Westford, USA, Sep 01, 2022 (GLOBE NEWSWIRE) — Enterprise Asset Management (EAM) has become a critical capability for organizations of all sizes seeking to optimize assets and resources across their business operations. In recent years, the demand for EAM systems has increased as more organizations adopt digitized business models and strive to create a more agile organization.
EAM systems in the global enterprise asset management market provide an integrated platform that captures, analyzes and visualizes an organization’s assets, helping to identify the most efficient use of resources and mitigate risk. They also enable real-time monitoring of the performance of assets such as information technology (IT), facilities, equipment and vehicles.
According to SkyQuest analysis, by the end of 2023, EAM will be critical for 82% of business decision makers and will be worth $1 trillion. This growth is driven in part by the need for modern businesses to run their operations more effectively and efficiently, while maintaining flexibility and agility in times of turmoil or digital transformation. However, EMA can be a complex and time-consuming process, which is why many companies turn to professional asset managers (PAMs) to take on the burden. Our recent study of the global enterprise asset management market also found that 43% of companies with over $1 billion in revenue use PAM to manage their assets.
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This demand is likely to continue to grow as advances in technology make more assets vulnerable to cyberattacks. For example, a recent Reuters report found that 19% of global businesses have experienced some sort of data breach in the past two years.
SkyQuest has researched the global Enterprise Asset Management market extensively and prepared a report. The report would help market players to understand detailed analysis of the market including market forecast, market dynamics, opportunities, challenges, key players, their SWOT analysis and market share, competitive landscape and price analysis, among others.
Top 4 Global Enterprise Asset Management Market Trends
1. Data Analytics: Asset management systems must be able to integrate with data analytics tools to enable analysis of data collected from various sources, such as imaging sensors and asset tracking . This is essential for identifying trends and making informed decisions about resources and investments.
2. Automation: Increased automation of processes associated with asset management can save time and money while improving accuracy and reliability. Automated systems can detect when assets need to be replaced or maintained and make appropriate recommendations to vendors in the global enterprise asset management market.
3. Mobile devices: Nearly half (46%) of businesses now use mobile devices to capture images and data related to assets, such as ATMs and vending machines. This trend is expected to continue as companies strive to improve asset security and minimize disruption from theft or vandalism.
4. Collaborative technologies: Collaborative platforms can help asset managers work more effectively together across divisions or departments. These platforms allow users to share resources, documents, and knowledge in a secure environment, which can lead to cost savings and better decision-making.
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Acquisition is the most preferred growth strategy in the enterprise asset management market
According to a recent study of 100 companies conducted by SkyQuest, acquisition has remained the key strategy for players active in the global enterprise asset management market. The study found that 57% of companies surveyed have used acquisitions as a strategy for EAM over the past five years and nearly half of these companies attributed revenue from acquisitions as their main source of growth in the business. EAM.
This trend in the enterprise asset management market is likely due to the fact that asset acquisition increases the breadth and depth of a company’s resources and access to new market opportunities. In addition, acquisitions allow companies in the global enterprise asset management market to gain expertise in areas important to their clients or their clients’ businesses. This increased knowledge can be leveraged to generate new business opportunities.
Here are some of the recent developments in the global enterprise asset management market:
- In August 2022, IFS, an EAM provider, acquired Ultimo to meet their customer with better speed and advanced features that can complement the current deployment and ease of use.
- In August 2022, Cohesive acquired MaximoCon, a player engaged in providing technical consulting in Brazil. Acquisition would help Cohesive gain a foothold in IBM’s Maximo systems integration projects
- In August 2022, Macquarie Asset Management announced the acquisition of VIRTUS Data Centres, a company owned by ST Telemedia. The company acquired a minority stake.
- In January 2022, Brightly acquired Energy Profiles Limited. The acquisition would benefit the company by consolidating its position in ESG reporting.
- In August 2022, Tsebo Facilities Solutions announced a partnership agreement with Pragma, a leading player in the intelligent enterprise asset management market. This partnership will help Tsebo extend asset life, reduce operating costs and prevent them from spiraling out of control.
- In August 2022, Optimal and IOTICS announced a strategic partnership to combine each other’s expertise in next-generation data ecosystem enabling technology and asset reliability as a service.
- In August 2022, CredAble raised approximately $9 million from Axis Bank and Oaks Asset Management to expand its virtual supply chain management operations into the global market.
- In December 2021, Dude Solutions announced the acquisition of Facility Health Inc. This acquisition would help the company expand its operations through asset management in the healthcare sector.
SkyQuest has comprehensively researched the Global Enterprise Asset Management Market in terms of recent development and growth strategies of market players. The report provides detailed analysis of merger and acquisition, partnership and joint venture, among others. Furthermore, it provides a detailed analysis of the total money spent on these developments by the players and its impact on the market forecast and existing players.
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Key Players of Global Enterprise Asset Management Market
- IBM (US)
- Oracle (US)
- News (US)
- SAP (Germany)
- ABB (Switzerland)
- Smart process
- Solutions (Germany)
- IFS (Sweden)
- Service Connection (US)
- Aptean (USA)
- Aveva (UK)
- Emanit (USA)
- Rfgen Software (US)
- Assetworks (USA)
- CGI (Canada)
- Ultimo Software Solutions (UK)
- UpKeep (USA)
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, marketing and technology services. It has more than 450 satisfied customers worldwide.
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