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The global enterprise asset management (EAM) market is expected to grow at a CAGR of 13.3% during the forecast period with its market size predicted to reach USD 8.8 billion by 2024.
Industry Insights by Component (Software [Linear Assets, Field Service Management, Non-Linear Assets, Assets Maintenance, Repair, and Operations], Service [Managed, Professional], Solution[Planning and Forecasting, Logistics and Inventory, Network Field Operations, Asset Transfer and Retirement, Procurement of Material]), by Deployment Type (On-Premises, Cloud-Based), by Enterprise Size (Large Enterprises, Small and Medium Enterprises), by Industry (Manufacturing, Oil and Gas, Healthcare, Energy and Utilities, Transportation and Logistics, Government, Others)
The Increasing adoption of EAM for effective utilization of assets, and reduced maintenance and procurement expenses are the major factors leading to the high demand of EAM in the global market.
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Software category accounted for the largest revenue share in the enterprise asset management market
Based on component, the global enterprise asset management market is categorized into software, service, and solution, wherein software category accounted for the largest share in 2018. The category is expected to lead throughout the forecast period owing to the mounting need for effective capital planning processes, asset maintenance, and operations.
Software category is further sub-segmented into linear assets, field service management, non-linear assets, assets maintenance, repair, and operations.
Service category is further sub-categorized into managed and professional.
Solution category is further sub-segmented into planning and forecasting, logistics and inventory, network field operations, asset transfer and retirement, procurement of material.
On the basis of industry, the global enterprise asset management market can be segmented into manufacturing, oil & gas, energy and utilities, government, transportation and logistics, healthcare, and others. Of all, the retail, metal and mining sector is expected to witness fastest growth during the forecast period owing to growing retail business worldwide, with the opening of more number of supermarkets, stores, and hypermarkets in developing nations, and moreover, to speed up the store activities, new players are adopting EAM solutions.
Market players in the global enterprise asset management industry are majorly focusing on mergers & acquisitions to expand their customer base. For example, in November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia. With this acquisition, the company aims to increase the scope of knowledge that can be accessed through AssetWise. In April 2017, ABB Ltd., and International Business Machines (IBM) Corporation collaborated to expand and upgrade ABB’s existing asset and analytics implementation with IBM Watson’s cognitive abilities and ABB Agility.
Some of the key players operating in the global enterprise asset management market are Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc., and AssetWorks LLC.
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In the primary data collection process, there are several sources interviewed in order to obtain precise quantitative and qualitative information for this study. The primary sources those are included for the data collection of this study comprises of manufacturers, commercial growers, industry consultants and others key industry experts. There are several others sources that helped in gaining insightful information about this market are CEOs, marketing and sales directors, vice presidents, and key opinion leaders from various key companies operating in the global EAM market. Primary research in this report has been conducted for estimating market size, market dynamics, and strategies adopted by the key players in this market.
Secondary sources referred for this research report includes association for EAM, business filings such as financial statements, annual reports, investor presentations and trade associations. The secondary data has been used for estimating overall market size and growth of the EAM market that has been authenticated with the supporting facts gathered through primary data collection.
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Global Enterprise Asset Management (EAM) Market Coverage
Component Insight and Forecast 2014-2024
Deployment Type Insight and Forecast 2014-2024
Enterprise Size Insight and Forecast 2014-2024
Industry Insight and Forecast 2014-2024
Enterprise Asset Management (EAM) Market by Region
Rest of the World (RoW)
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