Enterprise asset management framework extends and optimizes organization’s asset life cycle and reduces cost of ownership, which is driving the growth of this market.
New York, NY -- (SBWIRE) -- 08/01/2016 -- Enterprise Asset Management (EAM) is specially designed to enable the ease in management of assets for organizations across various business units, departments, services and geographical locations. EAM includes design, commissioning, construction, operation and maintenance, and replacement of plant and equipment. Enterprise asset management solutions facilitate enterprises to integrate techniques for optimization and historical control throughout asset lifecycle (design, operation and replacement etc.). EAM can be categorized into IT service management, physical asset and infrastructure management, digital asset management, emerging asset management and fixed asset management and accounting. EAM solutions improve business operations through better asset reliability, availability and asset utilization. In addition, these solutions collect, consolidate and analyze all the crucial information on all types of assets in organizations. Enterprise asset management addresses all types of assets, varying from strategic or critical physical assets to human assets. Physical assets include plant and production, infrastructure, transportation, and real estate and facilities. Human assets include personnel expertise, motivation, and roles and responsibilities.
Enterprise asset management framework extends and optimizes organization's asset life cycle and reduces cost of ownership, which is driving the growth of this market. In addition, EAM solutions enable enterprises to administer aging infrastructure, facilitate asset tracking and increase return on asset (RoA). These factors altogether are expected to fuel the growth of enterprise asset management market over the forecast period. However, enterprise asset management systems require a lot of quality data to track and analyze the implementation of business processes. Inputting the data in EAM system manually using conventional paper forms often becomes too expensive for organizations. This, in turn, reduces the adoption of EAM solutions in organizations.
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The global enterprise asset management market can be segmented based on its services, applications and end-users. Depending on the types of services, the enterprise asset management market can be segmented into three major categories as managed services, implementation services and training and support services. The enterprise asset management market can be segmented on the basis of its applications into three categories which include field service management, linear assets and non-linear asset. The linear asset applications include railways, pipelines and electricity transmission lines. The non-linear applications include fleet, equipments and buildings. On the basis of end-users, the enterprise asset management market can be segmented into six major categories as oil and gas industry, government and utilities, transportation, manufacturing industry, healthcare sector and others. The enterprise asset management market can also be segmented based on major geographical regions into North America, Europe, Asia Pacific and Rest of the World (Middle East, Latin America and Africa).
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Some of the key players in enterprise asset management market include Oracle Corporation, IBM Corporation, SAP AG, IFS (Industrial and Financial Systems) AB, ABB Ltd, Invensys Ltd., Fujitsu Ltd., CGI Group Inc., AssetWorks LLC and Infor among others. Key players in this market focus on acquisition and mergers to expand their geographical presence and to gain market share. For example, in 2010, ABB Ltd acquired Ventyx Inc. to expand its enterprise software and services business. Additionally, in 2011, ABB Ltd continued its geographical expansion by acquiring Minicom Pty Ltd and entered in Australian enterprise asset management market.