Enterprise Asset Management Market

IBM (US) and SAP (Germany) are Leading Players in the Enterprise Asset Management Market

The global Enterprise Asset Management (EAM) market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period, to reach USD 5.5 billion by 2026 from USD 3.3 billion in 2020. Major factors that are expected to drive the growth of the EAM market include increasing shift from legacy asset management methods to modern asset management by enterprises, rising popularity of SaaS-based EAM solutions, growing need for gaining a 360-degree view of assets, increased usage of IoT platforms and devices to manage enterprise assets, elimination of overheads caused due to adherence to compliance, convergence of technologies such as AI, IoT, and analytics, and increase in mobility usage among end users .

The EAM market includes major vendors, such as IBM (US), SAP (Germany), Oracle (US), Infor (US), IFS (Sweden), ABB (Switzerland), Intelligent Process Solutions (Germany), Maintenance Connection (US), Aveva (UK), Aptean (US), Emanit (US), CGI (Canada), Rfgen Software (US), Assetworks (US), Ultimo Software Solutions (UK), UpKeep (US), Asset Panda (US), EZOfficeInventory (US), EZMaintain.com (US), Pazo (India), Asset Infinity (India), KloudGin (US), Fracttal (Chile), InnoMaint Software (India), Aladinme (UAE), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), GoCodes (US), and Fleetio (US). The major players have implemented various growth strategies to expand their global presence and increase their market shares. Key players such as Oracle, IBM, SAP, Infor and IFS have majorly adopted many growth strategies, such as new product launches, acquisitions, and partnerships, to expand their product portfolios and grow further in the EAM market.

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IBM has a strong presence in the EAM market, with a large number of deployments. IBM provides its state-of-the-art EAM solution, IBM Maximo, to help organizations improve asset life and lower total cost of ownership. This solution is powered by advanced analytics and IoT capabilities, which help enterprises improve the management of plants, production, infrastructure, facilities, transportation, and communications. IBM Maximo is used by SMEs and large enterprises as it can be deployed on-premises, cloud, or on both. All industries widely adopt it as it enables organizations to reduce asset downtime, get real-time insights, and make more informed decisions. IBM has a strong presence in more than 175 countries. It offers a wide range of solutions and services to different industry verticals that include automotive, aerospace and defense, government, banking, healthcare, finance, IT and telecom, BFSI, consumer products, and retail.

SAP is a leading provider of enterprise software. It focuses on strengthening its product portfolio by launching new and advanced solutions in five categories: applications, analytics, mobile, database and technology, and cloud. It helps customers streamline business processes and enhance data-driven decision-making capabilities. It offers a broad product portfolio that includes ERP and Digital Core, Digital Platform, Intelligent Technologies, Analytics, CRM and Customer Experience, HR and People Engagement, Digital Supply Chain, and Network and Spend Management. Under the product category of Digital Supply Chain, SAP offers asset management solutions to organizations for optimizing their service operations, and boosting asset reliability and reducing their downtime. These solutions are powered with ML and IoT technologies, which help organizations enhance customer satisfaction by providing proactive service and support. SAP caters to various verticals, including automotive, communications, financial services, high    tech, insurance, life sciences, manufacturing, and retail. It has a strong partner ecosystem with more than 17,000 partners, and 100+ innovation and development centers to cater to its client base of over 413,000 customers spread across the Americas, Europe, MEA, and APAC.

Related Reports:

Enterprise Asset Management Market by Application, Component, Organization Size, Deployment Model, Vertical (Energy and Utilities, Government and Public Sector, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2026

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Report Code
TC 3454
RI Published ON
8/2/2019
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