The Enterprise Asset Management Market (EAM) deals with the development, distribution and implementation of an EAM system within the confines of an organization. An enterprise asset management system deals with the management or juggling of the physical assets belonging to an organization. The objective is to maintain the physical assets in optimal condition while considering their overall lifecycles through the usage of asset management solutions.
One subsidiary of EAM solutions is asset lifecycle management. Through these asset management tools, the Enterprise Asset Management Market plays a vital part in the manufacturing, procuring, operating and maintaining of industrial equipment, facilities and other assets.
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Scope & Regional Forecast of the Enterprise Asset Management Market
The demand for the Enterprise Asset Management Market is being boosted by a growing need for asset maintenance and tracking tools from companies dealing in E-commerce, usage of asset lifecycle management to prolong an asset’s effective operation timescale and gaining the maximum efficiency out of equipment through asset management tools.
Other advancements in cloud solutions, ROI through proper implementation of asset maintenance and Internet of Things are also expected to play a part in the Enterprise Asset Management Market growth. The challenges to be tackled come in the form of high costs of implementing an EAM system, lack of planning after putting an asset management system in place and an inadequacy of qualified personnel to manage the asset management tools.
The Enterprise Asset Management Market is gradually laying more emphasis on cloud based EAM systems which are expected to bring down costs. This move will also allow the software to be more customizable depending on the industry vertical in which it has to be implemented.
Traditionally, demand from North America has dominated the Enterprise Asset Management Market due to its already developed economy and sheer number of enterprises. But according to IndustryARC estimates, Asia-Pacific is set to be the market with the fastest growing demand till at least 2021. This is due to the huge number of manufacturing and transportation equipment cropping up in several industries.
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Segmentations & the Key Players involved in the Enterprise Asset Management Market
The Enterprise Asset Management Market can be broken down into various segmentations on the basis of –
Application: Government & Utilities, Oil & Gas, Manufacturing, Healthcare, Transportation, Retail, Others.
Services: Implementation, Managed Services and Training & Support.
Some of the key players involved in the Enterprise Asset Management Market according to IndustryARC are as follows:
- Schneider Electric SE
- CGI Group
- Real Asset Management Inc.
- AssetWorks LLC
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