Enterprise Asset Management Market: A Growing Trend

Enterprise Asset Management (EAM) has become a crucial business strategy for many organizations in the world today. EAM is vital in helping companies manage different assets to make operations more efficient, and less costly and ensure better performance. The EAM market has experienced consistent growth in recent years due to emerging technologies, the growing burden of regulations, and the increasing need to boost and squeeze every cent out of the assets.  

Market Size and Growth

This market size was valued at xx USD in the year 2021, and it is estimated to grow at a CAGR of [yy%] from 2021 to 2031.

Cost Reduction: downtime, and improving maintenance which results in lower costs overall.

EAM solutions: Enhanced asset performance EAM solutions provide the visibility and transparency needed to proactively manage the asset through its entire lifecycle, reducing asset failures while extending its life, resulting in enhanced asset performance and enhanced business productivity.

Key Market Trends

Several key trends are shaping the EAM market:

Following the trend of cloud-based services, now an increasing number of companies are turning to cloud-based EAM solutions that present better scalability, flexibility, and reduced costs of IT infrastructure.

IoT integration: EAM systems can be connected to IoT devices to provide up-to-date information on how assets are performing, allowing issues to be resolved before they occur via predictive maintenance and optimal operations.

Mobile EAM: Mobile phones are the most ubiquitous computing devices in people’s lives, which makes it a natural progression for field technicians to use technology such as mobile applications to access information about assets, schedule maintenance activities, and report problems from the field.

Artificial Intelligence (AI): Based on analyzing vast amounts of data, artificial intelligence (AI) based EAM solutions could automatically detect failure patterns and preventive or proactive maintenance schedules.

Frequently Asked Questions

What is Enterprise Asset Management (EAM)?

EAM is a strategic approach to managing all an organization’s physical assets over their lifecycle, from planning, organizing, and controlling efforts to acquire them in the first place, to maintaining and disposing of them.

How does EAM benefit businesses?

EAM will deliver benefits such as reduced cost, improved asset performance, increased operational efficiency, and improved regulatory compliance.

What are the key components of an EAM solution?

A typical EAM solution includes a set of modules for asset tracking; maintenance planning and scheduling; work order management; inventory control, and reporting and analytics.

How does IoT play a role in EAM?

One of the most common applications of IoT seems to be to monitor and gather data on the performance of a physical asset in real-time and alert a service team when it needs maintenance. Think of heat or vibration measurements on a mechanical component, or power consumption.

What are the future trends in the EAM market?

Moving forward, a few other macro trends are likely to emerge in the EAM market: widespread adoption of artificial intelligence (AI) and machine learning technologies; increased time spent on enterprise integration; and a stronger emphasis on sustainability and the circular economy.

Conclusion

This begs for the continuation of future growth in the Enterprise Asset Management market and catchments, especially with advanced technologies and comprehensive regulations contributing to a betterment in asset performance. Incorporating EAM solutions, therefore, emerges as a pivotal course in improving overall operations, cutting back long-term operational costs, and bolstering a market’s competitiveness in tandem