It is a process of managing the lifecycle of physical assets to increase their life/ use improve efficiency and quality, save cost and safeguard health & environment.
Enterprise asset management market is anticipated to witness rapid growth in the coming years owing to the growing needs of asset-intensive organizations. Enterprise asset management consists of design, decommissioning and operations of manufacturing units amongst others. Shifting to EAM system helps organization in reducing their maintenance cost. Additionally the advent of EAM has helped in lowering labor cost, production costs, reducing equipment breakdowns and has also enhanced maintenance productivity. In simpler terms, asset management solutions help enterprises and business owners with inventory maintenance, uptime along with strategic planning. Moreover, the management solution offers control and visibility over important assets which can affect business compliance, risk as well as performance.
Numerous drivers and opportunities are shaping the needs of this industry. The rising need for lifecycle performance of asset indicator is expected to flourish the demand for enterprise asset management market. Additionally, the companies replying more on physical infrastructure, which is capable to integrate process and provide information of the asset lifecycle, which is highly accountable for fueling the market. With the arrival of Big Data and cloud models integration with EAM is expected to open new business prospects in the near future. Additionally, regions like Middle East and Africa and Asia Pacific will provide open growth avenue for EAM market. However, Owing to the high cost of investment along with lack of awareness about the uses and importance of EAM, is anticipated to curtail market growth.
On the basis of solution under component the enterprise asset management market is divided into inventory management, asset lifecycle management, labor management, work order management, facility management, reporting and analytics, and predictive maintenance. The predictive maintenance solutions will show notable growth in the long run, owing to the rising demand for innovative technologies such as Machine Language and Artificial Intelligence for preventing and predicting errors on the system and help in reducing maintenance cost.
Global enterprise asset management market is segmented on the basis of region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is predicted to have growth in enterprise asset management market owing to the presence of developed countries such as US and Canada and these regions are considered to be the most advance in terms of adopting digital technology. Moreover, rising demand of EMA in the region to reduce equipment breakdowns and increase productivity. This is anticipated to propel market growth in the long run.
Major players of enterprise asset management market include Oracle, IBM, SAP, IFS, ABB, Infor, CGI, Aptean, Maintenance Connection, IPS, AssetWorks and AVEVA among others.
The report segments the enterprise asset management market is as follows:
Global Enterprise Asset Management Market: By Component Analysis
Global Enterprise Asset Management Market: By Deployment Analysis
Global Enterprise Asset Management Market: By Organization Size Analysis
Global Enterprise Asset Management Market: By Vertical Analysis
Global Enterprise Asset Management Market: By Region Analysis