Enterprise Asset Management Market 2022 Current Status and Challenges with Future Opportunities to 2029

Posted by aartimurkute on October 20th, 2022

Enterprise asset management (EAM) is a set of processes and tools utilised by companies to track and manage their physical assets throughout their entire lifecycle. Enterprises leverage EAM to increase assets performance, reduce operational costs, and boost environment, health, and safety (EHS) initiatives. This has created a significant demand for EAM among enterprises, especially those whose major revenue is closely related to physical infrastructure. Additionally, the growing emphasis on enhancing the lifetime performance of assets, heavy reliance on infrastructure, and comprehensive data integration are also likely to unravel business opportunities for the enterprise asset management market. Furthermore, the demand for EAM integration and deployment, training, monitoring, consultancy, and upgrade services is likely to witness a sharp increase. Taken together, these factors are set to propel substantial growth across the global enterprise asset management market.

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IoT-enabled and AI-based Devices to Accelerate Growth Trajectory for Enterprise Asset Management Market

Of late, the growing adoption of IoT in smartphones and laptops has significantly increased. Smart cities are heavily relying on the integration of IoT-driven application along with EAM software. In smart cities, all crucial infrastructure is monitored and assessed. The integration of IoT with EAM has facilitated ease in identifying performance and controlling adjustments. Similarly, AI enhances decision-making through better data management. Asset managers have built AI models to curate, manage, and evaluate the huge volumes of data. These AI models possess enormous use-cases including chatbots, predictive behaviour analysis, hyper-personalisation, and voice assistance. Such next-level enhancements are contributing to the holistic growth of the enterprise asset management market.

Rising Adoption of Cloud-based Applications to Lead Market to Maturity 

Oorganisations around the world are increasingly opting for cloud-based solutions to meet business-specific requirements. The deployment of cloud-based solutions has provided organisations with better control over data. Consequently, the risk of data loss and breached have come down significantly. In addition to this, the cloud deployment strategies by governments also have enhanced IT security, scalability, and speed, ensuring round-the-clock assistance. The growing need for adequate cloud storage, access, and management of companies' enormous data has boosted the demand for cloud-based EAM systems. Taken together, these aspects are predicted to unlock the fresh revenue streams for the global enterprise asset management market.

North America to Sustain its Dominance Amid Thriving IT Infrastructure 

The increased R&D activities and robust investments in technology have created tailwinds for EAM preventative maintenance systems in North America. This aspect coupled with the presence of large EAM enterprises and numerous growing start-ups is ensuring the dominance of North America as a key regional market. Meanwhile, highly developed IT infrastructure, and growing use of asset lifecycle management solutions is contributing to the regional market growth. Such a favourable scenario is projected to drive sustainable and inclusive growth across the enterprise asset management market in North America. 

 

Prominent Market Players 

Some of the major players in the global enterprise asset management market include Aladinme (UAE), InnoMaint Software (India), SAP (Germany), Infor (US), IFS (Sweden), Cheqroom (Belgium), Oracle (US), IBM (US), ABB (Switzerland), Intelligent Process Solutions (Germany), Limble (US), Redlist (US), TrackX (US), The Asset Guardian (Canada), GoCodes (US), and Fleetio (US).

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About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness. 

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Joined: January 21st, 2021
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