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Enterprise Asset Management (EAM) Market Analysis | CMI

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Enterprise Asset Management (EAM) Market Analysis | CMI

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. ENTERPRISE ASSET MANAGEMENT (EAM) MARKET ANALYSIS • Enterprise Asset Management (EAM) Market, By Vertical (Public Sector, Manufacturing, Oil and Gas, Healthcare and Pharmaceutical Industry, Energy and Utility, Transportation, Wholesale and Distribution, Food & Beverages, Paper and Packaging, Chemical and Process Industry (Including Steel Industry), Mining, Service Industry), By Solution (Database Solution, Analytics Solution, Mobile Solution, Cloud-based Solution), By Service (Consulting Service, Implementation Service, Training and Support Service, Outsourcing Service), By Geography (North America, Latin America, Europe, Asia Pacific Excluding Japan, MEA, Japan) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027 • The global enterprise asset management market is estimated to account for US$ 2470.74 Mn in terms of value by the end of 2019.

  3. Market Drivers • Growing investment by organizations in EAM software is expected to drive the global Enterprise Asset Management Market during the forecast period Increasing investment by organizations on enterprise asset management software is expected to drive growth of the global enterprise asset management market during the forecast period. Various governmental and corporate organizations around the world are employing EAM software, in order to optimize the company’s work efficiency and save money. For instance, in August 2019, Infor, Inc., a U.S.-based enterprise software company, received the contract for EAM solution from Auckland Transport (AT) to manage its asset in future. AT manages a public transport system that includes assets of US$ 1.02 billion with 43 railway stations, 21 ferry wharves, and 2,337 bus stations. • Growing emergence of IoT such as smartphones is expected to propel the global enterprise asset management market Furthermore, rising emergence of Internet of Things (IoT) such as smartphones, medical electronics, automobiles, thermostats, and more, which allows devices to communicate and send and receive data is expected to propel the global enterprise asset management market growth over the forecast period.

  4. North America region dominated the global enterprise asset management market in 2018, accounting for 31.2% share in terms of value, followed by Europe and Latin America, respectively

  5. Market Restraints • High cost associated with installation of EAM software is expected to restrain the market growth High cost of enterprise asset management software, especially for small and medium-sized companies is expected restrain growth of the global enterprise asset management market in the near future. Various companies such as IBM and SAP SE offers EAM solutions, though they are not always affordable for small- or medium-sized companies. Moreover, its implementation is time intensive, which would cost the company. • Lack of trained personal is to deploy EAM software is expected to hinder the market growth Moreover, lack of skilled professionals to deploy EAM software is expected to hamper the market growth in the near future. Although there is no specific career path for EAM solutions for an individual, companies often understaff this particular domain. Moreover, this process is spanned through multiple departments and lack of coordination among those department can make it challenging to reach towards the same goal.

  6. Market Trends • Growing focus of key market players on cloud-based EAM solution to be the popular trend Key players in the market are focused on providing cloud-based EAM solutions, so as to facilitate increasing demand around various industrial verticals, especially in small- and medium-sized enterprises. For instance, in April 2016, Oracle Corporation entered into partnership with GE Digital, in order to develop platform-as-a-service (PaaS) EAM solution, to facilitate digital connectivity of industrial assets worldwide. • Rising integration of predictive analysis to be a major trend in the market Furthermore, various EAM solutions providers such as IBM Corporation and SAP SE are incorporating predictive analytics solutions with EAM solution, so as to reduce cost and manage assets effectively. For instance, in April 2016, SAP SE launched SAP Asset Intelligence Network and SAP Predictive Maintenance and Service solution, in order to facilitate asset operators, equipment manufacturers, and service providers to reduce costs.

  7. Market Opportunities • Extending the Asset Lifecycle With the Help of Advanced Technologies Digitization across different verticals are creating new opportunities for organizations to optimize their relationship with the customers. Many asset-intensive organizations are focusing on investing in new advanced technologies to radically transform and improve their operational processes. Best-in-class organizations are embracing emerging advanced technologies such as, Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), digital twin, predictive maintenance, and telematics as the next big thing in industrial services are expected to pose excellent growth opportunities for market players during forecast period.

  8. Integration of AI and Drone-based Asset Management Integration of artificial intelligence (AI) and drone-based asset management is one of the opportunities for the growth of players operating in the enterprise asset management market. AI is used to improve data handling in which data can be analyzed from the records which can enable mid-level management to make better and fasten the decision-making process. Further, drone-based asset management helps in collection of information from places that are out of human reach. The collected information can be given to system for further processes. For instance, drone-based enterprise asset management can be used in bridges, cargo ships, airplanes, oil refineries, offshore oil drilling platforms and railroad beds, which is expected to pose excellent growth opportunities in global enterprise asset management market during the forecast period.

  9. Regulations • PAS55: Public Available Specification or PAS was developed by Institute of Asset Management (IAM) and British Standard Institution (BSI) between 2002 and 2004. PAS, publicized in 2004, is explicitly focused on optimal management of physical assets. Moreover, it has been extensively adopted by mining, transport, manufacturing, and utilities industries.

  10. Segment Information The manufacturing segment of global enterprise asset management market was valued at US$ 398.01 million in 2019 and is expected grow at a CAGR of 9.3% between 2019 and 2027.

  11. Competitive Section • Key players operating in the global enterprise asset management market are IBM Corporation, SAP SE, Oracle Corporation, ABB Ltd., IFSAB, Infor, Inc., Ultimo Software Solutions BV, CARL International SA e Maint Enterprises, LLC, Mainsaver, Inc. MEX Pty Ltd., and Asset Works LLC.

  12. Key Developments • Key players in the market are involved in various growth strategies such as product launch, in order to enhance the market presence. For instance, in December 2018, SAP SE, a Germany-based software corporation, introduced SAP Intelligent Asset Management (SIAM) with incorporation of planning, collaborative asset intelligence, prediction and simulation for equipment maintenance. • Major companies in the market are adopting inorganic strategies such as collaborations and partnerships, in order to gain competitive edge in the market. For instance, in October 2019, Ultimo Software Solutions partnered with Senseye Ltd., to incorporate Ultimo’s Enterprise Asset Management System and Senseye’s predictive maintenance.

  13. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Reference : https://www.coherentmarketinsights.com/market-insight/enterprise-asset-management-market-3136

  14. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  15. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

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