The Worldwide Enterprise Asset Management Industry is Expected to Reach $5.5 Billion by 2026 at a CAGR of 8.7% from 2020

Dublin, March 15, 2021 (GLOBE NEWSWIRE) -- The "Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020.

Digital business transformation has entered a more challenging and urgency-driven phase due to the COVID-19 pandemic. Global giants are providing customers with cost-effective and productive digital solutions as every industry is economically hard-hit from the pandemic.

The sudden shutdowns of organizations and institutions increased the demand for cloud solutions and other online services. In current times, the EAM market is profitable for EAM vendors as several companies from diverse verticals are progressively adopting cloud-based solutions and services. This market is expected to grow further in North America and Europe, whereas it is expected to hold a significant growth rate in APAC, Latin America, and MEA. Factors such as the increased adoption of cloud among SMEs and the Work From Home (WFH) business model due to COVID-19 are expected to drive the market growth.

Need for extending the life span of assets with the help of advanced technologies

Digitization across different verticals is creating new opportunities for organizations to optimize their relationships with customers. Many asset-intensive organizations are focusing on investing in new and groundbreaking technologies to radically transform and improve their operational processes. In today's highly competitive business environment, asset-intensive businesses succeed and fail based on how they manage complexities in the face of increased competition. Best-in-class organizations are embracing emerging technologies, such as AR, IoT, AI, predictive maintenance, digital twin, and telematics, as the next big thing in industrial services would be to accurately forecast the future of physical assets. The impact of EAM solutions is more than just boosting the bottom line. According to a few primary respondents and industry experts, organizations readily adopt modern EAM solutions to increase the longevity of assets.

The Manufacturing vertical expected to hold the largest market share in 2020.

The manufacturing vertical includes automotive, aerospace, heavy machinery, chemicals, and electronics and semiconductors. It is transforming its business functions, such as integration of supply chains, product designing, inventory management, and product deliveries. Manufacturing organizations have disconnected systems and departments working through information silos, making it complex for the EAM system to work with other IT systems. This information isolation prevents the efficient management of assets throughout their lifecycle. Inventory and asset management is considered as the most critical aspect of manufacturing businesses. In case inventory runs out of stock, or there is an unplanned breakdown, the production output would decrease, deliveries would get delayed, and work would be interrupted. This would cost a hefty amount to manufacturers.

North America to hold the largest market size and the Asia Pacific (APAC) to grow at a higher rate during the forecast period

APAC is one of the fastest-growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives carried out by different governments and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. The region houses a large number of enterprises related to manufacturing, energy and utilities, transportation and logistics, chemicals, and aerospace, which is further expected to drive the demand for EAM. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Growth Opportunities in Eam Market
4.2 Market, by Application, 2020 Vs. 2026
4.3 Market, by Deployment Model, 2020
4.4 Market, by Organization Size, 2020
4.5 Market, by Vertical, 2020 Vs. 2026
4.6 Market: Regional Scenario, 2020-2026

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Shift from Legacy Asset Management Methods to Modern Asset Management by Enterprises
5.2.1.2 Rising Popularity of Saas-Based EAM Solutions
5.2.1.3 Growing Need for Gaining a 360-Degree View of Assets
5.2.1.4 Increased Usage of IoT Platforms and Devices to Manage Enterprise Assets
5.2.1.5 Elimination of Overheads Caused Due to Adherence to Compliance
5.2.1.6 Convergence of Technologies Such as Ai, IoT, and Analytics
5.2.1.7 Increase in Mobility Usage Among End-users
5.2.2 Restraints
5.2.2.1 Regulatory Compliance Issues
5.2.2.2 Concerns Over Data Security and Confidentiality
5.2.2.3 Implementation Challenges for Enterprises with Diverse Operational Structures
5.2.3 Opportunities
5.2.3.1 Need for Extending the Life Span of Assets with the Help of Advanced Technologies
5.2.3.2 Adoption of a Digital Asset Management Strategy to Drive Better Return on Assets
5.2.3.3 Integration of Eam with Third-Party Erp Systems
5.2.3.4 Data-Driven Asset Management
5.2.3.5 Inclination of Organizations Toward Cloud-Based Deployments to Overcome On-Premises Limitations
5.2.3.6 Surge in Asset Management Workloads During the COVID-19 Pandemic
5.2.4 Challenges
5.2.4.1 Difficulty in Collecting, Analyzing, and Using Data
5.2.4.2 Selecting the Right Mix of Solutions
5.3 Covid-19-Driven Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Value Chain Analysis
5.5 Ecosystem
5.6 Enterprise Asset Management: Impact of COVID-19
5.7 Use Cases
5.7.1 Use Case 1: Infor
5.7.2 Use Case 2: Aptean
5.7.3 Use Case 3: Emaint
5.7.4 Use Case 4: Ezofficeinventory
5.7.5 Use Case 5: Asset Panda
5.7.6 Use Case 6: Kloudgin
5.7.7 Use Case 7: Pazo
5.8 Technology Analysis
5.8.1 Cloud/Software as a Service
5.8.2 Machine Learning
5.8.3 Mobility
5.8.4 Internet of Things
5.8.5 Augmented Reality
5.8.6 Artificial Intelligence
5.9 Patent Analysis
5.10 Porter's Five Forces Analysis
5.11 Regulations
5.12 Pricing Analysis

6 Enterprise Asset Management Market, by Application
6.1 Introduction
6.1.1 Applications: Market Drivers
6.1.2 Applications: COVID-19 Impact
6.2 Asset Lifecycle Management
6.3 Inventory Management
6.4 Work Order Management
6.5 Labor Management
6.6 Predictive Maintenance
6.7 Facility Management
6.8 Other Applications

7 Enterprise Asset Management Market, by Component
7.1 Introduction
7.1.1 Components: Market Drivers
7.1.2 Components: COVID-19 Impact
7.2 Solutions
7.3 Services

8 Enterprise Asset Management Market, by Deployment Model
8.1 Introduction
8.1.1 Deployment Models: Market Drivers
8.1.2 Deployment Models: COVID-19 Impact
8.2 On-Premises
8.3 Cloud

9 Enterprise Asset Management Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: COVID-19 Impact
9.2 Large Enterprises
9.3 Small and Medium-Sized Enterprises

10 Enterprise Asset Management Market, by Vertical
10.1 Introduction
10.1.1 Verticals: Market Drivers
10.1.2 Verticals: COVID-19 Impact
10.2 Manufacturing
10.3 Energy and Utilities
10.4 Healthcare and Life Sciences
10.5 Transportation and Logistics
10.6 IT and Telecommunications
10.7 Government and Public Sector
10.8 Education
10.9 Other Verticals

11 Enterprise Asset Management Market, by Region
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia-Pacific
11.5 Middle East and Africa
11.6 Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Market Share of Top Vendors
12.3 Historical Revenue Analysis of Top Vendors
12.4 Company Evaluation Quadrant
12.4.1 Definitions and Methodology
12.4.2 Star
12.4.3 Emerging Leaders
12.4.4 Pervasive
12.4.5 Participants
12.5 SME Evaluation Quadrant
12.5.1 Definitions and Methodology
12.5.2 Progressive Companies
12.5.3 Responsive Companies
12.5.4 Dynamic Companies
12.5.5 Starting Blocks
12.6 Competitive Scenario

13 Company Profiles
13.1 Major Players
13.1.1 IBM
13.1.2 SAP
13.1.3 Oracle
13.1.4 Infor
13.1.5 IFS
13.1.6 ABB
13.1.7 Intelligent Process Solutions
13.1.8 Maintenance Connection
13.1.9 Aveva
13.1.10 Aptean
13.1.11 Emaint
13.1.12 CGI
13.1.13 Upkeep
13.1.14 Rfgen Software
13.1.15 Assetworks
13.1.16 Ultimo
13.2 SME Profiles
13.2.1 Asset Panda
13.2.2 Ezofficeinventory
13.2.3 Pazo
13.2.4 Ezmaintain
13.2.5 Innomaint
13.2.6 Asset Infinity
13.2.7 Fracttal
13.2.8 Kloudgin
13.2.9 Maintain X
13.2.10 Limble CMMS
13.2.11 TrackX
13.2.12 Cheqroom
13.2.13 The Asset Guardian
13.2.14 Fleetio
13.2.15 GoCodes
13.2.16 Redlist
13.2.17 Aladdin

14 Adjacent Market
14.1 Introduction
14.2 Asset Performance Management Market

15 Appendix
15.1 Discussion Guide
15.2 Knowledge Store: Subscription Portal
15.3 Available Customizations
15.4 Related Reports
15.5 Author Details

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