The global Enterprise Asset management market is showing immense growth; mainly due to the increasing adoption of lean manufacturing practices and growing demand for cloud-based Enterprise Asset management solutions, real-time data analysis, and failure detection software. The growing shift towards lean manufacturing and green technology is a key growth driver for the Enterprise Asset management market.
Enterprise Asset management refers to the process of optimizing field devices and monitoring information used to integrate business operations and IT infrastructure. This improves the business operating performance and also reduces maintenance cost and paper work. Major companies such as IBM, Rockwell Automation, and Siemens among others are providing Enterprise Asset management solutions to improve the overall performance of the enterprises.
According to a recent study report published by Market Research Future, The global market of Enterprise Asset management is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023). Major factor driving the growth of Enterprise Asset management market is growing awareness towards adoption of low cost manufacturing s, changing consumer needs and increasing trends of merging IT and operational technology among others. Also, the market for cloud based deployment is expected to grow at the highest rate during the forecast period. This is due to the growing IoT market and increasing demand for new technologies by end-user industries.
On the other hand, high initial cost of investment is one of the major factors hindering the growth of Enterprise Asset management market. Also, need for periodic upgradation and complexities involved in the installations of Enterprise Asset management solutions may hamper the market growth.
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Major Key Players
Oracle Corporation (U.S.),
Schneider Electric (France),
AssetWorks LLC (U.S.),
IFS AB (Sweden),
ABB Group (Switzerland),
Mintek Mobile Data Solutions (U.S.),
Ramco Systems (India)
SAP SE (Germany),
Global Enterprise Asset Management Software Market valued at USD 4 billion which is expected to grow to USD 8 billion by the end of forecast period with a double digit CAGR of ~11%. Which means the market will increase twofold.
September 2017 – PowerPlan, a leading provider of strategic corporate performance software, and EAMS Group, a global leader in the provision of enterprise asset and safety management services and solutions and digital transformation announced their joint partnership.
September 2017 – ABB acquired B&R, an independent product- and software-based open-architecture solutions provider in 2017.
Enterprise Asset management Global Market- Competitive Analysis
The market of Enterprise Asset management appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
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North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the Enterprise Asset management market in North America owing to the presence of a large number of established key players such as Rockwell automation, Inc., IBM Corporation and Honeywell International, Inc. among others. Also, due to a considerable shift towards the adoption of cloud based technologies and real time data analytics in the region, the market is likely to show immense growth in the coming future. Enterprise Asset management market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to growing consumer concern to enhance aging asset performance in the region. Whereas, the Europe market for Enterprise Asset management is expected to grow at a considerable CAGR (2017-2023).
- Enterprise Asset Management Software Providers
- SMEs and Large Enterprise Asset Management Organization
- Training and Education Service Providers
- Enterprise Asset Management Vendors
- Construction Companies
- Cloud Service Providers
- Network Service Providers
- Support and Maintenance Service Providers
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