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"Skyquest Technology"Enterprise Asset Management market Size, Share, Growth Analysis, By Offering(Solution, Services (Professional Services [Planning & Consultation, Training & Education, and Support & Maintenance]), By Application(Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), By Organization size(Small and Medium-sized Enterprises, Large Enterprises), By Region - Industry Forecast 2024-2031
Enterprise Asset Management Market size was valued at USD 3.92 Billion in 2022 and is poised to grow from USD 4.21 Billion in 2023 to USD 7.74 Billion by 2031, at a CAGR of 8.2% during the forecast period (2024-2031).
The Enterprise Asset Management market is all set to board on a revolutionary journey in the world of advancements. Enterprise asset management tools are extremely important for businesses to improve their practice of asset management. The growing need for a streamlined workflow that further allows businesses for better-informed planning for vendor management and volumes is considerably impacting the market growth.
Having an Automated EAM system deployed allows the emergency workers to easily manage and track assets in real-time. This gives them a quick and efficient reaction to uncertainties. Automated asset management does not only reduce manual faults but also permits the workers to focus on other important duties, thus saving time and life. In manufacturing, EAM is a key part of process management for the manufacturing of automotive, industrial products, electronics, and defense. Services and logistics can be efficiently performed with the help of EAM since it offers facts about assets and inventory. In healthcare, asset management is essential since it helps manage dealings among facilities and the readiness of equipment for patients. In life sciences, EAM is an important tool for monitoring mobile assets, facilities, and different equipment. EAM plays a vital role in the retail sector since retail relies on unique equipment. Also with e-commerce, EAM optimizes customer service. In the utilities and energy sector, power lines and pipelines are necessary assets for the transmission of service from energy and utility businesses, and these assets should support scheduling and geographic data.
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Combination of IoT and AI to Help Asset Managers Improve Competencies in the Market
The Electronic Warfare market has majorly seen transformations in the past years. It has shifted from mere maintenance management to automated asset management. Most investors, now, are preparing to lower their exposure to conventional fixed-income assets since inflation is projected to rise by the end of the year. Nonetheless, despite problems with price and liquidity, investors can see a ray of hope with structured credit. The asset managers are rigorously aiming to boost growth by decreasing costs and improving their competencies as the pressure is the same and the competition growing stronger. Gratefully, the latest improvements in IoT and AI are allowing companies to reveal cost-efficient and creative ways to generate more value and improve productivity. Enterprise asset management is progressing; they can predict failure by combining AI and IoT. Businesses are currently revising their data strategies to disassemble internal information silos and enhance the ability of data utilized for portfolio study, regulatory, and client reporting as companies look for productivity. To meet the growing regulatory reporting demand, the need for asset managers to gather and combine data from several systems is becoming more important.
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In January 2021, Janus Henderson, the world's leading dynamic asset manager, gave BNY Mellon the green signal to create a global data management platform. This platform would improve the business' quality and availability of investment data.
IFS, a multinational cloud-based enterprise software provider, declared in May 2023 that it maintained its top spot in the Enterprise Asset Management industry for the past two years, based on revenue. The company credits IFS Ultimo acquisition in 2022 and its ongoing focus on developing extensive capabilities matched to thorough industry knowledge for its continuous success and expansion in EAM.
In September 2022, ServiceNow launched the EAM software solution. ServiceNow, is a California company, headquartered in Santa Clara. It is prominent in developing cloud computing systems for business operations. With its new EAM software program, the all-in-one mobile-friendly platform comprises enterprise asset lifecycle management, enterprise asset inventory management, and enterprise asset workflow automation.
Brightly, a Siemens firm is leading in smart asset management solutions. In December 2022, to pave the path for a bright future in which everyone can prosper, Brightly, combines its full suite of user-friendly software, which includes EAM, CMMS, IoT Remote Monitoring, Strategic Asset Management, Community Engagement, and Sustainability with expert consultants and top-notch support services.
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Businesses implementing these trends will drive fresh asset management difficulties effectively while placing themselves in a more successful position. Welcoming these improvements will also ensure cost-effectiveness and bring together for global sustainability. This will eventually offer better strategies and advantages in the current transforming business scenario.
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