Selbyville, Delaware, Nov. 08, 2021 (GLOBE NEWSWIRE) --
The enterprise asset management (EAM) market revenue is anticipated to record a valuation of USD 4 billion by 2027, according to the most recent study by Global Market Insights Inc. The increasing shift from traditional asset management methods to modern asset management methods among enterprises is expected to significantly contribute to industry demand.
The increasing popularity of SaaS-based EAM solutions across various industry verticals is expected to support the market growth. Enterprise asset management solutions help organizations to gain a 360-degree view of assets and manage business compliance. Furthermore, the increasing adoption of new technologies, such as AI, analytics, and IoT platform, is expected to support market growth.
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The predictive maintenance segment is expected to showcase a significant growth rate through 2027 driven by growing use of technologies to gain valuable insights and reduce maintenance cost & downtime. The increasing adoption of cloud-based solutions across enterprises to safeguard their employee’s well-being and maintain operational efficiency in the work from home model is anticipated to support the market growth.
The on-premise segment is anticipated to grow at a substantial pace between 2021 to 2027. On-premise solutions are majorly deployed in various industries across limited geographies. EAM resources are deployed in-house and within an enterprise's network infrastructure. The control & management of EAM solutions are deployed on-premise and are carried out by in-house resources. This provides customization in accordance with enterprise infrastructure and business requirements.
Large organizations captured more than 65% of the enterprise asset management market share in 2020. The adoption rate of EAM solutions across large enterprises has increased exponentially due to the increasing trend of Bring-Your-Own-Devices (BYOD) among enterprises. In addition, growth in IoT-connected devices has given employees the freedom to work remotely. This is anticipated to support the market growth in the coming years.
Field service management is projected to observe exponential growth rate of over 5% through 2027. Growth is attributed to the wide advantages offered such as quicker invoicing, workflow standardization, cost reduction, and accuracy task tracking. Furthermore, the increasing development in field service management solutions for enhanced end-user satisfaction is anticipated to support the market growth.
The transportation & logistics segment held a market share of around 15% in 2020. Growth is attributed to an increasing need to manage end-to-end logistics functions including customer order management and suitable fleet selection. The solution helps logistics enterprises & fleet operators in adopting improved business processes to control fleet vehicle operations, enhance logistics performance, and consolidate the overall fleet management processes including vehicle & asset tracking, driver management, etc.
APAC is anticipated to grow exponentially in the global enterprise asset management market. Growth is attributed to the presence of major EAM players along with growing start-ups in the region. Several regional enterprises are focusing on the development of innovative solutions through strategic partnerships. For instance, in July 2020, Tata Consultancy Services (TCS) signed a partnership agreement with Zinier, a field service software provider, to roll out digital automation solutions & support to field service organizations. This partnership helped the company to strengthen its capabilities and offer a sustainable solution in the market.
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Companies operating in the market are integrating enterprise asset management technology to strengthen their business operations. For instance, in February 2020, Infor signed a partnership agreement with Cotonificio Albini S.p.A., a textile manufacturing company, to offer CloudSuite EAM solutions to digitize its asset management operations. This partnership helped the company to strengthen its business operations and acquire a competitive position in the market.
Some major findings of the enterprise asset management market report include:
- Growing demand for EAM solutions for the effective utilization of assets is anticipated to support market revenue.
- Growing technological investments and the rising adoption of cloud-based EAM solutions.
- The APAC enterprise asset management market is propelled by the increasing use of solutions and services across various industries.
- Major players operating in the market are ABB Group, AssetWorks LLC, IBM, IFS AB, Infor, and Intelligent Process Solutions.
Partial chapters of report table of contents (TOC):
Chapter 3 Enterprise Asset Management Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 outbreak
3.3.1 Global outlook
3.3.2 By region
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 Middle East & Africa
3.3.3 Industry value chain
3.3.3.1 Suppliers
3.3.3.2 EAM technology providers
3.3.3.3 Marketing & distribution channels
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Business growth
3.4 Evolution of EAM
3.5 EAM industry ecosystem analysis
3.5.1 EAM software providers
3.5.2 EAM service providers
3.5.3 Asset tracking hardware providers
3.5.4 System integrators
3.5.5 End users
3.5.6 Distribution channel
3.5.7 Profit margin analysis
3.5.8 Vendor matrix
3.6 Patent analysis
3.7 Investment portfolio
3.8 Technology & innovation landscape
3.8.1 Mobile workforce functionality
3.8.2 Mixed reality
3.8.3 IoT-enabled assets
3.8.4 Machine learning
3.9 Regulatory landscape
3.9.1 North America
3.9.1.1 Facility Management Institute (FMI) By General Services Administration (GSA)
3.9.1.2 Facility Maintenance Policy (Canada Government)
3.9.2 Europe
3.9.2.1 Guide to the Safety, Health and Welfare at Work Act 2005
3.9.2.2 Institute of Workplace and Facilities Management (IWFM)
3.9.2.3 British Institute of Facilities Management (BIFM)
3.9.3 Asia Pacific
3.9.3.1 National Building Code of India 2016
3.9.3.2 Facilities Management Association of Australia (FMA)
3.9.4 Latin America
3.9.4.1 International Federation of Consulting Engineers (FIDIC) (Brazil)
3.9.4.2 Construction & Engineering Law 2019 (Mexico)
3.9.5 MEA
3.9.5.1 Middle East Facilities Management Association (MEFMA)
3.9.5.2 South African Facilities Management Association (SAFMA)
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing shift from legacy asset management methods to modern asset management by enterprises
3.10.1.2 Rising popularity of SaaS-based EAM solutions
3.10.1.3 Increased usage of IoT platforms and devices to manage enterprise assets
3.10.1.4 Convergence of technologies such as AI, IoT, and analytics
3.10.1.5 Increase in mobility usage among end users
3.10.2 Industry pitfalls & challenges
3.10.2.1 Stringent regulatory compliance
3.10.2.2 Concerns over data security and cybersecurity challenges
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
