Westford, USA, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The North American region continues to maintain its position as a global enterprise asset management systems market leader. The growth in digitalization and advancements in technology infrastructure are key drivers behind the increasing demand for EAM solutions in the market. Furthermore, there is a growing need among organizations to improve the overall performance of their assets and reduce procurement and maintenance costs, which is further boosting the market's growth. Additionally, the growing trend towards cloud-based deployment and integration of various cutting-edge technologies presents significant growth opportunities for market players.
According to the research conducted by SkyQuest, a significant increase in cloud computing adoption has been observed from 2020 to 2022 in developed countries, with 43% of businesses opting for cloud solutions. Furthermore, it shows substantial growth from the pre-2020 usage rates, indicating the increasing importance of cloud-based services for businesses.
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Browse in-depth TOC on the "Enterprise Asset Management Systems Market"
- Pages - 268
- Tables - 74
- Figures – 77
Enterprise Asset Management (EAM) is a complete package of technologies, tools, and services designed to manage physical assets and their corresponding systems in a business. This method is implemented to optimize the lifecycle of assets, ensuring maximum efficiency, quality, and safety, while minimizing costs. EAM encompasses various aspects of asset maintenance, including scheduling and planning, work management, supply chain management, and others.
Prominent Players in Enterprise Asset Management Systems Market
- SAP SE (Germany)
- Oracle (US)
- IBM Corporation (US)
- UpKeep Maintenance Management (US)
- IFS AB (Sweden)
- Ultimo Software Solutions (UK)
- Sage Group PLC (UK)
- ABB Ltd. (Switzerland)
- eMaint Enterprises, LLC (US)
- CGI Inc. (Canada)
- Aptean (US)
- Maintenance Connection (Accurent) (US)
- IPS (Germany)
- Infor (US)
- AssetWorks (US)
- SSG Insight (UK)
Solutions Segment Emerges as the Dominant Component owing to Increasing Demand for Advanced Solutions for Robust EAM
The solutions segment dominated the global enterprise asset management systems market in 2022, thanks to the growing demand for advanced and cost-effective EAM solutions. In addition, companies are looking for innovative technologies to predict, report, and prevent system failures and control costs through reduced maintenance. Meanwhile, the services segment is expected to grow faster over the forecast period due to increasing demand for managed and professional services in small and medium-sized enterprises to ensure smooth operations.
The North American region is predicted to experience a higher CAGR over the forecast period, driven by the widespread adoption of enterprise asset management solutions among various public and private businesses to manage their systems and assets better. Additionally, the presence of many EAM providers and the growing demand to meet stringent regulatory requirements are contributing factors to the market growth in this region.
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On-Premise Segment Remains the High Revenue Contributor as Large Organizations Prefer it as a Part of Secure Asset Management
In 2022, the on-premise segment dominated the enterprise asset management systems market, and it is expected to maintain its lead from 2023 to 2028. The major factors contributing to its success include the growing concerns around security in cloud deployment, the ability to customize offered by on-premise deployment, and the increasing need for improved organizational control and data security. Despite this, the cloud-based segment is expected to grow fastest due to the growing digitization, adoption of cloud-based EAM solutions, and the increasing number of large enterprises using cloud platforms.
Asia-Pacific is a rapidly growing region in technology adoption, and large corporations and diverse governments lead the drive for digitalization. One of the crucial factors contributing to the increased demand for Enterprise Asset Management (EAM) solutions in the region is the difficulty in managing workloads and applications manually. The widespread use of cloud technologies and the sheer volume of data generated further drive this demand. The availability and pricing of cloud services are critical factors that will impact the adoption of cloud technology by enterprises in the region.
SkyQuest conducted a thorough study of the enterprise asset management systems market to provide a comprehensive understanding of the current market scenario. The research findings in the report are further reevaluated through in-depth discussions with industry experts and key opinion leaders from different countries. In addition, we employed a range of market estimation and data validation techniques to ensure the accuracy and reliability of the data used in the study.
Key Developments in Enterprise Asset Management Systems Market
- Quartr has achieved another significant milestone in its journey to bring the financial community closer together. The company has recently signed a key API agreement with Smartkarma, a pioneering financial research platform based in Asia. This partnership allows Smartkarma's extensive network of institutional asset management firms and investor relations professionals to access crucial first-party information, such as earnings calls, reports, accompanying documents, and slide decks, through its financial research platform.
- Aptean, a leading provider of enterprise software solutions, has unveiled its new product, Aptean EAM. This cloud-based solution is designed to cater to the needs of manufacturing and other businesses that rely on intricate equipment for production. Aptean EAM is a highly scalable solution that can be used as a standalone computerized maintenance management system (CMMS) and can be upgraded to provide advanced enterprise asset management (EAM) capabilities.
- Resurgens Technology Partners, a private equity software firm, has recently announced the completion of its investment in MCIM by Fulcrum Collaborations. MCIM is a leading provider of comprehensive maintenance, operations, and facility management software solutions for crucial facilities. The company caters to various industries, including healthcare, financial services, data center colocation, technology, telecom, and manufacturing. This investment by Resurgens further strengthens MCIM's position as a provider of innovative solutions to meet the demands of the mission-critical facilities sector.
- IFS, a Swedish-based ERP provider, has recently moved to acquire Netherlands-based Ultimo, an enterprise asset management software company. This acquisition aims to satisfy the increasing demand from enterprises transitioning from traditional asset management methods to cloud-based technology. With this acquisition, IFS aims to enhance its ability to cater to the evolving needs of its globally spread client base.
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Key Questions Answered in Enterprise Asset Management Systems Market Report
- What are the major driving forces and restraining factors for the growth of the global market?
- What global trends and patterns are currently having the most significant impact on the overall dynamics?
- How are the latest advancements and innovations influencing the market's growth potential?
- What are the market players' most promising growth opportunities in the coming years?
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