. (Ellipse) (Switzerland), Aptean (U.S), CGI Inc. (Canada), IPS (Germany), Maintenance Connection (Accurent) (U.S), AssetWorks (U.S), Infor (U.S), and SSG Insight (U.K.), among others.
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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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