Global Enterprise Asset Management (EAM) Market: Overview
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.
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.
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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.