The report "Enterprise Asset Management Market by Software Applications (Linear Assets, Non-Linear Assets, Field Service Management, Assets MRO) by Services (Implementation, Managed Services, Training & Support) - Worldwide Forecasts and Analysis (2014-2019)" defines and segments the global EAM market into various sub-segments with an in-depth analysis and forecasting of market sizes. The report also identifies the factors driving the market, various restraints and opportunities impacting it along with the adoption trends.
MarketsandMarkets forecasts the global enterprise asset management (EAM) market to grow from $2.48 Billion in 2013 to $4.23 Billion in 2019. North America is expected to be the largest market in terms of market size, while Europe and Middle East and Africa (MEA) are expected to experience an increase in market traction during the forecasted period.
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The biggest challenges for organizations are the harsh economic conditions and indecisive markets which makes it difficult for organizations to capitalize on its return on assets (ROA). The software vendors in the EAM market space are constantly designing and innovating on the one’s software applications, as a result traditional asset management activities are evolving into a complete standard approach that impacts all divisions of the organization. The enterprise asset management (EAM) market is consolidated with big players such as IBM, SAP, Infor, Oracle, Ventyx, AssetPoint, Aventis, Ramco, and Motorola Solutions. The competition from these big players makes it difficult for small vendors to enter the EAM market.
The major factors driving this market are the administration of aging infrastructure, improved return on assets and the ability to track assets. The deployment cost of EAM software is one of the restraints for Small and Medium Businesses (SMBs) along with lack of awareness among organizations about the deployment and usage. Hence, cloud-based deployment solutions will prove to be more beneficial and can seize this opportunity by providing simpler solutions to organizations. Integration of EAM and big data analytics is another opportunity for software vendors. EAM solutions mainly focus on maintenance operations. EAM software applications support the entire enterprise operations onto a single database enabling integration of various applications.
Some of the benefits that enterprise asset management solutions offer to organizations include higher asset productivity, reduced maintenance costs, and increased visibility of the operations and asset performance. In industries that operate in intrinsically hazardous environments such as oil and gas, metal and mining, organizations have to rely on effective asset management systems that will help augment the value of assets.
MarketsandMarkets broadly segments the global EAM market by regions as North America (NA), Asia Pacific (APAC), Europe (EU), Middle East & Africa (MEA) and Latin America (LA); by software applications as linear assets, non-linear assets, field service management and assets MRO; by services as implementation, managed services and training and support; by user type as SMB’s and large enterprise; by industry verticals such as government and utilities, oil and gas, manufacturing, healthcare, transportation, and others.
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