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
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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.
Enterprise Asset Management Software in Manufacturing
Comparing 34 vendors in Enterprise Asset Management Software across 148 criteria.
4 Experts are advising
53 buyers
Not only does IBM Maximo provide management of assets, but it manages the treaties, work and services as well. The near real-time visibility gives access to your assets with 24/7 information. Reducing the unplanned downtime and increasing the operational efficiency, Maximo has made it far in the USP list.
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SAP solutions provide asset operations and maintenance; environmental, health and safety; capital portfolio and project management; energy and environmental resource management; quality management and compliance; business suite applications; and user experience for asset management. SAP Enterprise asset management software helps to manage outages and provides benefits such as high ROA, high productivity, safer work environments, faster recovery from failure, and increased customer satisfaction.
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The suite delivers similar efficiencies as the SchoolDude platform to local government, manufacturers, and other commercial businesses.In the EAM space, the company offers various solutions – MaintenanceDirect, a perfect work order management solution; PMDirect, a smart maintenance management software solution; InventoryDirect, an inventory management software solution; UtilityDirect, a utility tracking and bill analysis software solution; and ITAMDirect, an IT hardware and software asset management solution.
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Oracle eAM improves return on capital assets by incorporating both physical and financial aspects of the asset lifecycle management process. Oracle maintenance management provides critical asset information across various departments and increases equipment reliability and plant utilization through asset tracking, asset maintenance, and complex maintenance repair and overhaul.
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The IFS EAM solution can be integrated with risk management, human resources, finance, document management, and purchasing. IFS EAM mainly caters to the oil and gas industry. The IFS EAM solution can be deployed either on the cloud or on-premises. The company offers EAM solutions to SMEs and large enterprises. IFS offers users flexible and effective support, enabling users to report and track issues 24x7. IFS also offers basic maintenance support using IFS self-service tools.
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Schneider Electric offers integrated asset management solutions Avantis EAM that include maintenance management, procurement, and inventory management. Schneider Electric implements these solutions (like Avantis EAM) for planning, handling, and executing the maintenance of portable and fixed resources. The company provides users strong technical support, with detailed downloadable documents.
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The company’s solutions (like Ellipse EAM) also allow clients to manage linear assets, fleet assets, and facilities while focusing on operational productivity. ABB offers its products to medium-sized and large enterprises. It relies on partnerships to deliver their services to clients. The company offers to deploy EAM solutions(like Ellipse EAM) either on cloud or on-premises platforms to deliver innovation for asset-intensive industries.
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Infor continuously updates its products and solutions to remain competitive in the market. For instance, the updated Infor EAM solution introduced new enhancements, which included nonconformity tracking, Open Computer-Aided Design (CAD), equipment ranking, and User Interface (UI). These enhancements increased the robustness and efficiency of Infor’s asset monitoring and management solutions.
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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.
CGI is keen on developing products and solutions that deliver maximum results with minimum spending. CGI also develops products to address the needs of SMEs by designing quick and hassle-free deployment models. It aims at expanding its operations and market outreach through acquisitions. The company acquired Logica to expand its operations in America, Europe, and Asia as well as to expand its business processes portfolio.
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Vesta designs its products according to changing customer needs. The company focuses only on EAM, and it helps businesses manage the asset lifecycle with the assistance of SAP EAM solutions. Vesta also offers EAM project services, which include framework designing for SAP asset lifecycle implementation, system configuration, and testing.
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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.
Popularly known as Vesta Configuration Management System, Vesta is a flexible software that helps in the management of the configuration system that is designed by Compaq for the reorganization of the size redevelopment of any application system.
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.
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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.
Genesis Technologies is a company that likes to handle their clients in a detailed manner. They are known for their Enterprise Asset Management Software, and they are proud of it. The company has already worked in the fields of Life Science, LNG, Manufacturing, so they have got the experience of handling everything from scratch. They provide their clients with the best solutions that are in their budget and makes sure that they are sustainable.
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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.
The eMaint CMMS software monitors and provides visibility into asset health, risk, and performance across the enterprise. Thus, it improves productivity, optimizes processes, and promotes risk-free business practices. It helps increase ROA and reduces maintenance costs. It also provides integration with third-party applications such as SAP and Oracle to make automated decisions that improve business productivity.
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Ramco Systems offers user-friendly ERP solutions on the cloud. The company also offers cloud-based HCM solutions that support the entire range of HCM needs from hire to retire. Ramco EAM is the outcome of over two decades of experience in providing asset management solutions to users across various verticals. It provides effective maintenance management, boosted by inbuilt analytics and excellent safety standards.
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Maintenance Connection Inc. as a company provides a CMMS and EAM platform that has been certified to provide solutions regarding the physical assets. About 350,000 professionals work in their company who try to make the platform the best one is available to any company. They have already served clients from more than 30 industries, including healthcare and the Government. A great thing about their platform is that clients can also access it using their smartphones.
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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.
When it comes to the most affordable Enterprise Asset Management Software, Mapcon Technologies Inc. stands out with its platform. MAPCON CMMS is an advanced platform tailor-made to the business that is availing it and they can either lease it or buy the whole thing. It can also be accessed from a smartphone which makes it easier for a person to handle situations, especially when a decision needs to be taken fast.
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