The growing need of continuous monitoring in asset-intensive industries and organizations for wide range of technologies, physical and human assets has increased market penetration of asset management system in recent years. Asset-intensive industries uses asset management system for wide range of applications including repair machinery, inventory and production, hiring and scheduling process of employees, support for physical plants, and the maintenance of rolling assets. The asset management technologies are playing a crucial role for industrial output in cross-organizational operations which also minimizes the operational cost of organizations.
The key drivers for Enterprise asset management (EAM) market includes increasing asset utilization of the enterprise, their increasing need for reduction in operating costs, and safeguarding the supply chain availability and visibility. Enterprise asset management is also helpful in the industries with dynamic nature of work, such as audit compliance where the standards change over time and the upkeep of their records is important.
The enterprise asset management market is consolidated with players such as SAP SE, IBM and Oracle accounting for a majority of share. The market is led by SAP SE which also claims to have the largest range of solution for enterprise assets management. Owing to the increasing market reach of dominant players, the share of small-sized regional EAM companies have been declining over past few years. The smaller enterprise asset management suppliers are not able to compete efficiently with the larger enterprise asset management suppliers owing to their limited product offering and high product differentiation. Moreover, the smaller players also lag additional maintenance services that are offered by the larger industry players. Owing to these factors the degree of consolidation in the enterprise asset management market is expected to increase during the forecast period.
North America was the largest market of enterprise asset management market in 2014; the market leadership of North America is attributed to the wide adoption of enterprise asset management across small and medium sized enterprises. Asia-Pacific region is expected to be the fastest growing enterprise asset management market during the forecast period. Industrialization and need for increased manufacturing capacity in Asia Pacific market is expected to be a dominant driver for the enterprise asset management market in the region.
News Courtesy: P&S Market Research