Enterprise Asset Management Market

New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the Enterprise Asset Management Market

MarketsandMarkets forecasts the enterprise asset management (EAM) market size to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a CAGR of 10.0% from 2019 to 2024. The growing demand for cloud-based EAM solutions and gaining a 360-degree view of assets are expected to increase the adoption of EAM across the globe during the forecast period.

The EAM market includes major vendors, such as IBM (US), Oracle (US), IFS (Sweden), SAP (Germany), Infor (US), ABB (Switzerland), Aptean (US), CGI (Canada), IPS (Germany), Maintenance Connection (US), AVEVA (UK), AssetWorks (US), RFgen (US), eMaint (US), UpKeep (US), and Ultimo Software Solutions (UK). These players have adopted different growth strategies to expand their global presence and increase their market shares. New product launches and partnerships/collaborations are some of the significant strategies adopted by the major players to grow further in the EAM market.

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IFS (Sweden) has witnessed continuous growth over the past few years in the EAM market. The company offers a broad range of products to fulfill the requirements of diversified customers. It has adopted both organic and inorganic growth strategies to compete with other players in the market. For instance, in December 2018, IFS partnered with Borr Drilling, an international drilling contractor to help them deploy IFS Applications and improve their business operations. By implementing IFS Applications, Borr Drilling managed all their critical assets. Moreover, in December 2018, IFS entered into a partnership with Lockheed Martin to help them automate the scheduling and dispatching process and managed work order priority wise. This partnership helped Lockheed Martin to leverage IFS Applications and perform support and maintenance tasks for 300,000 fielded assets owned by the US Army.

Infor (US) is a prominent player in the EAM market with an extensive partner network across the globe. It offers vertical-specific solutions for manufacturing, asset management, finance, Human Resource (HR), distribution, consumer products, sales & services, and service industries. In the EAM market, the company offers CloudSuite EAM and CloudSuite Facilities Management to help organizations maximize asset performance; inventory management; labor management, facility management, and predictive maintenance. Moreover, these solutions are powered with advanced technologies such as AI, mobility, analytics, IoT, and drone technologies to help organizations automate and streamline their service operations. Furthermore, the company majorly focuses on inorganic growth strategies for its business growth in the EAM market. For instance, in April 2019, Infor partnered with First Bus, a leading transport operator in the UK and North America to help them manage assets efficiently and enhance customer experience.

Related Reports:

Enterprise Asset Management Market by Component (Solutions, Services), Organization Size, Deployment Mode, Industry Vertical (Energy and Utilities, Government and Defense, Manufacturing, Transportation and Logistics), and Region - Global Forecast to 2024

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