Asset Management System Market Trends

Growth Drivers

• Growing Importance of Asset Management in the Construction Sector: A construction project has many moving components, from the initial project plans to the final transfer of assets to the corporation that hired your organization. Hence, it is critical to have the appropriate asset management systems. Additionally, the probability of safety issues on the construction sites is decreased by having an asset management system in place. By keeping assets optimized in order to satisfy performance and safety standards, companies will also lessen the risk of employee injuries caused by subpar equipment as well as ensure compliance standards.
• Surge in Mining Activities: With the growing demand for minerals, mining activities are also set to rise. Similar to the construction industry the risk to the worker’s life is also high in mining activities. Hence, asset management systems ensure that the workers are safe. To prevent deterioration, machinery including dewatering, centrifugal, and piston pumps have to be constantly thoroughly tested. When repairs are required, it is critical that managers possess accurate and timely insight into the availability of tools, equipment, and replacement parts. Hence, the asset management system provides that.
• Rise in the Use of Asset Management by the Government: Government agencies have an abundance of resources at their access. They comprise a huge quantity of goods, including furniture, vehicles, and everyday gadgets such as computers. Every asset is required for the office to operate. Without an asset management system, a government organization might expose to a lot of hazards. The absence of such a mechanism may result in asset loss or misplacement.

Challenges

• Problem of Ownership
• Lack of Knowledge Regarding – A large number of companies still depend on traditional ways of managing assets owing to a lack of knowledge regarding this system. Also, the cost of the asset management system is high. Hence, the preference for the traditional method is high. As a result, these factors are set to restrain the asset management system market demand.
• Lack of Accuracy