Study See Growth In Asset Management

The market for software that companies use to manage assets will grow at an estimated cumulative annual growth rate of 4.4% during the next four years, reaching $2.1 billion in 2008. The market for enterprise asset management (EAM) software is currently at $1.7 billion, according to Dedham, Mass.-based ARC Advisory Group, which also is making the growth prediction. ARC's study is entitled "EAM/CMMS Solutions Worldwide Outlook." "The majority of the EAM market growth will come from collaborative support solutions (CSS) and industrial IT enterprise asset management (ITEAM) opportunities," says Houghton LeRoy, ARC Research Director and the author of the study. "The EAM market has matured, causing a small decline in software license sales, but compensated by an increase in customer service requirements." EAM software suppliers with a strong presence in global markets and a focus on Collaborative Asset Life-cycle Management (CALM) will continue to see an increase in sales, as customers adopt best practices and drive continuous improvement, according to ARC.