The Enterprise Asset Management Market is expected to reach a valuation of US$ 3.21 billion in 2022 and US$ 4.86 billion by 2028, growing at a 7.1% CAGR from 2022 to 2028. The growth of Artificial Intelligence (AI) and drone-based enterprise solutions are among the factors driving the enterprise asset management market, according to a market research report published recently by Future Market Insights titled “Enterprise Asset Management Market – Global Industry Analysis 2014 – 2021 and Opportunity Assessment 2022 – 2028.” AI assists in improving data handling to make better decisions.
Asset visibility is critical for implementing an EAM system because it provides accurate information on the identities, materials, and supplies. Effective asset management controls or eliminates overstocking and stockpiling while also lowering fixed capital investments. EAM software offers more robust analytical systems for managing assets, preventative maintenance, and workflow analysis.
IoT and EAM are rapidly integrating.
The increasing use of IoT-based applications is being driven by the increasing deployment of IoT in smartphones and laptops. The integration of IoT and EAM allows for the detection of performance and control changes. IoT applications enable better asset utilization tracking and data management, as well as data streamlining to analyze asset lifecycle and maintenance. Integrating EAM systems and IoT allows businesses to identify asset problems. The integration of IoT with EAM solutions is expected to be critical in the development of smart cities. Smart cities monitor the state of all critical infrastructure.
As businesses seek additional benefits from enterprise asset management solutions, major EAM vendors are expanding their efforts beyond traditional asset management.
- Oracle Corporation
- SAP SE
- Schneider Electric SE
- AB Co., Ltd.
- MRI Software LLC
- CGI Co., Ltd.
- Industrial and Financial Services (IFS) AB