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.

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.

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.

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.

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).

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.