Enterprise Asset Management (EAM) Market Poised to $4,751.2 Million by 2020

According to a new market research report "Enterprise Asset Management Market by Software Applications (Linear Assets, Non-Linear Assets, Field Service Management, Assets MRO), by Services, by Organization Size, by Verticals (Government & Utilities, Oil & Gas, Healthcare and Others) - Global forecast to 2020", published by MarketsandMarkets, defines and segments the global EAM market into different sub-segments with an in-depth analysis and estimation of market sizes. The report also identifies the factors driving the market, various restraints, and opportunities impacting it along with the adoption trends. The EAM market size is expected to grow from $2,903.7 Million in 2015 to $4,751.2 Million by 2020, at a Compound Annual Growth Rate (CAGR) of 10.3%.

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The biggest challenges for organizations are the harsh economic conditions and indecisive markets which make it difficult for organizations to capitalize on its return on assets (ROA). The software vendors in the Enterprise Asset Management (EAM) market space are constantly designing and innovating on their software applications, as a result of which, traditional asset management activities are evolving into a complete standard approach that impacts all divisions of the organization. The EAM market consists of big players such as IBM, SAP, Infor, Oracle, Assetworks, ABB (Ventyx), Fujitsu, IFS, CGI Group, and Motorola Solutions. The competition from these big players makes it difficult for small vendors to enter the EAM market.

The major factors driving this market are the administration of aging infrastructure, improved return on assets and the ability to track assets. The high deployment cost of EAM software is one of the restraints for Small and Medium Businesses (SMBs) along with lack of awareness among organizations about the deployment and usage. Hence, cloud-based deployment solutions are likely to prove to be more beneficial and can seize this opportunity by providing simpler solutions to organizations. Integration of EAM and big data analytics is another opportunity for software vendors. EAM solutions mainly focus on maintenance operations and EAM software applications support the entire enterprise operations onto a single database, enabling the integration of different applications.

Some of the benefits that EAM solutions offer to organizations include higher asset productivity, reduced maintenance costs, and increased visibility of the operations and asset performance. In industries that operate in intrinsically hazardous environments such as oil and gas and metal and mining, organizations have to rely on effective asset management systems that will help augment the value of assets.

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MarketsandMarkets broadly segments the global EAM market by region as North America , Asia-Pacific (APAC), Europe, Middle East & Africa (MEA), and Latin America; by software application as linear assets, non-linear assets, field service management, and assets MRO; by services as implementation, managed services, and training and support; by user type as SMBs and large enterprises; by industry vertical such as government and utilities, oil and gas, manufacturing, healthcare, transportation, and others.

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