Enterprise Asset Management Market Share, Strategies, Emerging Technologies and Growth Rate
by Rahul Gautam ManagerThe enterprise asset management market is expected to reach
$8.7 billion by 2024, registering a CAGR of 13.5%, during 2019-2024, according
to P&S Intelligence.
The
need for effective utilization of assets, controlling maintenance and
procurement expenses, and to improve the return on assets, are the major
factors contributing to the growth of the enterprise asset management market,
globally.
Insights into the market segments
Enterprises use asset turnover ratio to calculate the
company’s efficiency and productivity. The use of EAM for asset utilization
management includes maintenance agreement management, asset inventory tracking,
examination of trends in invoice payments, and analysis of invoice and funding
information. Through these, EAM software generates set of reports which enables
decision-makers to compare invoice and expected billing amounts, and view each
asset or group of assets and detect unusual activity to reduce waste, and
fraud. Thus, with growing demand for effective utilization of assets from
organization, the market for EAM is registering positive growth across the globe.
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Growing need for reduction in maintenance and procurement expenses, is a
key driver observed in the market
The
main aim of an enterprise is to increase profits by cutting maintenance and
procurement costs incurred during the process of product manufacturing. An EAM
can reduce maintenance costs by closely tracking of operations, giving better
information on capital investment decisions, and by integrating the procurement
to maintenance jobs for effective control of the equipment. With rising need of
enterprises to cutdown their maintenance and procurement costs by a significant
number, is strengthening the demand for EAM solutions globally.
For
instance, in June 2018, IBM Corporation acquired Oniqua Holdings Pty Ltd., a
service provider of MRO inventory optimization solutions, for an undisclosed
amount. This acquisition would complement IBM's Asset Optimization Practice and
enable its clients to optimize MRO inventories, and avoid unplanned
downtime.
Some
of the other key players operating in the enterprise asset management market
includes Oracle Corporation, SAP SE, ABB Ltd., International Business Machines
(IBM) Corporation, Schneider Electric SE, MRI Software LLC, CGI Group Inc.,
Industrial and Financial Systems (IFS) AB, Infor Inc., Ramco Systems Limited,
Bentley Systems Incorporated, Rockwell Automation Inc., and AssetWorks LLC.
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Created on Jun 25th 2019 23:46. Viewed 416 times.