Project/performance management, asset performance management, and asset/project portfolio management make up the EAM software revenue market.
Covid-19 Impact & Market Status
During COVID-19, businesses are choosing for cloud-based EAM solutions to manage assets since they enable for remote execution of day-to-day activities. In 2020, demand for EAM is predicted to soar since it provides effective asset management. To protect employee well-being and ensure operational efficiency, many businesses across sectors have adopted the work-from-home model, resulting in a surge in demand for cloud-based solutions.
It’s being expected that by 2030, the Enterprise Asset Management market cap will hit USD 10.6 billion at a CAGR growth of about 11.75%.
The COVID-19 epidemic has posed major problems for the global economy and a variety of economic sectors. Organizations throughout the world have increased the usage of cloud-based solutions and services to construct robust and disaster-averse systems to meet the demands of remote workers. The need for public cloud services for industry-specific applications, such as collaboration and other productivity and business continuity solutions, has risen as a result of this. Multiple businesses, including manufacturing, BFSI, automotive, and transportation, have faced major hurdles as a result of the pandemic. The majority of EAM solutions offer modules for facilities management, reporting & analytics, and inventory control, which assist businesses, prevent costly network downtime. The need for EAM solutions will continue to rise as the company's IT infrastructure improves.
Businesses have suffered tremendous losses as a result of the lockdowns implemented to contain the epidemic. Several major EAM businesses see this crisis as a chance to restructure and reassess their present strategies and sophisticated product offering. Assets, machines, structures, IT, and other project resources are being managed using EAM solutions and services to avoid system failure downtime, increase efficiency, and manage assets, machines, structures, IT, and other project resources. During the pandemic, some firms began using cloud-based EAM solutions and incorporating predictive analytics into EAM solutions.
The asset lifecycle management segment is expected to contribute more to the EAM market growth throughout the projected period: based on application
Asset lifecycle management is the practice of maximizing earnings from assets throughout the course of their useful lives. It consists of a few inter-management procedures that assist produce desired outcomes, such as comprehensive asset portfolio management, rigorous project execution, and effective and efficient asset management methods. It aids end users in making educated decisions about IT needs and services, hence increasing company efficiency. It also aids in increasing organizational efficiency by assisting firms in making educated IT needs and service selections. The asset lifecycle management solution is offered by the majority of EAM providers to streamline asset lifecycle operations, minimize maintenance costs, and improve the quality of IT services.
The on-premises category is expected to contribute more to the EAM market growth throughout the projected period: based on deployment model
Organizations that want control over the security of consumer and company information prefer the on-premises version of EAM. This deployment is deployed and hosted on the IT infrastructure of enterprises, and it is maintained by their own IT employees. Organizations must pay a significant amount of money up front to implement EAM systems on-premises, but there are no ongoing charges as there are with cloud deployments. It's difficult for IT staff to keep on-premises systems up to date. The activities of numerous functional departments are likewise impeded if there is a problem. Because of these factors, many businesses are still relying on on-premises solutions, despite the fact that the SaaS delivery model saves operating costs and alleviates asset maintenance stress. Due to financial limits, SMEs do not favour on-premises implementation.
The corporate asset management software industry is exploding. The market has transformed as the focus has shifted from simple maintenance management to enterprise-wide asset management.
During the projected period, the worldwide Enterprise Asset Management (EAM) market is predicted to increase at an annual rate of 8.7%, reaching USD 5.5 billion by 2026, up from USD 3.3 billion in 2020. The rising popularity of SaaS-based EAM solutions, the growing need for gaining a 360-degree view of assets, increased use of IoT platforms and devices to manage enterprise assets, elimination of overheads caused by adherence to compliance, convergence of technologies such as AI, IoT, and analytics, and a growing need for gaining a 360-degree view of assets are all expected to drive the growth of the EAM market.
There are three key revenue cycles in the EAM sector. Users may utilise project and performance management to track and manage projects from start to finish in an orderly and effective manner. Users may track individual team members' or the whole project team's performance to ensure that everyone is doing their part and keeping projects on schedule.
To enhance the dependability, availability, or performance of physical assets, asset performance management (APM) integrates analytics, data acquisition, and visualization. It makes your assets work for you by combining condition monitoring, reliability-centered maintenance (RCM), and predictive forecasting.
Data from APM is used in asset and project portfolio management to assist users make wiser, more data-driven decisions regarding future asset purchase and maintenance. Its purpose is to increase return on investment and enhance the value of each asset.
IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), and others are among the market leaders in EAM. These suppliers have a huge client base and a broad geographic presence, as well as well-organized distribution systems, which aids in revenue growth.
Latest Innovations in the Enterprise Asset Management Market: a Snapshot
• In January 2021, IBM partnered with Atos to use AI and RedHat Open Shift technologies to help businesses speed their digital transformation. End users may benefit from asset life cycle management, asset monitoring and MRO optimization, SMART waste/energy monitoring and optimization, and packaging, transportation, and logistics optimization solutions provided by the cooperation.
• In February 2021, SAP announced SAP Learning Hub for its partners, which brings together all of their learning resources.
Enterprise Asset Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.3 billion|
|Growth Rate||CAGR of 8.7% during 2021-2028|
|Segment Covered||Type, Application, Source, Form, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), and others are among|
Key Segments of the Enterprise Asset Management Market
Based on the Component:
Based on the Application:
- Asset Lifecycle Management
- Inventory Management
- Work Order Management
- Labor Management
- Predictive Maintenance
- Facility Management
Based on the Deployment Model:
Based on organization size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Based on verticals:
- Energy and Utilities
- Transportation and Logistics
- Government and Public Sector
- IT and Telecommunications
- Healthcare and Life Sciences
Based on regions:
- Rest of Europe
- Rest of APAC
- Saudi Arabia
- South Africa
- Rest of MEA
- Rest of Latin America