The optimal lifecycle management solution that manages the assets of a company is termed as Enterprise Asset Management (EAM). Furthermore, the subjects covered by EAM consists of operations, design, and decommissioning of manufacturing plant amongst others.
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Switching to an enterprise asset management system helps enterprises reduce their maintenance costs.
There are numerous drivers, restraints and opportunities that are shaping the future of this industry.
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The growing need for increasing the lifecycle performance of assets indicates that the future of enterprise asset management market is bright. On the other hand, with companies getting more dependent on physical infrastructure, which is capable enough to integrate process as well as information throughout asset lifecycle is highly responsible for driving the market.
Advent of cloud deployment model and Big Data integration with enterprise asset management are likely to create business opportunities. However, high cost and lack of awareness has hindered market growth to a greater extent.
Regions such as AsiaPacific and Middle East and Africa would provide several opportunities in the enterprise asset management space owing to the rise in adoption rate.
The market is segmented in terms of software applications, end use industry, services offered, size of organization and geography. In terms of software applications, the market is segmented into asset maintenance, repair & overhaul (MRO), non-linear assets, linear assets, and field service management.
The market is also segmented based on the services such as managed service, training and support, and implementation service. The global enterprise asset management market is categorized based on size of organization into large enterprises, and small and medium enterprises (SMEs).
The end use industries served by the enterprise asset management market include government and utilities, BFSI, healthcare, oil and gas, retail, transportation and others.
Eyeing the great prospects in the market, major brands are investing in research and development activities to maintain a competitive edge. Business strategies such as joint ventures as well as acquisitions and mergers with local companies are enabling the companies to position their products successfully.
Several brands are considering proven market entry strategies to explore new markets. Some of the major market players in the enterprise asset management industry include CGI Group Inc., IBM Corporation, Oracle Corporation, ABB Group, SAP SE, Schneider Electric, and more.
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