by The global Enterprise Asset Management (EAM) market is experiencing significant growth, driven by the increasing adoption of IoT-enabled and AI-based devices. EAM, a vital component in maximizing asset lifespan, reducing costs, enhancing safety, and improving efficiency, has evolved into a thriving industry encompassing software, systems, and services for operational asset management and control.
IoT Integration Fuels Growth
The adoption of EAM to optimize asset quality and utilization throughout their lifecycle has gained traction across industries. With a heavy reliance on physical infrastructure and the emergence of cloud deployment models, EAM is poised for exponential growth. Extensive data integration within EAM systems is creating new business opportunities, and the demand for integration, deployment, consultancy, training, monitoring, and upgrade services is expected to rise sharply.
Cloud-based EAM solutions are gaining prominence, driven by the need for remote task execution during the COVID-19 pandemic. Companies are leveraging IoT-based applications to enhance asset performance and sustainability. The growth of smart cities, reliant on IoT integration with EAM software for monitoring critical infrastructure, is on the horizon.
The proliferation of IoT devices is a significant driver, with estimates of over 30.9 billion IoT devices in use by 2025. This continual increase in IoT adoption is set to propel the growth of the enterprise asset management market.
AI and Drone-Based Solutions Transform EAM
Artificial intelligence (AI) and drone-based solutions are making waves in the EAM market. AI enables enhanced data handling for decision-making, with AI systems gathering, purifying, and evaluating vast datasets, including alternative data sources. AI applications such as chatbots, predictive behavior analysis, and voice assistants are gaining traction, with the number of digital voice assistant users expected to double by 2024. The deployment of voice assistants within EAM software is poised to drive market expansion.
Cloud Segment Emerges as the Growth Leader
The cloud segment is set to witness the fastest growth, offering improved data control, reduced data loss risk, and regulatory compliance benefits. The scalability, speed, 24/7 support, and enhanced IT security provided by cloud deployment are key growth enablers. The growing demand for cloud storage and data management is driving its adoption across industries.
North America Leads in EAM Adoption
North America retains its leadership position in the global EAM market, driven by technological advancements in preventive maintenance systems. The United States, in particular, is witnessing significant growth due to a highly developed IT infrastructure, increased usage of asset lifecycle management solutions, and a focus on regulatory compliance.
Asia Pacific: A Hotbed for Technology Adoption
Asia Pacific is emerging as one of the fastest-growing regions in the global enterprise asset management market. Countries like China, Japan, Australia, Singapore, India, and Indonesia are at the forefront of technology adoption, embracing AI, IoT, analytics, and cloud solutions. China, with an estimated 7.7 billion IoT-connected devices by 2030, is poised to become the worlds largest IoT market. The need for EAM solutions is growing as businesses in the region cope with the complexities of managing workloads and data volumes.
Competitive Landscape
Key players in the enterprise asset management market are launching new products and forming strategic partnerships. In a recent development, SAP acquired AppGyver, a no-code development pioneer, to enhance IT solutions adaptability and application usability. IBM and Atos joined forces to accelerate digital transformation using AI and RedHat OpenShift technologies.
Prominent players in the EAM market include IBM, SAP, Oracle, Infor, IFS, ABB, and more, all contributing to the industrys continued growth and innovation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/enterpris-asset-management-market
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This press release first seen on Brilad
COMTEX_442085749/2840/2023-10-18T16:49:24
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No  journalist was involved in the writing and production of this article.