The ideal lifecycle management solution that deals with the benefits of an organization in asset management is named as Enterprise Asset Management (EAM). Moreover, the subjects secured by EAM comprises of tasks, structure, and decommissioning of production plant among others. Switching to an enterprise management system enables businesses to lessen their production and maintenance costs. Other than this, rise of EAM has brought down the production costs, work costs, helped support profitability and diminished hardware breakdowns. Owing to these benefits, the global enterprise asset management (EAM) market is experiencing a bloated growth in the forecast period of 2018 to 2026.
A recent report by Transparency Market Research offers an in-depth analysis of the global enterprise asset management (EAM) market. It also enlightens various facets of the market such as notable developments, key drivers and restraints, and opportunities for the businesses. The report also offers a detailed regional analysis of global enterprise asset management market.
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Global Enterprise Asset Management (EAM) Market: Notable Developments
Major players are investing heavily in the efforts to surpass the traditional asset management for their business. This is because businesses are seeking additional benefits from enterprise asset management solutions. In addition to providing access of organizational asset information to every department and employee at every location, the latest industry trend includes enterprise asset management solutions that also involve several other important factors, such as energy usage, lifecycle costs, maintenance histories, warranty catalogs, purchase orders, audit records, and others.
In November 2018, Bentley Systems Incorporated acquired ACE enterprise Slovakia, an innovative technology solutions provider, to connect with enterprise resource planning (ERP), EAM, and geographical information systems (GIS). With this acquisition, the business focuses on expanding the scope of data that can be accessed through the database of the acquired company.
Some of the prominent players of the global enterprise asset management market are: Oracle Corporation, SAP SE, ABB Ltd., International Business Machines (IBM) Corporation, Schneider Electric SE, and MRI Software LLC. Some other player such as, CGI Group Inc., Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited, Bentley Systems Incorporated, Rockwell Automation Inc., and AssetWorks LLC are also key contributors to the global enterprise asset management (EAM) market.
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Global Enterprise Asset Management (EAM) Market: Key Drivers and Restraints
Enterprises require EAM for management of assets, buildings, machines, IT and other enterprise assets. Return on assets (ROA) shows how profitable a company’s assets are in generating revenue. These benefits are the key contributors of the growth of global enterprise asset management (EAM) market.
EAM offers timely maintenance of assets that helps to prevent the malfunction of machines or equipment and thus, reduces machine downtime. EAM extends the life of assets that allows businesses to save a huge amount which can be utilized in various other processes in the business and it also avoids decommissioning of the existing assets. EAM software optimizes the utilization and productivity of company resources and hence in turn increases the ROA. Owing to these factors the growth of global enterprise asset management market has bloated in forecast period of 2018 to 2026.
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Global Enterprise Asset Management (EAM) Market: Regional Analysis
North America is expected to hold the largest share of revenue of enterprise asset management (EAM) market in the forecast period. This is because of the growth of the IT sector in the region. The growth of the enterprise asset management (EAM) market in the region is also influenced by improving employment rate and focus of enterprises on innovation and business efficiency. Also, the industrial revolution in North America is also promoting the growth of enterprise asset management (EAM) market in the region. Some other factors helping the enterprise asset management market to grow in the region are, focus on asset utilization, predictive utilization, and safeguarding supply chain management.
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