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Enterprise Asset Management Market is expected to exhibit a substantial CAGR of 8.7% during the forecast period with a boost in the market demand due to the increasing adoption of Artificial Intelligence and IoT platforms to get a 360-degree view of assets across business areas.
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Enterprise asset management refers to the combination of software, services, and systems used by enterprises to maintain operational assets and equipment. It is a process of looking after the lifecycle of physical assets and equipment for reducing costs, maximizing its lifetime, improving quality & efficiency, and environmental safety. In order to control resources, equipment, structures, and other commercial assets, enterprises demand EAM. Enterprise asset management can reduce costs and risks and optimize business value by helping to certify that high-value assets function the way they are designed to.
The enterprise asset management market growth is majorly driven by the evolving need to acquire a 360-degree view of assets and the growing adoption of EAM solutions in APAC and North America. In addition, EAM is rapidly incorporating the Internet of Things to identify performance and control transformations. IoT applications enable better asset tracking data management and simplify data in a way in which asset life and maintenance can be interpreted. The increasing inclination towards cloud-based deployment and the incorporation of several sophisticated technologies, such as big data, are other factors fuelling the enterprise asset management market share. Various advantages are offered by its ability to optimize the return on assets, reduce the risks & costs, raise uptime & improve predictability, and decrease the ownership cost. Rapid digitalization across industries and improvement in technological infrastructure has bolstered market growth.
However, increasing concerns of organizations related to data safety and privacy coupled with the incorporation of EAM with third-party ERP systems might hamper the enterprise asset management market size.
Various notable players operating in the market include Infor, Oracle, eMaint, IFS, SAP, IPS, IBM, ABB, AVEVA Group plc, and Aptean.
The solution segment is expected to seize a higher CAGR in the global enterprise asset management market during the analysis period. This is because of the increasing inclination of organizations towards predictive maintenance led by the increasing adoption of several sophisticated technologies like machine learning and artificial intelligence. In addition, several benefits offered by the solutions, such as the reduction in the breakdown & maintenance costs, higher productivity, and extension in asset life, will further bolster the market growth.
The small & medium-sized enterprises segment is poised to exhibit notable growth over the forecast period, based on the organization size. The surging demand for enterprise asset management among small & medium-sized organizations, primarily to increase the deployment of their resources and maintain their competitiveness in the market, is one of the prime factors contributing to the market growth. Moreover, the rising number of small & medium-sized enterprises entrants in the market will bolster the market growth.
North America region is the dominant market for Enterprise Asset Management Market due to the presence of a large number of technologically enlightened end users. The augmenting adoption among several public and private organizations for better management of their equipment and assets and the inclination of organizations toward SaaS-based offerings will bolster the market growth. Moreover, the evolving need to fulfil the stringent managerial norms will propel market growth. The presence of well-established EAM service providers such as IBM, Oracle, and SAP with a strong product portfolio is another reason for the adoption of EAM in this region.
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