Enterprise Asset Management (EAM) solutions enable the end-users to easily manage the organization’s assets across various business units, services, divisions, and locations etc. for improving quality and efficiency of asset management process. EAM solutions can be used to manage physical, digital and mobile assets of an organization. EAM includes maintenance, replacement, repairing, designing and management operations. These operations allow the organization to effectively integrate, monitor and control assets as well as enhance their life cycle efficiently.
Enterprise asset management solution find its applications in corporate sector, banking and financial institutes, and oil & gas industries. Key benefits offered by enterprise asset management solutions are low or reduction in maintenance and repair costs, increased return on assets, enhanced productivity and asset performance, and operation’s visibilities.
The major factors fuelling the growth of this market are rising uptake of cloud-based solutions among organizations, maximization of return on assets, higher need for supervision of aging assets, ability of EAM to integrate with big data analytics, connectivity of various applications and operations in a single database through EAM, and mobility in asset management- to track and manage mobile assets etc.
Some of the restraints that are hindering the growth of EAM market include high cost associated with deployment of enterprise asset management solution in small-medium businesses (SMBs), dynamic business environment, lack of awareness among businesses regarding utilization of EAM solutions and security issues associated with cloud-based services and solutions.
Enterprise asset management market can be segmented into software types, services, verticals and geography. On the basis of software types the market can be sub-segmented into linear assets management software, field services management software, assets MRO and non-linear assets management software. The services segment can be further sub-segmented into managed services, implementation services, and training and support services. On the basis of verticals the market can be sub-segmented into public sector, manufacturing sector, banking financial services and insurance (BFSI) sector, healthcare sector, telecom sector, energy and utilities sector, and retails sector. Enterprise asset management market can also be sub-segmented on the basis of major geographies into North America, Latin America, Western Europe, Asia Pacific, Japan, Eastern Europe and Middle East & Africa (MEA).
Key participants in the enterprise asset management market focus on acquisition and mergers strategies in order to increase their solutions, offerings and global presence. For example in May 2014, Fujitsu Ltd. had acquired Globe Ranger Corp. to strengthen its technological capabilities and ensure maximum customer satisfaction with cost effective solutions. In order to enhancing quality experience and to outpace their competitors EAM solution providers also emphasize on product innovations and come up with affordable advanced solutions. For example in July 2014, NaviSite Inc. introduced an asset management solutions designed for mobile asset management, which enables mobility in asset management of an organization.
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The enterprise asset management market is projected to show a substantial growth in CAGR, from 2014 to 2020. Among all the regions, North America is expected to be the dominating region. Despite being smallest market, Middle East and Africa market is likely to experience a healthy growth in enterprise asset management market over the forecast period.
Some of the major players identified in enterprise asset management market are Oracle Corporation, NaviSite Inc., International Business Machines Corporation (IBM), Infor, SAP SE, Ramco Systems Limited, and Motorola Inc. among others.