Enterprise Asset Management Market

Enterprise Asset Management Industry - Forthcoming Trends to Fuel the Global Growth

The enterprise asset management market is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period, from USD 4.7 billion by 2023 to USD 7.6 billion by 2028. The adoption of enterprise asset management solutions is expected to be driven by the increasing need of organizations to improve business efficiency, maximize return on assets (ROA), and make informed decisions.

The enterprise asset management industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Enterprise Asset Management Market are:

  • Adoption of Predictive Maintenance
  • Integration with IoT and Sensor Technology
  • Shift towards Cloud-based EAM Solutions
  • Focus on Mobile EAM Applications
  • Embrace of Digital Twins
  • Integration with Enterprise Resource Planning (ERP) Systems
  • Focus on Sustainability and Environmental Compliance
  • Adoption of AI-driven Analytics
  • Emphasis on Cybersecurity and Asset Protection
  • Rise of Subscription-based Models and Asset-as-a-Service

These emerging trends reflect the evolving nature of the Enterprise Asset Management market, driven by technological advancements, changing business needs, and evolving regulatory requirements. Organizations that embrace these trends can gain a competitive edge by optimizing asset performance, reducing costs, and enhancing operational resilience.

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Adoption of Predictive Maintenance:

  • Organizations are increasingly leveraging predictive maintenance techniques powered by IoT sensors, AI, and machine learning to anticipate equipment failures and schedule maintenance activities proactively.
  • Predictive maintenance reduces downtime, extends asset lifespan, and improves operational efficiency.

Integration with IoT and Sensor Technology:

  • Integration of EAM systems with Internet of Things (IoT) devices and sensor technology enables real-time monitoring of asset performance, condition, and utilization.
  • IoT data provides valuable insights into asset health, usage patterns, and environmental conditions, enabling organizations to optimize maintenance strategies and asset utilization.

Shift towards Cloud-based EAM Solutions:

  • There is a growing preference for cloud-based EAM solutions due to their scalability, flexibility, and cost-effectiveness.
  • Cloud-based EAM platforms offer easy access to data from anywhere, streamline maintenance processes, and enable seamless collaboration among stakeholders, driving adoption across industries.

Focus on Mobile EAM Applications:

  • Mobile EAM applications empower field technicians and maintenance teams to access EAM data, perform inspections, and log work orders directly from mobile devices.
  • Mobile applications enhance workforce productivity, improve data accuracy, and enable real-time collaboration between onsite and remote teams.

Embrace of Digital Twins:

  • Digital twin technology creates virtual replicas of physical assets, allowing organizations to simulate and analyze asset behavior, performance, and maintenance requirements in a virtual environment.
  • Digital twins facilitate predictive maintenance, asset optimization, and decision-making, enabling organizations to minimize risks and maximize asset performance.

Integration with Enterprise Resource Planning (ERP) Systems:

  • Integration between EAM and ERP systems enables seamless data exchange and process automation across asset management and financial functions.
  • Integrated EAM-ERP solutions provide end-to-end visibility into asset lifecycle costs, procurement processes, and financial performance, enhancing decision-making and resource allocation.

Focus on Sustainability and Environmental Compliance:

  • Organizations are prioritizing sustainability and environmental compliance in their asset management strategies.
  • EAM solutions incorporate features for tracking environmental impacts, managing regulatory compliance, and implementing sustainable practices such as energy efficiency and waste reduction.

Adoption of AI-driven Analytics:

  • AI-driven analytics capabilities enable organizations to analyze vast amounts of asset data, identify patterns, and extract actionable insights to optimize asset performance and maintenance strategies.
  • AI-powered analytics predict equipment failures, recommend maintenance actions, and optimize asset lifecycle costs, driving efficiency and productivity.

Emphasis on Cybersecurity and Asset Protection:

  • With the increasing digitization of assets and connected systems, cybersecurity threats pose a significant risk to asset integrity and data security.
  • EAM solutions incorporate cybersecurity measures such as encryption, access controls, and threat detection to safeguard assets from cyber threats and unauthorized access.

Rise of Subscription-based Models and Asset-as-a-Service:

  • Subscription-based pricing models and asset-as-a-service offerings are gaining popularity, particularly in industries such as manufacturing and transportation.
  • These models enable organizations to access EAM capabilities without significant upfront investments, align costs with usage, and benefit from vendor-managed services and support.

Related Reports:

Enterprise Asset Management Market by Offering, Application (Asset Life Cycle Management, Inventory Management, Predictive Maintenance), Deployment Model, Organization Size, Vertical (Manufacturing, Energy & Utilities) & Region - Global Forecast to 2028

Enterprise Asset Management Market Size,  Share & Growth Report
Report Code
TC 3454
RI Published ON
4/4/2024
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