Maintenance work and managing materials, including assets such as spare parts, raw materials, and equipment and machinery, are essential for the manufacturing industry. EAM solutions are required in the manufacturing sector to streamline maintenance processes, extend the longevity of assets, and improve productivity. Data collected through the asset performance software helps predict the exact failure point of a critical asset, thereby increasing uptime. EAM also helps industrial manufacturers to manage maintenance, spare parts, and inventory, and in purchasing operations. It enables manufacturers to maximize asset control, performance, and return from warranties by managing inspections effectively and streamlining the procurement process. EAM helps manufacturing units to improve their plant maintenance process.
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.