Enterprise Asset Management Market Size to Grow at a CAGR of 8.1% During the Forecast Period 2021-2026

(IT-NEWSWIRE.COM, November 08, 2021 ) Enterprise Asset Management market is analyzed to grow at a CAGR of 8.1% during the forecast period to reach $3.2 billion by 2026. The major factor impacting on the positive growth of the market is the adoption of the cloud technologies in the asset management solutions. The significant growth and adoption of the new technologies such as IoT, industry 4.0, and so on are analyzed to create ample amount of opportunities for the growth in the enterprise asset management as they play a key role in asset tracking. Owing to the increasing demand for these advanced technologies due to the increased productivity, sustainability, decrease in maintenance costs is set to bring down the deployment costs thereby impact on the high adoption rate and contributing to the growth of the market during the forecast period 2021-2026. Increasing adoption of advanced technologies in enterprises for assisting them in tracking, assessing, managing and optimizing asset quality and reliability have created demand for enterprise asset management which set to drive the market. The software applications such as linear assets digital, non-linear assets, field service management, assets MRO and others across various vendors. Services viz. managed services for enterprise asset management provide consistent operational management and predictable results. The managed services assist in system maintenance to keep it fully operational.

Enterprise Asset Management Market Segment Analysis – By Rotor Type

The Assets MRO segment is set to account for the largest share in 2020 and is growing at a CAGR of 7.1% in the forecast period. Assets Maintenance, Repair and Operations (MRO) is basically provided for asset intensive industries for the purpose of fixing and replacing of the assets. Assets MRO are widely adopted by organizations as it leads to cost reduction, primarily costs related to freight, loading, unloading, warehousing, service and maintenance fees, and inventory management costs. MRO also majorly focuses on the supply and vendor support by evaluation the contracts directly with the manufacturer or with a distributor. The enterprise asset management plays a key role in the assets MRO application as it involves the maintenance, disposal, replacement and operation of the entire lifecycle including design, installation and procurement. In most of the organizations, MRO accounts for a significant share of the annual procurement budget, and moreover MRO inventory includes everything in the infrastructure or organization including cleaning, laboratory and office supplies to industrial equipment and plant upkeep supplies. With the integration of EAM software along with the Asset MRO application has led to improved inventory procurement and management by analyzing the demand for the materials. Therefore, as asset MRO software applications are widely used in the asset intensive industries it has led to enhance the growth of the enterprise asset management market.

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Enterprise Asset Management Market Segment Analysis – By Application

Transportation sector is expected to witness a highest CAGR of 11.5% the forecast period. There has been increasing focus towards adoption EAM solutions in transportation industry as there is increasing pressure to control costa and maximize return on assets. In 2019, Trimble had acquired Azteca Systems LLC, a private EAM company in order to strengthen its EAM business in transportation, utilities and government sector. Acquisition and partnership with private companies provide huge opportunities for EAM companies to increase their market share. In 2019, Manufacturing held major share 20.76% in Enterprise asset management (EAM) market in terms of revenue owing to increase in adoption of automation technology in those industries. In 2019, Aptean, one of the global leader in EAM market had acquired OPTIWARE, a leading provider EAM and overall equipment effectiveness solutions. With this acquisition, Aptean company strengthen its position in the manufacturing sector with the transition of global enterprises towards industry 4.0 and smart manufacturing. This is poised to drive the market.

Enterprise Asset Management Market Segment Analysis – By Geography

APAC is witnessing the fastest growth rate with a CAGR of around 10.1% during the forecast period 2021 to 2026 owing to high investments and growing deployment of automation technology. For instance, Thinkproject had entered in to enterprise asset management market with the acquisition of RAMM which allows the company to better serve infrastructure and asset management solutions in the APAC region, thereby providing opportunities for the market growth. In 2019, CGI Inc, had acquired Sunflower Systems to expand its offerings to both public and private sector by enabling Sunflower’s company asset management solutions. During the same year, CentralSquare had acquired Lucity company which is the leading provider EAM software for North American Government. Geographically, in 2020, North America held major share 31.9% in Enterprise Asset Management market in terms of revenue owing to high adoption of automation and other advanced technologies.

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Enterprise Asset Management Market Drivers

Increasing adoption of EAM solutions in end users such as oil and gas, manufacturing and others

In Oil and Gas industry, there has been growing adoption of EAM solutions for various applications such as providing on-shore offshore data replication for real time asset visibility, service management of oil field equipment, and project management. EAM is used to leverage big data for gaining significant insights from the structured and unstructured data. In Oil and Gas industry, communication and transparency help the supply chain that assist the business in understanding every facet of the extraction and production cycle. Additionally, growing adoption of EAM solution in manufacturing sector boost the demand of the market. With the emergence of industry 4.0, maintenance has become a crucial part and companies have started to assess the advanced technologies to assists them go beyond traditional run to failure and preventive maintenance approach. The digitization of asset management and raid development in technologies such as edge devices, SaaS based tools and others resulted in significant increase in adoption of EAM solutions in oil and gas and other manufacturing industries.

Growing demand for cloud-based EAM solutions

As the on premise deployment of enterprise asset management solutions involves in high capital investment and time, there has been shift in focus towards cloud based deployment of EAM solutions. On-premise mode of implementation requires enterprises to make significant investments in finding the right servers, communication infrastructure, storage devices, and others. Furthermore, it requires skilled professionals in order to maintain the functioning of the system. On the other hand, cloud-based EAM solutions require little hardware which set to drive the market. Additionally, deployment of cloud based EAM provides more reliability over on premise mode more reliability with a cloud-based system as manual upgrades and installation of new features aren’t required. It also provides high data security, easy maintenance. These solutions make it easier for enterprises to gain business intelligence and optimize the use and value of enterprise asset management software and solutions, thereby driving the market..

Enterprise Asset Management Market Challenges

Security and Confidentiality Concerns

With the increasing digitization, there has been significant rise in cyber-attacks. Therefore, data security has become a major challenge in small, medium and large sized enterprises. Implementation of new advanced digital technologies have become increasing and making their data vulnerable to risks. There is substantial rise in cyber-security concerns with the transfer of data or information from the field to the cloud, as malicious ransonware can attack servers, networks, and communication channels, thereby restricting the growth of the market. Many companies are developing digital twin solutions in order to test and build various types of equipment for a virtual environment, predict asset condition, and unplanned failure. They can reveal elements of Intellectual Property (IP), including details of automation and control systems operations. Therefore, service organizations from highly regulated industries restrict to adopt modern enterprise asset management solutions, thereby hampering the growth of the market. Additionally, adoption of cloud based EAM solutions is an expensive approach. EAM cloud base solutions can end up costing more than one off perpetual license fee expected with an on premise solution. Subscription costs can add up with cloud based EAM solutions. When the business expands, cloud based software grow in capabilities, which result in extra costs. This is the major challenge that hampers the growth of the market. Data security is a major concern across organizations as data loss may cost the company a heavy amount and could reduce the brand image of the organization. Besides, if the implemented solution fails to address any of the parameters, it would impact the daily operations of enterprises and affect their workforce productivity, which may result in further capital loss, which hampers the market.

Enterprise Asset Management Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Enterprise Asset Management market. Enterprise Asset Management top companies include IBM, SAP, Infor, ABB, Aveva, IFS, CGI Group, Intelligent Process Solutions and Oracle among others

Acquisitions/Product Launches

In November 2019, ABB launched its new Ellipse software to solve the challenges related to grid complexity. The solution launched by ABB helped the customers with digitization and automation.

In October 2019, Oracle announced the launch of India’s first Gen 2 Cloud datacenter in Mumbai with ambitions to make 20 more regions alive by the end of 2020, including a second one in Hyderabad.

Key Takeaways

Transportation is the fastest growing application in EAM market with CAGR of 11.47% during forecast period.

The growing demand to adhere to strict regulatory compliances and presence of major number of players such as IBM Corporation, Oracle Corporation, Infor Inc and others have been pushing the market in this region.

Acquisition of companies for strengthening their capabilities in North American region is set to drive the enterprise asset management market for a number of firms.

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Enterprise Asset Management Market Size to Grow at a CAGR of 8.1% During the Forecast Period 2021-2026