Enterprise Asset Management Market Share, Strategies, Emerging Technologies and Growth Rateby Rahul Gautam Manager
The 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.
Created on Jun 25th 2019 23:46. Viewed 227 times.