Enterprise Asset Management Market is analyzed to grow at a CAGR of 8.1% during the forecast period. The major factor impacting on the positive growth of the market is the adoption of the cloud technologies in the asset management solutions. The significant growth and adoption of the new technologies such as IoT, industry 4.0, and so on are analyzed to create ample amount of opportunities for the growth in the enterprise asset management as they play a key role in asset tracking. Owing to the increasing demand for these advanced technologies due to the increased productivity, sustainability, decrease in maintenance costs is set to bring down the deployment costs thereby impact on the high adoption rate and contributing to the growth of the market during the forecast period 2021-2026.
The significant growth in the adoption of the advanced technologies such as IoT, industry 4.0, cloud based solutions and so on are analyzed to boost the growth rate during the forecast period 2021-2026. As stated by FICCI, IoT spending in asset management is analyzed to be $44.2bn at a global level. This IoT revenue share is distributed across different industry verticals such as manufacturing, transport and logistics, automotive, healthcare and others. Deployment of IoT in an enterprise eliminates the human errors and efforts, as it automates the whole processes where it takes typical asset management software to an advanced level by allowing connected devices to automatically communicate between themselves and send the information to the required destination. In 2018, Microsoft has announced to invest $5B in IoT (Internet of Things) and intelligent edge technology that is accelerating ubiquitous computing and bringing unparalleled opportunity for transformation across industries. It has also stated that there is a significant opportunity for customers to use spatial intelligence in order to manage physical assets and spaces with digital models and mapping across smart spaces, cities and buildings.
Deployment of enterprise asset management (EAM) software is helping small as well as medium businesses towards improving their work productivity and raising efficiency levels, thus minimizing high expenses of the organization. Asset management software helps in collecting all types of asset data within a single centralized system, thus helping the organization’s members in better management of data. As this software keeps a regular track of assets, it offers maintenance alerts when required through improved data tracking capability, thus reducing maintenance costs. The primary objective of small and medium businesses is increasing profits while minimizing the associated costs. Usage of such solutions has been helping the industries to adopt automation solutions over manual process, which significantly benefits the organization. Human errors and frauds are some major factors leading to heavy losses and adversely affecting industry’s growth and development. Enterprise asset management software solutions overcome these challenges by automatic status checking of assets more quickly and thus improving the working efficiency of the employees. Small and mid-size businesses have low financial strengths compared to large enterprises which makes them invest in EAM solutions in promoting the company’s growth through optimum utilization of their resources. Moreover, investing in cost effective EAM solutions help in proving better returns in the long run as they are cheaper than highly customized solutions. These solutions also prevent loss of assets, damages and many others in order to offer smooth working of business operations.
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Enterprise Asset Management Market Growth Drivers:
Integration of EAM with IoT and AI
Growing adoption of advanced technologies such as integration of IoT with enterprise asset management (EAM) solutions is driving the market. Integration of IoT with EAM enables identification of performance non-conformities, potential process control modifications, and repair as well as replacement detection. IoT optimizes EAM by bringing disparate systems, sensors and information together, making data accessible. With the IoT, connected assets enable for increased collaboration between maintenance, operation, and performance, allowing a cohesive push towards continuous improvement throughout enterprises. As there has been growing trend for adoption of automation in small, medium and large sized enterprises, there is growing demand for asset management solutions as it helps in streamlining data collection and analysis to provide asset risk solutions and helps in promoting faster decision making and effective risk management. In addition to these, integration of artificial intelligence in asset management is used to enhance customer engagement and data can be easily mined. This technology can also empower asset managers to streamline processes to optimize investment decisions. This is poised to drive the market.
The Major Players in this Market Include
Major players in Enterprise Asset Management include Aveva, IFS, CGI Group, Intelligent Process Solutions, IBM, SAP, Infor, ABB and Oracle among others. In 2019, IBM had introduced an AI powered monitoring solution named Maximo Asset Monitor, which was designed to help maintenance and operation leaders towards performance improvement of high value physical assets. This solution was an extension of IBM Maximo capabilities which helped in unlocking insights with AI powered anomaly detection along with offering enterprise visibility into critical equipment performance.
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