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- Spending will expand to $5.4 billion by 2026 with space for more growth
- Software is increasingly important for EAM as innovation focuses on mobile apps, predictive analytics, and integration with wearables
Cost-saving programmes and a focus on improving operational sustainability is helping to drive growth in the enterprise asset management (EAM) software market to an expected $5.4 billion by 2026 from last year’s $3.6 billion, leading independent research, and advisory firm Verdantix says.
EAM software, which focuses on maintaining assets throughout their lifecycle and is primarily deployed in heavy industry, is attracting growing interest with a number of mergers and acquisitions in the industry as well as increased private equity investment.
Verdantix’s Green Quadrant: Industrial EAM Software report, which benchmarks suppliers in the market and surveys decision makers on operational excellence initiatives, says digital transformation strategies, cost-cutting to increase efficiency in maintenance and initiatives to improve asset reliability and uptime are driving growth.
HxGN EAM, IBM, Brightly Software, Ultimo, Accruent, Pragma and SAP currently lead the EAM market, but face pressure from new entrants as the market continues to rapidly expand – around a quarter (26%) of maintenance executives questioned reported either that they were testing EAM software or had made limited use of it.
“Growth in the EAM software market is driven by digital transformation strategies, cost-cutting programs, application consolidation, eliminating data siloes and sustainability priorities. Maintenance decision makers are increasingly committing spend into EAM software,” said Hugo Fuller, Technology Analyst, Operational Excellence at Verdantix.
Innovation is also a factor with the report outlining ideas such as the introduction of mobile applications with offline capability; integrating EAM software with industrial wearables; developing capabilities for predictive analytics to drive proactive maintenance strategies; and making use of cloud computing.
IMAGE: Accruent
