Enterprise Asset Management Market Growth & Trends
The global enterprise asset management market size is estimated to reach USD 19.68 billion by 2030, according to a new study by Grand View Research, Inc., expanding at a CAGR of 16.7% from 2022 to 2030. Several companies use enterprise asset management (EAM) systems to improve work productivity, streamline processes, increase company agility, and manage facilities. Cloud-based EAM solutions and services optimize critical enterprise assets and gather business intelligence for decision-making. Furthermore, these solutions allow businesses to reduce their overhead costs. Technical support and services, such as managed services with integrated debugging and performance monitoring tools, are better with cloud-based EAM systems. EAM solutions will continue to rise as more businesses invest in their IT infrastructure.
Organizations are discovering new ways to improve consumer interactions due to digitization in several industries. Many asset-intensive firms focus on investing in innovative and groundbreaking technology to restructure and improve their operational processes drastically. Asset–intensive organizations prosper or fail in today's highly competitive business environment based on how they handle complications in the face of growing competition. The next big thing in industrial services would be to accurately foresee the future of physical assets; therefore, many enterprises comprise emerging technologies such as digital twins, AR, AI, IoT, predictive maintenance, and telematics. Moreover, EAM solutions have a far more significant impact than simply increasing profits, and organizations are quickly adopting current EAM solutions to boost asset longevity.
The outbreak of the pandemic and the subsequent lockdowns, travel bans, restrictions on the movement of people, and business shutdowns took a severe toll on the overall economy and affected several businesses worldwide. Several corporations worldwide implemented EAM solutions to ensure efficient and effective management of assets, machinery, IT infrastructure, and other resources; prevent potential hardware or machine failures; reduce machine downtime; and ensure continuous operations. The demand for EAM solutions remained consistent during the pandemic as several organizations facilitated remote working as part of the efforts to protect and safeguard the well-being of their employees in the wake of the pandemic outbreak.
Organizations across the world are increasingly concerned about data security at the time of implementation of an advanced IT or cloud-based EAM solution. More than 30% of manufacturing organizations wanting to enhance their business productivity, asset management, and industrial operations believe security and compliance as the main barriers restricting the deployment of EAM solutions. However, several marketers, government agencies, and professionals are creating awareness regarding the benefits of digital transformation, which are poised to encourage organizations to switch from traditional approaches to modern and data-driven strategies.
Enterprise Asset Management Market Report Highlights
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