Enterprise Asset Management Market to Make Great Impact in Near Future by 2029

Future Market Insights has recently published a market research report titled "Enterprise Asset Management Market – Global Industry Analysis 2014 – 2018 and Opportunity Assessment 2019 – 2029." Growth of Artificial Intelligence (AI) and drone-based enterprise solutions are among factors driving the enterprise asset management market. AI helps improve data handling to make better decisions.

Asset visibility is an important factor for implementing the EAM system that gives accurate information on the identities, materials, and supplies. Effective asset management helps control or eliminate overstocking and stockpiling, as well as helps reduce fixed capital investments. EAM software offers more robust analytical systems for managing assets, preventative maintenance, and workflow analysis. 

EAM Is Rapidly Integrating with IoT

The growing deployment of IoT in smartphones and laptops is increasing the usage of IoT-based applications. The integration of IoT with EAM provides the identification of performance and control modifications. IoT applications allow better asset utilisation tracking and better data management, as well as streamline data in a manner in which asset lifecycle and maintenance can be analysed. Integrating EAM systems and IoT enable companies to identify problems with their assets. The integration of IoT with EAM solutions is expected to play an important role in the development of smart cities. Smart cities monitor the conditions of the all the critical infrastructure.

Due to the increasing demand for ensuring asset performance and advanced environmental sustainability, companies are focusing on asset-intensive platforms to constantly track, assess, and manage reliability and technological & human assets. For the use of asset-intensive systems to offer efficient data management and better asset utilisation, the global enterprise asset management market is likely to record an approximate incremental opportunity of US$ 5,500 Mn during the forecast period of 2019 to 2029.

In the global enterprise asset management report, FMI has segregated the global enterprise asset management market by deployment, by component, by industry verticals, and by region. With regards to component, the global enterprise asset management market is segmented into software and services. Due to the positive outlook towards the escalating demand for next-generation tracking solutions, cloud-based deployment is estimated to generate potential growth opportunities for the enterprise asset management software providers. Furthermore, the software sub-segment is also expected to witness a high CAGR during the forecast period. This growth can be attributed to the wide adoption of these devices in IoT applications to reduce errors.

Hybrid Cloud Resilience to Attract Revenues through On-premise Deployment

With regards to deployment, the global enterprise asset management market is segmented into on-premise and cloud. Owing to the robust adoption and penetration of cloud-based systems, the cloud-based segment is expected to create potential business opportunities for the enterprise asset management market. The on-premise sub-segment is also expected to create an approximate market opportunity of US$ 4,200 Mn between 2019 and 2029. On-premise is termed as scalable, reliable, and resilient for hybrid cloud solutions. Owing to these factors, the cloud-based sub-segment will be a target area for the developers of asset maintenance applications.

Furthermore, on the basis of industry vertical, the enterprise asset management market is segmented into healthcare, manufacturing, oil & gas, banking & finance, government, and others. Spending on new & innovative advanced technologies during the adoption of cloud-based systems is expected to increase between 2019 and 2029.

In addition, with respect to geography, the enterprise asset management market in North America is projected to be a prominent player in the global enterprise asset management market owing to the advent of next-gen technological advancements in Canada and the U.S. The enterprise asset management market is estimated to generate high potential in South Asia, especially in the Chinese market. This growth potential can be attributed to the major ICT technology-based advancements in the South Asian countries. Moreover, the adoption of IoT-enabled EAM solutions is increasing in Latin America owing to free trade agreements between some countries in the region.

Source: https://www.prnewswire.com/news-releases/enterprise-asset-management-market-is-expected-to-rake-in-revenues-worth-us-5-500-mn-by-2029-end--future-market-insights-300860474.html

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