The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.
Major vendors in this market are in North America, Europe, and the Asia Pacific region. IBM (US), SAP (Germany), Oracle (US), Hexagon (Sweden), and IFS (Sweden) are among the leading players operating in the enterprise asset management market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities to expand market presence.
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IBM
IBM offers comprehensive EAM solutions, such as IBM Maximo, which cover the entire asset lifecycle; this includes asset planning, procurement, operation, maintenance, and retirement. The platform provides a centralized system for managing various assets across diverse industries. IBM incorporates advanced analytics and Artificial Intelligence (AI) capabilities into its EAM solutions; this enables predictive maintenance, where organizations can anticipate equipment failures and optimize maintenance schedules, reducing downtime and extending the life of assets. Its EAM solutions have mobile applications that empower field technicians and maintenance teams to access critical information, update work orders, and perform tasks on the go, enhancing overall operational efficiency.
SAP
SAP is a German multinational software company based in Walldorf, Baden-Württemberg. It develops enterprise resource planning (ERP) software to manage business operations and customer relations. SAP plays a significant role in the realm of Enterprise Asset Management (EAM) through its SAP Service and Asset Manager (SAM) solution. This cloud-based software helps businesses of all sizes manage the entire lifecycle of their physical assets, from acquisition and installation to maintenance, optimization, and eventual disposal. The company is the world's leading enterprise resource planning software vendor. SAP is constantly investing in research and development to improve its EAM solutions. They are at the forefront of adopting new technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), to further enhance the value of their offerings.
Related Reports:
Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Global Forecast to 2028
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