The objective of this study is to identify and evaluate various growth opportunities for enterprise asset management (EAM) vendors in the present business scenario which is challenged by uncertain economic conditions and the emergence of a new wave of digital manufacturing. There is a pressing need for end-users, particularly in asset-intensive industries, to develop and implement effective strategies to diminish their operational spend and enhance production efficiency; the study elaborates on the significance of EAM in achieving these business goals. The research service also discusses the benefits of integrating Industrial IoT (IIoT) technologies with EAM software. As end-users prefer to continuously monitor the condition of their multiple assets, optimize resources and inventories, and assess their financial performance, the study explains the need and benefits of embracing IIoT technologies such as cloud, Big Data, analytics and mobility. With 2017 as the base year, the study provides estimates of the market size and future growth prospects up to 2022. For this purpose, a specific methodology is followed that includes discussions with senior management of asset management software provider companies and automation giants and secondary research.
- In-depth analysis of the key automation and IIoT technologies, the outcome of adopting these advanced technologies in EAM software and their implications
- Analysis of the EAM market by two product segments which includes software and services
- Regional perspective on the changing demand patterns across advanced and emerging markets: North America; Europe, the Middle East, and Africa; Asia-Pacific; and Rest of the World
- End-user perspective on various critical requirements and the challenges faced by process, discrete and hybrid manufacturers while upgrading their existing plants
- Profiles of key EAM vendors discussing their strategy and product offerings
Across process, discrete and hybrid industries manufacturers are striving to improve operational and production efficiency. To achieve this, a significant portion of their investments are focused on upgrading their existing plants with modern software solutions. Furthermore, government bodies in several countries are coining regulations to promote health, and safety, and importantly, reduce carbon footprint. This requires strict monitoring and maintenance of their plant operations which has, in fact, led to the integration of EAM into ERP solutions. Despite economic uncertainty, companies have continued to invest in EAM especially, oil and gas, power generation, chemicals and pharmaceutical industries. At present, with the emergence of IIoT, EAM plays a critical role in establishing connected ecosystems, transitioning towards predictive maintenance and promoting digital manufacturing.
Key Issues Addressed
- Is the market growing, how long will it continue to grow, and at what rate?
- Are the existing competitors structured correctly to meet customer needs?
- Is this an industry or a market? Will these companies/products/services continue to exist, or will other companies acquire them? Will the products/services become features in other markets?
- How will the structure of the market change with time? Is the market ripe for acquisitions?
- Are the products/services offered today meeting customer needs or is additional development needed?
- Are the vendors in the space ready to go it alone, or do they need partnerships to take their businesses to the next level?