Enterprise Asset Management Market Trends

Growth Drivers

• Integration of digital technologies: Manufacturers are integrating digital technologies such as artificial intelligence (AI), the Internet of Things (IoT), machine learning (ML), and big data analytics to develop advanced enterprise asset management solutions. These technologies enable real-time monitoring, predictive maintenance, data-driven insights, and effective decision-making.
  
  Predictive maintenance is highly sought after as it aids organizations in taking proactive maintenance strategies and mitigating maintenance costs associated with unplanned downtime and emergency repairs. For instance, the IBM Maximo Application Suite is a highly sought-after cloud-based EAM platform among end use organizations due to its efficiency. The Maximo Application Suite is integrated with AI, IoT, and analytics that aid in boosting overall operational performance and mitigate downtime and costs.
• High adoption by manufacturing companies: The manufacturing sector is one of the prime end users of enterprise asset management systems and is projected to capture 30.5% of the revenue share by 2037. The rising adoption of smart manufacturing practices and strict regulations regarding equipment safety, environmental impact, and quality standards are driving the adoption of advanced EAM solutions.
  
  EAM systems aid manufacturers to optimize the performance and longevity of their assets. Also, modern enterprise asset management solutions seamlessly integrate with other systems such as enterprise resource planning (ERP) and supply chain management (SCM). This integration leads to a unified approach to managing assets, inventory, and production processes in the manufacturing sector.

Challenges

• High installation costs: The high initial investment costs associated with the installation of enterprise asset management systems including hardware and software are expected to hamper the overall enterprise asset management market growth to some extent in the coming years. Small and medium-sized enterprises often deter adopting EAM systems due to their high costs and tight budgets. In some cases, integrating modern enterprise asset management systems can be a complex process as they may not get integrate with existing systems, which can limit their adoption rates.
• Data security concerns: Data security and privacy concerns are some of the significant barriers to the adoption of enterprise asset management systems. Enterprise asset management systems manage a range of sensitive data including detailed information related to assets such as location, condition, and maintenance history. Any attack by cybercriminals can lead to a breach of data and unauthorized access to critical assets data.