Enterprise Asset Management Software is the lifecycle management of linear and non-linear assets of an enterprise across departments, services, business units, and geographical locations. EAM Software focuses on reducing maintenance costs by automating the maintenance process, scheduling services, and forecasting downtime intervals. This helps an organization in improving its capital asset management to accelerate reliability, enhance condition-based maintenance, and support asset sustainability.
The Quadrant provides information about the major players offering Enterprise Asset Management Software. It outlines the findings and analysis of each vendor performs within the set criteria. It highlights the top vendors in the Enterprise Asset Management Space. The vendor evaluations are based on two broad categories: product offering and business strategy. Each category carries various criteria based on which the vendors are evaluated. The evaluation criteria considered under the strength of product portfolio include the breadth of offering, delivery (based on the industries vendors are catering to, deployment models, and subscriptions), feature/functionality, scalability, and support (based on pre- and post-sales support services). The evaluation criteria considered under business strategy excellence include reach (based on geographic presence), industry coverage (based on the end-users that the vendors cater to), roadmap, channel, viability, and inorganic growth (based on partnerships, collaborations, and acquisitions).
ABB Ltd, International Business Machines (IBM) Corporation, IFS AB, Oracle Corporation, SAP SE, and Schneider Electric SA are the leading players in the EAM market that are recognized as the visionary leaders. They have a strong portfolio of EAM solutions, platforms, and associated services. These vendors are marking their presence by offering Enterprise Asset Management (EAM) Software solutions required by most organizations. They have robust business strategies to achieve continuous market growth.
Ashcom Technologies, Dude Solutions, Inc., Fiix, ManWinWin Software, MPulse Software, Inc., UpKeep Maintenance Management, and Intac International, LLC are recognized as dynamic players in the Enterprise asset management software space. They have strong business strategies and extensive channel networks and reach. Over the years, dynamic vendors are consistently generating positive revenue growth in the EAM market with their varied sets of product offerings. Moreover, the organic and inorganic strategies undertaken by them enhance their market positions.
AssetWorks, CGI Group Inc., eRPortal Software, Inc., GenesisSolutions, Infor, and Real Asset Management are recognized as innovators in the EAM market. They possess a wide portfolio of EAM solutions and have the potential to build strong business strategies to be at par with the visionary leaders. These vendors provide EAM offerings as per customer demands. Innovators deploy their solutions for niche and custom software requirements of clients.
eMaint, Mainsaver, Inc., Maintenance Connection, MAPCON Technologies, Inc., Ramco Systems, and Vesta Partners, LLC are recognized as emerging players in the EAM space. The emerging players offer their clients niche and tailor-made solutions and services.
Asset-intensive organizations evaluate and deploy EAM solutions and services to address physical asset support requirements. An EAM solution includes functionality for managing, planning, and scheduling; work order creation; maintenance history; and inventory and procurement; as well as equipment, component and asset tracking for assemblies of equipment. Moreover, EAM solutions consolidate all asset data into a single, integrated repository to help increase the productivity and profitability of the enterprises. Most of the vendors in the market provide EAM solutions to the enterprises so that they can maintain their database of information about maintenance operations. This information is used to help maintenance workers conduct their routine work effectively. It also helps the operational management team of large enterprises to make decisions based on the calculated costs of machine breakdowns.
ASSET LIFECYCLE MANAGEMENT
Growing demand to streamline business processes and reduced maintenance cost fuel the demand for enterprise asset management solutions in the market. Asset lifecycle management is a process of optimizing the profit generated by the assets throughout their lifecycle. Asset lifecycle management comprises few inter management processes such as comprehensive asset portfolio management, rigorous project execution, and effective and efficient asset management practices that help deliver desired outcomes. It helps increase organizational productivity by helping end-users to make informed decisions on IT needs and services. It helps increase organizational productivity by helping organizations make informed decisions on IT needs and services. Most of the EAM vendors offer asset lifecycle management solutions to streamline the asset lifecycle processes, reduce maintenance costs, and improve the quality of the IT services.
Inventory management balances the risks of inventory surfeits and shortages across the different verticals. Inventory management is a component of supply chain management that involves supervising non-capitalized assets or inventory and stock items. Most of the vendors in the market offer EAM solutions to supervise the flow of goods from manufacturers to warehouses and from these facilities to point of sale. Organizations constantly strive to maintain optimum inventory to be able to meet their requirements and avoid over or under inventory that can impact the financial health of the company. Balancing the risks of inventory surfeits and shortages is particularly challenging for companies with complex supply chains and manufacturing processes. Inventory management assures that the core processes of business keep running efficiently by optimizing the availability of inventory.
WORK ORDER MANAGEMENT
Rise in demand for organizations to efficiently manage work orders and improve workforce productivity is expected to drive the growth of work order management solutions in the market. Work order management paves the way for various large enterprises to service customers efficiently and create sustainable growth. Work order management solutions enable organizations to keep a record of worker’s data and track their performance, customers, and enterprise information. Various benefits offered by work order management solutions are real-time updates (on completion of jobs and assignments) and simplified job scheduling, tracking, monitoring, and forecasting. Real-time updates about the field employees’ location and the status of job completion enable managers to monitor, manage, and allocate service requests from customers to the available employees. This results in enhanced customer experience, new business opportunities, and increased revenue generation of the organizations.
Growing need to manage and increase labor productivity is increasing the adoption of labor-management solutions in the market. In asset-intensive organizations, labor-management plays a key role in handling labor and measure inventory, use, and movement of equipment within a business facility. With the advent of advanced innovative technologies such as AI and ML, organizations are using labor management solutions to optimize workforce productivity. This labor-management system possesses tracking capabilities so that users can track and locate the equipment and assets during the whole process from inventory to the supply chain.
Growing demand for monitoring and predicting system failures in real-time is paving the way for predictive maintenance solutions in the market. Predictive maintenance solutions empower asset operators and service providers with data science to support them to predict failures and implement corrective actions. EAM vendors offer predictive maintenance solutions to asset-intensive enterprises to help predict system errors along with asset maintenance optimization with anomaly detection, spectral analysis, and ML algorithms. With the implementation of predictive maintenance solutions, organizations can optimize their maintenance processes to reduce downtime and overall maintenance costs. Currently, leading organizations use an intelligence-based approach, where maintenance teams monitor system conditions in real-time. Real-time condition monitoring requires asset intelligence, which, in turn, requires asset connectedness.
Growing demand to transform data into manageable insights fuel the demand for facility management solutions in the market. Facility management solutions encompass workflow management, extensive reporting, business analytics, and web-based mobility. EAM vendors offer facility management solutions to integrate asset data into a single unit to improve the quality of the assets and enhance the productivity of organizations. Facility management maintains the efficiency of the assets and helps the organizations to achieve real-time visibility, perform predictive and automated maintenance, and create productive and cost-efficient environments. Organizations use EAM solutions to effectively support facility managers to successfully reduce the overall operational costs of the company and leverage more technology in their service offerings to stay competitive in the market.
REPORTING AND ANALYTICS
The need to improve operations with real-time analysis of the huge amount of data is expected to drive the demand for reporting and analytics solutions. Reporting and analytics solutions help organizations evaluate daily field operations and identify the areas of improvement, leading to better service delivery. These solutions allow organizations to simplify those data sources and represent the sources into a catchy visual dashboard. These solutions offer automated report generation, which enables organizations to gain real-time information anywhere, anytime. These assist businesses in gaining enhanced insights and making better decisions for carrying out business-critical activities. Reporting and analytics solutions also assist in the management of big data, resulting in the availability of required information, either in the qualitative or quantitative form.
Technological innovations increase the need for well designed, efficient, and reliable services in the EAM market. The efficient delivery of these services improves system reliability, operational efficiency, and saves maintenance costs. Hence, there is a strong requirement for related services in the EAM market to tackle their specific needs. The EAM services market is segmented into two major types: professional services and managed services. Professional and managed services enhance the security portfolio of enterprises and safeguard their system from unauthorized access, exploitation, and data loss.
Frequently Asked Questions
What are the developments or new innovations done in EAM market?Recent Developments: In April 2019, IBM collaborated with Sund & Bælt to design and develop an AI-powered IoT solution and extend the IBM Maximo portfolio. In September 2018, Infor partnered with Eiffage to help them optimize the operational efficiency and maintain availability and performance of equipment used in construction sites. In May 2018, IFS released a new version of its enterprise applications suite, IFS Applications 10 with more than 500 functional updates to help its clients use the modern solution suite powered with advanced technologies and drive better business results.
Where will all these developments take the EAM industry in the long term?Enterprise Asset Management Market is expected to grow from USD 5.1 billion in 2019 to USD 8.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period. The increasing demand for cloud-based EAM solutions and need to gain a 360-degree view of assets are some of the major factors expected to drive the growth of this market.
What are the upcoming trends for the enterprise asset management market?The EAM market is primarily driven by the inclination of companies towards controlling cost with lesser maintenance and procurement expenses. They wish to have better-informed capital investment decisions and integrate procurements to maintenance jobs for effective control. Another factor that drives the market is when assets are maintained within the required timeframe, it helps in improving assessment of the current equipment condition as well as prevents malfunctions. Adding to it, improvement of plant and equipment maintenance can be achieved by effective preventive and breakdown maintenance, response capabilities and better repair, which substantially reduce downtime.
Which segment provides the most opportunity for growth in EAM market?Predictive maintenance solutions to grow at the highest CAGR during the forecast period. On the basis of solutions, the Enterprise Asset Management Market is segmented into asset lifecycle management, inventory management, work order management, labor management, predictive maintenance, facility management, and reporting and analytics. Predictive maintenance solutions is expected to be the fastest-growing segment in the market, due to increasing demand for innovative technologies such as AI and ML for predicting and preventing system errors and reducing the overall maintenance cost.
Who are the leading vendors operating in the EAM market?The leading vendors in EAM market are: 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).
What are the opportunities for new market entrants in EAM market?Opportunity: Extending the Asset Lifecycle With the Help of Advanced Technologies Digitization across different verticals are creating new opportunities for organizations to optimize their relationship with customers. Many asset-intensive organizations are focusing on investing in new and ground-breaking technologies to radically transform and improve their operational processes. In today’s highly competitive business environment, asset-intensive businesses succeed and fail based on how they manage complexity in the face of increased competition. Best-in-class organizations are embracing emerging technologies such as Augmented Reality (AR), Internet of Things (IoT), and Artificial Intelligence (AI), predictive maintenance, digital twin, and telematics as the next big thing in industrial services will be about accurately forecasting the future of physical assets. The impact of enterprise asset management solutions spreads further than simply boosting the bottom line. According to a few primary respondents and industry experts, organizations are readily adopting modern enterprise asset management solutions to increase the longevity of assets.
Uptime automates preventive maintenance tasks and allow operators to make maintenance requests. It quickly assign work orders to technicians with the through the asset management solution. Upkeep works for both small, medium-size or enterprise businesses. Its asset management software automates entire preventive maintenance process. It also has ability to assign orders to technicians in no time.
Fiix is the best modern Computerized Maintenance Management System. It is cloud-based and is revolutionizing how businesses around the world are running their maintenance department. It helps in organizing work orders, scheduling and tracking maintenance work, maintaining details of assets performances, inventory tracking, and multi-site management among many other features.
The Alpha Group prefers the software for the authentication of the language files of hardware description and building of the simulators that are derived from other objects like Vesta building with guaranteed solutions like automatic dependency detection, etc.
Features of the product include:
- Helpful for preventive measures: This platform of CMMS software helps the business in taking various steps for preventing through maintenance. The platform helps in the monitoring of the lifecycle of multiple assets.
- Quick actions: The platform also helps the business with activities that are based on time as well as breakdowns of fixed assets too.
Mainsaver Software LLC provides an end-to-end robust CMMS software. The software takes the name of its parent company and helps in overall asset management. It helps in managing the work of hard assets and consists of 3 modules- Material, maintenance, and purchase. The software releases New updates each year with new features and refined functionalities to improve the overall user experience.
Maintenance people design ePAC. This gives it an edge over the other software as it intimately understands the needs of its clients. This makes it easy-to-use as the focus is on the end-user. The ePAC pricing is said to be optimal by its users, and due to its free version, it provides all the possible features which make it the best.