Enterprise Asset Management Market to Grow to $2.8 Billion by 2010

ARC: The worldwide market for Enterprise Asset Management (EAM), including IT assets, is currently at $2.2 billion and is estimated to grow at the Cumulative Annual Growth Rate (CAGR) of 5.0 percent reaching $2.8 billion in 2010. The majority of the EAM market growth will come from important market trends and new developments in EAM and industrial IT Enterprise Asset Management (ITEAM) solutions. The EAM and ITEAM markets are beginning to merge, creating new opportunities for suppliers and good potential cost savings for customers.”

Factors Contributing to Growth: Market maturity in North America and Europe has created many new opportunities for suppliers. Customer service and support expectations have increased, requiring more consulting and continuous improvement services from suppliers. Emerging markets in Asia Pacific and Eastern Europe are witnessing the importance and proven benefits of EAM/CMMS and ITEAM solutions in the mature markets. EAM software suppliers with a strong presence in global markets and a focus on Collaborative Asset Lifecycle Management (CALM) will continue to see an increase in sales, as customers adopt best practices and drive continuous improvement.

New Developments and Important Market Trends: Asset Management has never been more challenging for organizations. Aging assets, tougher regulatory compliance, and increasing security requirements are driving up costs while budgets are continuously being cut. Professional asset managers have implemented most of the conventional practices and need new ways to drive improved asset performance and lower costs.

Enterprise Asset Management (EAM) solution providers are addressing this challenge in many ways. They are offering product enhancements that exploit better information management to finally enable true lifecycle management strategies. They are also incorporating enhanced performance measurement and analysis tools to drive continuous improvement; supporting new technologies that can enable improved productivity; and, embedding growing compliance requirements directly within work processes. Anyone not following these developments is likely missing some significant opportunities.

EAM/CMMS Solutions Worldwide Outlook.Publ 20051221