Verdantix Green Quadrant Highlights Leading Enterprise Asset Management (EAM) Software Providers
- Artificial intelligence (AI) and generative AI (GenAI) are emerging as key differentiators in the highly competitive EAM landscape
- Global spending on EAM software to reach $6.4 billion by 2028 as firms accelerate digital transformation
Verdantix Green Quadrant Highlights Leading Enterprise Asset Management (EAM) Software Providers
London, UK. The enterprise asset management (EAM) software market is experiencing rapid growth, driven by industrial organizations’ increased investment in digital transformation initiatives for sustainable and resilient operations. As a result, global spending on EAM software is projected to reach $6.4 billion by 2028.
Strategic acquisitions and technological advancements are further transforming the EAM software space, with AI and GenAI emerging as critical drivers of differentiation in a highly competitive market. Among the 14 vendors evaluated, 10 were named as market leaders: Brightly Software, eMaint, Eptura, Hexagon, IBM, Ideagen, IFS Ultimo, Pragma, SAP and ServiceNow. These leaders are setting the pace for innovation by expanding into areas such as asset performance management (APM), asset lifecycle management and operational risk mitigation.
The Green Quadrant: Enterprise Asset Management Software 2024 report offers operations, maintenance and IT executives within industrial organizations invaluable insights for navigating this dynamic market, and for selecting the best-fit providers. Key report findings:
- AI and GenAI are revolutionizing the EAM landscape, with vendors leveraging AI-driven functionalities to optimize inventory management, improve predictive maintenance and enhance mobile applications. For example, IBM’s Maximo Application Suite 9.0 utilizes GenAI to correct work order discrepancies, while ServiceNow integrates Microsoft Copilot for seamless conversational work order management.
- Strategic acquisitions are reshaping the EAM market, as established vendors enhance their offerings and broaden their capabilities. For instance, in 2022, IFS acquired Ultimo, while Hexagon added Infor's EAM product to its portfolio.
- Vendors such as IFS Ultimo and Pragma are expanding into new regions to increase user adoption rates, including Asia-Pacific, the Middle East and Africa, through reseller partnerships.
- Customer support remains a priority for EAM buyers, with many seeking providers that offer robust support systems, product development collaboration and end-to-end implementation. Providers such as eMaint and UpKeep offer continuous support via live chat, phone or email.
"Generative AI is poised to transform the EAM software landscape, offering new opportunities for predictive analytics and operational efficiency. With industrial organizations facing pressure to reduce carbon footprints and navigate skilled labour shortages, EAM solutions are essential to achieving success,” commented Hugo Fuller, Senior Analyst at Verdantix. “With 55% of operations executives planning to invest in new EAM software this year, vendors must prioritize AI integration, enhance inventory optimization and mobile capabilities, and consider partnerships or acquisitions of APM solution providers to win market share.”
To learn more, join the webinar: Get More From Your Assets: How To Select The Right EAM Software, on 29 October. Register here.
