Enterprise asset management (EAM) is the management of a company's physical assets across the extent of its lifecycle in order to maximize usage, improve quality and efficiency, save costs, and protect the environment and public health. Industries that trust on high-end and expensive assets, like factories, cars, heavy equipment, and so forth, are those that use EAM most frequently. Some of the key industries that use EAM are energy, government, oil & gas, mining, utilities, shipbuilding, defense, and aerospace. Public works projects or enterprises with a lot of assets usually utilize specialized software to manage all aspects of operations. For example, EAM software can alert operations management when a machine component malfunctions and offer the information and resources needed to send someone to stop further casualties.
With the widespread use of mobile devices, it is projected that the reach of mobility in EAM systems will increase. Along with EAM and field service systems, GPS, GIS, RFID, and embedded cameras have all improved the use of handheld smart devices. EAM systems are used by a lot of enterprises throughout the world to increase production, manage facilities, and foster organizational agility. As a result, the market for enterprise asset management is expanding due to an increase in corporate demand for cloud-based EAM systems.
From 2023 to 2030, the global Enterprise Asset Management Market will develop at a compound yearly growth rate of 8.9%.
Major Players in the Enterprise Asset Management Industry:
1. IBM Corporation
IBM Corporation is a multinational technology corporation with American roots, based in New York. In 1911, it was founded. It operates in more than 170 nations. Siemens Digital Industries Software and IBM announced in April 2023 that they are expanding their long-term collaboration by developing a collaborative software solution that blends their respective systems engineering, service lifecycle management, and asset management solutions.
2. SAP SE
SAP SE was established in 1972 and has its main office in Weinheim, Germany. It is active in 130 nations. In July 2023, SAP SE announced that The Brenda Strafford Foundation (BSF) has selected the GROW with SAP solution to fully leverage cloud ERP and achieve its current and future goals.
3. Oracle Corporation
Oracle Corporation is a global American firm that deals in computer technology. It was established in 1977 and has its U.S. headquarters in Texas. It is active in more than 140 nations. In October 2022, Oracle helped manufacturing and high-tech enterprises automate the prevention of asset downtime.
4. ABB Ltd.
ABB Ltd. is a multinational firm with Swedish and Swiss roots that has its base of operations in Zürich, Switzerland. It is active in more than 100 nations. The process and utility industries will benefit from next-generation AI-based predictive maintenance, asset dependability, and asset integrity insights when ABB AbilityTM Genix Asset Performance Management Suite launches in October 2021.
5. Infor, Inc.
Infor, Inc was founded in 2002 and headquartered in New York City, United States. It operates in more than 170 countries. The business cloud provider Infor declared in July 2021 that it had reached a deal to sell its global EAM (Enterprise Asset Management) business to Hexagon AB (Nasdaq Stockholm: HEXA B), a leader in digital reality solutions, for about $2.75 billion USD in cash and stock, as well as to establish a strategic partnership with the firm to better serve shared customers. Until the acquisition is finished, the companies will continue to operate independently, pending regulatory approval.
6. Ultimo Software Solutions BV
Ultimo Software Solutions BV was founded in 1988 and headquartered in the Netherlands. It operates in almost all major states of the U.S.
7. CARL International SA
CARL International SA was founded in 1985 and headquartered in Limonest, France. It operates in in six countries in Europe. In August 2022, Berger-Levrault, a global provider of software solutions, and TruePoint SolutionsTM, a well-known supplier of IT solutions for local governments, announced a strategic partnership. The CARL Source Enterprise Asset Management (EAM) solutions from Berger-Levrault will be presented and supplied using TruePoint's experience in analysis, distribution, and installation services for North American municipal governments.
8. eMaint Enterprises, LLC
eMaint Enterprises, LLC was founded in 1986 and headquartered in Florida, United States. It operates in over 55 countries.
9. Mainsaver, Inc.
Mainsaver, Inc. was founded in 1983 and headquartered in California, United States. It operates internationally.
10. Asset Works LLC
Asset Works LLC was founded in 1983 and headquartered in Pennsylvania, United States. It operates internationally.
*Definition: The management of a company's physical assets throughout its existence is known as enterprise asset management (EAM). The necessary maintenance tasks, as well as the associated priorities, skills, materials, tools, and information, are planned, optimized, carried out, and tracked using EAM. Planning, building, installing, running, maintaining, shutting down, and replacing plant, equipment, and facilities are all included in this.
