In the modern technologically-driven world, the use of sophisticated systems to boost efficiency and asset safety is critical. To this end, the use of enterprise asset management (EAM) pertains to managing physical assets and maximising the equipment lifespan, reducing costs, enhance safety and overall efficiency. The EAM uses a combination of systems, software, and services to control operational assets and equipment. Modern EAM systems are capable of optimising the utilisation and quality of assets throughout their lifespan, thereby benefitting businesses in both the long and short term. In addition, the increasing usage of cloud, AI, and IoT-enabled EAM systems are unlocking novel possibilities. These factors are cumulatively boosting the growth prospects of the global enterprise asset management market.
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Increasing Integration of Cloud to Unlock Novel Opportunities
Of late, the usage of cloud-based enterprise asset management systems has increased by leaps and bounds. The key factors behind the trend of growing cloud deployment are decreased risk of data loss, robust regulatory compliance, and enhanced data control. Cloud-based security and safety solutions are also growing in demand due to these factors. Increased quickness, higher scalability, better IT security, and availability of round-the-clock assistance are incenting many organisations to employ a cloud deployment strategy. Cloud also simplifies the processing of managing, storing, and safely accessing an enterprise’s large volumes of data. To this end, the global enterprise asset management market is set to grow in the forecast period.
High Demand for IoT-Enabled EAM Systems to Prolong Growth Trajectory
As enterprise asset management solutions continue to improve, many cutting-edge technologies are being utilised to enhance their viability. Consequently, the usage of IoT-enabled enterprise asset management systems is growing at a rapid pace. Increasing usage of smartphones and laptops is necessitating the adoption of IoT-based applications. IoT-integrated EAM is helping in the identification of performance and control adjustments. The increasing number of smart cities is expected to further diversify the application pool. These systems are able to manage and monitor all vital infrastructure of smart cities. These developments are set to stimulate the paced expansion of the global enterprise asset management market.
North America to Dominate kAmidst Growing Number of Start-Ups
North America is expected to have the lion’s share in the enterprise asset management market owing to the technological advancements in EAM preventive maintenance systems. The region is concentrated with several leading players and a huge customer pool filled with start-ups and enterprises. The region has a robust IT industry and infrastructure which enables the adoption of such systems easier. Moreover, key regional economies such as the USA have a strict regulatory framework that necessitates the use of EAM systems. Meanwhile, Asia Pacific is the fastest-growing region owing to the increasing digitalisation of business and government processes.
Prominent Market Players
The major players in the enterprise asset management market include SAP (Germany), IBM (US), Infor (US), Oracle (US), ABB (Switzerland), IFS (Sweden), Maintenance Connection (US), Aladinme (UAE), Intelligent Process Solutions (Germany), Aptean (US), Aveva (UK), CGI (Canada), GoCodes (US), Emanit (US), Ultimo Software Solutions (UK), Rfgen Software (US), Assetworks (US), EZOfficeInventory (US), EZMaintain.com (US), UpKeep (US), Asset Panda (US), KloudGin (US), Fractal (Chile), Limble (US), Redlist (US), TrackX (US), Cheqroom (Belgium), The Asset Guardian (Canada), Fleetio (US), InnoMaint Software (India), Asset Infinity (India), and Pazo (India).
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