Enterprise Asset Management Market

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.

Top Enterprise Asset Management Companies include

• IBM (US),
• SAP (Germany),
• Oracle (US),
• Hexagon (Sweden),
• IFS (Sweden), and many more....

Major vendors in this market are in North America, Europe, and the Asia Pacific region. These enterprise asset management companies 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.

Oracle

Oracle, headquartered in the United States, is a prominent player in the Enterprise Asset Management (EAM) market. With its comprehensive suite of EAM solutions, Oracle assists organizations in managing and maintaining their physical assets effectively. These solutions cover asset lifecycle management, maintenance planning and scheduling, inventory management, and procurement. Leveraging advanced technologies such as IoT, AI, and machine learning, Oracle enables organizations to optimize asset performance, reduce downtime, and extend asset lifespan. Their EAM solutions cater to various industries, including manufacturing, utilities, oil and gas, transportation, and healthcare, helping organizations enhance operational efficiency, compliance, and asset reliability.

Hexagon

A wide range of EAM solutions, from planning and procurement to operation, maintenance, and decommissioning, are provided by Hexagon. For managing a wide range of assets across sectors like manufacturing, energy, and infrastructure, its solutions offer a single, unified platform. Predictive maintenance may be implemented by enterprises thanks to Hexagon's EAM services, which incorporate cutting-edge technology like artificial intelligence (AI) and advanced analytics. By doing this, businesses can predict when equipment might break, plan maintenance better, and minimize downtime, all of which help to prolong the life of important assets. Furthermore, field workers and maintenance staff may access real-time data, update work orders, and execute tasks remotely with Hexagon's EAM solutions' mobile capabilities, which greatly increase operational efficiency.

IFS

IFS, headquartered in Sweden, is a prominent player in the Enterprise Asset Management (EAM) market. With a focus on delivering value through innovation, IFS offers comprehensive EAM solutions tailored to various industries, including manufacturing, aerospace and defense, utilities, and construction. Their solutions cover asset lifecycle management, preventive maintenance, work order management, and mobile asset tracking. Leveraging advanced technologies such as IoT, AI, and machine learning, IFS enables organizations to optimize asset performance, improve maintenance practices, and reduce operational costs. With a user-friendly interface and customizable workflows, IFS empowers organizations to streamline asset management processes, enhance decision-making, and drive business success.

Related Reports:

Enterprise Asset Management Market By Application (Predictive Maintenance, Facility Management, Asset Lifecycle Management, Labor Management), Vertical (Transportation & Logistics, Education, Energy & Utilities) - Global Forecast to 2028