Global Enterprise Asset Management Market was valued at US$ 2,957.06 Million in 2021 and is expected to surpass US$ 7,775.66 Million by 2030, exhibiting a CAGR of 11.5% during the forecast period (2022-2030), according to the Global Enterprise Asset Management Market Report, by Vertical (Public Sector, Manufacturing, Oil and Gas, Healthcare and Pharmaceutical Industry, Energy and Utility, Transportation, Wholesale and Distribution, Food & Beverages, Paper and Packaging, Chemical and Process Industry (Including Steel Industry), Mining, and Service Industry), by Solution (Database Solution, Analytics Solution, Mobile Solution, and Cloud-based Solution), by Service (Consulting Service, Implementation Service, Training and Support Service, and Outsourcing Service), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Enterprise asset management (EAM) provides all-inclusive view of an organization’s physical assets infrastructure throughout the entire lifecycle from commission, design, or procurement to operation, disposal, maintenance, and replacement. The enterprise asset management (EAM) software includes various features such as warranty management, preventive maintenance scheduling, life-cycle management, and portal-based software interface. In layman’s term, EAM software offers the organization with large number of users across various sites including capabilities such as lifecycle planning. Moreover, it offers important tools such as finances skills, information, and material.
Growing adoption of cloud services in various organizations is expected to drive growth of the global enterprise asset management market during the forecast period. For instance, in November 2019, Salesforce.com, Inc., a U.S.-based cloud-based software company, adopted Microsoft Azure public cloud for its Marketing Cloud service. Cloud-based services are used for IT human resources onto new initiatives, rather than hindering these resources for maintenance of IT infrastructure. This, in turn, leads to new business revenue generation and creation of new opportunities for IT vendors.
Enterprise asset management (EAM) provides real-time information and visibility into almost all physical assets, and across the maintenance, repair, and overhaul (MRO) supply chain network. Considering the marketing benefits of social media, enterprises are willing to invest on digital marketing activities to promote their services and products, in turns, leading to a significant rise in digital content such as, high-quality images, high-definition videos and audios. To manage this digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline the secure assets, digital assets, surface relevant metadata and also transform digital content into their latest forms. Therefore, digital asset management (DAM) strategy is expected to pose excellent growth opportunities in global enterprise asset management market during forecast period. Regulations ISO 55000: ISO accepted PAS 55 as the basis for development of ISO 55000 series standards for asset management. It offers an overview of asset management, associated terminology, concepts, and principles.
Enterprise Asset Management Market- Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic has had a positive impact on the global enterprise asset management market in the mid and post-pandemic. After facing severe financial crises during the pandemic various industries such as manufacturing, healthcare, transportation, retail, and others focused on cost savings, asset management, optimizing processes, and increasing efficiency. EAM (Enterprise Asset Management) gained popularity during this period due to the benefits and the industry requirements fulfilled by the EAM. Hence, the global enterprise asset management market witnessed positive growth during the pandemic.
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