Westford, USA, Sept. 01, 2022 (GLOBE NEWSWIRE) -- Enterprise asset management (EAM) has emerged as a critical capability for organizations of all sizes seeking to optimize assets and resources across their business operations. In recent years, the demand for EAM systems has increased as more organizations adopt digitized business models and strive to create a more agile organization.
EAM systems in the global enterprise asset management market provide an integrated platform that captures, analyzes, and visualizes assets across an organization, helping to identify the most efficient use of resources and mitigate risk. They also allow for the real-time monitoring of performance for assets such as information technology (IT), facilities, equipment, and vehicles.
According to SkyQuest analysis, by the end of 2023, EAM will be critical to 82% of enterprise decision-makers and will have a worth of $1 trillion. This growth is due in part to the need for modern enterprises to manage their operations more efficaciously and efficiently, while maintaining flexibility and agility in times of turmoil or digital transformation. However, EMA can be a complex and time-consuming process, which is why many businesses turn to professional asset managers (PAMs) to take on the burden. Our recent study on global enterprise asset management market also found that 43% of businesses with more than $1 billion in revenue use PAMs to manage their assets.
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This demand is likely to keep growing, as technology advances render more assets susceptible to cyberattacks. For example, a recent report from Reuters found that 19% of global companies have experienced some kind of data breach in the past two years.
SkyQuest has studied the global enterprise asset management market thoroughly and prepared a report. The report would help the market participants understanding a detailed market analysis including market forecast, market dynamics, opportunities, challenges, top players, their SWOT and market share analysis, competitive landscape, and pricing analysis, among others.
Top 4 Trends in Global Enterprise Asset Management Market
1. Data analytics: Asset management systems must be able to integrate with data analytics tools to enable analyses of data collected from various sources, such as imaging and asset tracking sensors. This is essential for identifying trends and making informed decisions about resources and investments.
2. Automation: Increased automation of processes associated with asset management can save time and money while improving accuracy and reliability. Automated systems can detect when assets need replacing or maintenance, and make appropriate recommendations for vendors in the global enterprise asset management market.
3. Mobile devices: Nearly half (46%) of enterprises now use mobile devices to capture images and data related to assets, such as ATMs and vending machines. This trend is likely to continue as companies strive to improve asset security and minimize disruptions caused by theft or vandalism.
4. Collaboration technologies: Collaborative platforms can help asset managers work more efficiently together across divisions or departments. These platforms allow users to share resources, documents and knowledge in a secure environment, which can lead to cost savings and better decision-making.
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Acquisition is the most preferred Growth Strategy in Enterprise Asset Management Market
According to a recent study of 100 businesses conducted by the SkyQuest, acquisition has remained the key strategy for players active in the global enterprise asset management market. The study found that 57% of surveyed companies have used acquisitions as a strategy for EAM in the last five years and almost half of these companies have attributed revenues from acquisitions as their primary source of growth in EAM.
This trend in the enterprise asset management market is likely due to the fact that acquiring assets increases a firms' breadth and depth of resources and access to new market opportunities. Furthermore, acquisitions enable companies in global enterprise asset management market to build expertise in areas that are important to their clients or customers' businesses. This increased knowledge can be leveraged to generate new business opportunities.
Following are some of the recent developments in the global enterprise asset management market:
- In August 2022, IFS, a provider of EAM, acquired Ultimo to cater to its client with better speed and advanced features that can complement the current deployment and ease of use.
- In August 2022, Cohesive acquired MaximoCon, a players engaged in providing technical consulting in Brazil. This acquisition would the help the Cohesive for gaining foothold in IBM’s Maximo systems integration projects
- In August 2022, Macquarie Asset Management announced acquisition of VIRTUS Data Centres, a company owned by ST Telemedia. The company has acquired minority stake.
- In January 2022, Brightly acquired Energy Profiles Limited. The acquisition would benefit the company in cementing its position in ESG reporting.
- In August 2022, Tsebo Facilities Solutions announced a partnership agreement with Pragma, one of the leading players in smart enterprise asset management market. This partnership will help the Tsebo to extend lifespan of asset and reduce the operation cost and prevent it going out of control.
- In August 2022, Optimal and IOTICS announced to enter into strategic partnership to combine expertise of each other in next-gen data ecosystem enablement technology and asset reliability as a service.
- In August 2022, CredAble raised around $9 million from Axis Bank and Oaks Asset Management to expand its operations in virtual supply chain management across global market.
- In December 2021, Dude Solutions announced acquisition of Facility Health Inc. This acquisition would help the company in expanding its operations across managing assets in healthcare.
SkyQuest has done complete research on global enterprise asset management market in terms of recent development and growth strategies of players in the market. The report provides detailed analysis of the merger and acquisition, partnership, and joint venture, among others. Also, it provides detailed analysis about total money spend on these developments by the players and its impact on the market forecast and existing players.
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Major Players in the Global Enterprise Asset Management Market
- IBM (US)
- Oracle (US)
- Infor (US)
- SAP (Germany)
- ABB (Switzerland)
- Intelligent Process
- Solutions (Germany)
- IFS (Sweden)
- Maintenance Connection (US)
- Aptean (US)
- Aveva (UK)
- Emanit (US)
- Rfgen Software (US)
- Assetworks (US)
- CGI (Canada)
- Ultimo Software Solutions (UK)
- UpKeep (US)
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