Enterprise Asset Management (EAM) Market Share: Uncovering Market Opportunities and Competitive Landscape for Success
Enterprise Asset Management (EAM) Market
Rapid advancement of various innovative technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and data analytics
VANCOUVER, BRITISH COLUMBIA, CANADA, June 12, 2024 /EINPresswire.com/ -- The global Enterprise Asset Management (EAM) market1 size was USD 4.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. The global Enterprise Asset Management (EAM) market is poised for significant growth, fueled by rapid advancements in technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and data analytics. These technologies are transforming traditional asset management approaches, optimizing asset lifecycles, and improving operational efficiencies across various industries.
Click To get SAMPLE PDF (Including Full TOC, Graphs & Charts, Table & Figures)@ https://www.emergenresearch.com/request-sample/2420
Key Drivers of Market Growth
Enterprise Asset Management (EAM) systems are critical for the efficient management and utilization of a company’s operational assets throughout their lifecycle. These systems are essential for planning, optimizing, and executing tasks to maximize asset quality, efficiency, and utilization. The increasing need to enhance productive uptime and reduce operational expenditures is driving the demand for EAM solutions.
EAM leverages IoT, AI, and Machine Learning (ML) to identify parts of assets that need replacement or maintenance, significantly reducing downtime and extending asset lifecycles. For instance, on August 31, 2023, IFS, an ERP software vendor, acquired Falkonry, an AI-based time-series data analytics tool developer, to bolster its EAM service portfolio.
Technological Advancements and Digital Transformation
The integration of advanced analytics enables the collection of valuable data insights, helping maintenance teams make informed decisions and perform timely preventive measures on physical assets. As organizations accumulate more assets, such as devices, transportation fleets, and industrial equipment, the need for robust asset management systems becomes more critical.
The digitization wave is fostering the development of sophisticated software tools that enhance the planning, tracking, visualization, and maintenance of physical assets. AI and ML technologies can upgrade systems based on collected data, making future predictions and performing strategic and complex tasks. These technologies also help reduce the high costs associated with EAM by minimizing downtime and extending asset lifecycles.
Industry Adoption Across Verticals
Various industry sectors, including transportation, energy and utilities, manufacturing, and healthcare, are increasingly adopting EAM systems to boost performance, profitability, and operational efficiency. These sectors recognize the importance of maintaining both the health of their assets and creating a healthy working environment for employees. Notable developments include SAP’s launch of the SAP Learning Hub in February 2021 and Oracle’s introduction of an asset-based service solution in October 2022.
Challenges and Market Restraints
Despite the benefits, the EAM market faces challenges such as data inconsistency and concerns over data protection and confidentiality. The rising number of cybersecurity threats and malicious attempts to steal confidential information also pose significant risks. Companies can mitigate these risks by employing white hat hackers to conduct penetration testing and evaluate the security of their hardware and software assets.
Request For An Discount@ https://www.emergenresearch.com/request-discount/2420
Market Segmentation Insights
Organization Size: The global EAM market is segmented into Small and Medium Enterprises (SMEs) and large-scale enterprises. Large-scale enterprises accounted for the largest revenue share in 2022 due to high-value investments, substantial manpower, and extensive infrastructure. The demand for customization, data security, and ownership among large enterprises further drives the need for EAM systems.
Industry Vertical: The market is segmented into government, transportation, healthcare, education, manufacturing, construction, and others. The manufacturing sector is expected to register robust revenue growth, driven by the adoption of Industrial IoT (IIoT) and the shift towards Industry 4.0. EAM systems enable manufacturing plants to reduce production downtime, maintain safety regulations, and achieve carbon neutrality.
Deployment Method: The market is divided into cloud-based and on-premise deployments. On-premise EAM systems are expected to account for a significant revenue share due to the provision of on-spot support, minimal cyber threats, and confidentiality of information. However, cloud-based EAM solutions are gaining traction for optimizing corporate assets, supporting business growth, and aiding in decision-making.
Enterprise Asset Management (EAM) Top Companies and Competitive Landscape
The global EAM market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Enterprise Asset Management (EAM) solutions.
Some major players included in the global Enterprise Asset Management (EAM) market report are:
IBM
eMaint
Infor
SAP
Oracle
Rockwell Automation Inc.
IFS
Hitachi Ltd.
Upkeep Technologies, Inc.
Ramco Systems
Enterprise Asset Management (EAM) Latest Industry News
On 1 August 2023, Central Square Technologies, an industry leader in public sector technology, announced its partnership with IDS, an engineering consulting and technology provider specializing in decision analytics and infrastructure lifecycle planning. CentralSquare’s Enterprise Asset Management (EAM) solution will start to integrate with IDS’ Asset Optimizer, allowing agencies to reach beyond maintenance management into comprehensive asset investment planning.
On 11 April 2023, Trimble launched one of its latest EAM solution, which is designed for global electric utilities to improve service reliability and successful operation. Trimble Unity AMS, built on Trimble's industry leading Cityworks Enterprise Asset Management (EAM) platform, enables utilities to manage the entire lifespan of their asset infrastructure, from permits and construction through operations, maintenance, and replacement.
Interested in knowing more relevant information? Click here: https://www.emergenresearch.com/industry-report/enterprise-asset-management-market
Enterprise Asset Management (EAM) Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global Enterprise Asset Management (EAM) market on the basis of type, organization size, industry verticals, deployment, application, and region:
Type Outlook (Revenue, USD Billion; 2019-2032)
Linear assets
Non-linear assets
Field service management
Others
Organization Size Outlook (Revenue, USD Billion; 2019-2032)
Small and Medium-Sized Enterprises (SMEs)
Large scale enterprises
Industry Vertical Outlook (Revenue, USD Billion; 2019-2032)
Government
Information Technology (IT)
Transportation
Manufacturing
Healthcare
Others
Deployment Outlook (Revenue, USD Billion; 2019-2032)
Cloud
On-premise
Management Outlook (Revenue, USD Billion; 2019-2032)
Inventory management
Predictive maintenance
Labor management
Facility management
Work order management
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Make Payment [Buy your Exclusive copy] @ https://www.emergenresearch.com/select-license/2420
Look Over transcripts provided by Emergen Research
Transmission Repair Market
https://www.emergenresearch.com/industry-report/transmission-repair-market
EV Thermal Management Market
https://www.emergenresearch.com/industry-report/electric-vehicle-thermal-management-market
Cardiopulmonary Products Market
https://www.emergenresearch.com/industry-report/cardiopulmonary-products-market
OEM Monitoring Solutions Market
Transcatheter Pulmonary Valve Replacement Market
https://www.emergenresearch.com/industry-report/transcatheter-pulmonary-valve-replacement-market
About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn
1 https://www.emergenresearch.com/industry-report/enterprise-asset-management-market
