PUBLISHER: Grand View Research | PRODUCT CODE: 1363445
PUBLISHER: Grand View Research | PRODUCT CODE: 1363445
The global enterprise asset management market size is estimated to reach a market size of USD 19.68 billion by 2030 and expand at a CAGR of 16.9% from 2023 to 2030, according to a new study by Grand View Research, Inc.. The significant market growth can be attributed to the rising technical advancements, the growing acceptance of advanced technologies for developing asset lifecycles, and the advent of innovative digital technologies across industrial verticals, such as cloud-based EAM. For instance, in April 2023, Ernst & Young LLP, a consulting company, announced a partnership with Asset Lifecycle Intelligence, a division of Hexagon AB, to offer asset performance management and enterprise asset management (EAM) technologies. Through the partnership, EY would help its customers track, monitor, and extract value from assets while mitigating risks such as unplanned costs and operational downtime.
to provide EAM and Asset Performance Management (APM) technologies as part of digital transformation and cloud migration initiatives through innovation and solution expertise. For clients aiming to address business challenges and issues regarding assets, this alliance employs EAM and APM service offerings. To promote the sustainability of digital realities and promote autonomous futures, this partnership draws together technological expertise in sustainability, digital twin, cyber, supply chain, and manufacturing execution systems, along with installation and upgrade assistance.
Cloud EAM deployment eliminates the need for extensive on-premises hardware and reduces IT infrastructure costs, allowing organizations to allocate resources more efficiently. Furthermore, cloud deployment offloads maintenance tasks, such as software updates and security patches, to the service provider, allowing the organization's IT team to focus on core business activities. For instance, in November 2022, as global's an IT services provider, announced a partnership with Dynaway, a provider of Microsoft Dynamics platform-based enterprise asset management. Through the partnership, the former company will add Dynaway's EAM solution to its offering portfolio. The new solution would help sa.global's clients to improve asset performance with predictive maintenance and create connected ecosystems that boost productivity, efficiency, and quality.
Several enterprises worldwide were impacted by the pandemic's breakout and the following lockdowns, travel bans, limits on people's liberty of movement, and company closures. Numerous businesses worldwide have adopted enterprise asset management solutions to manage assets, equipment, IT systems, and other resources efficiently and effectively, avoid potential hardware or machine failures, cut downtime, and maintain continuous operations. Several companies allowed remote working as part of their efforts to preserve and defend their employees' well-being following the pandemic outbreak, which resulted in a persistent demand for EAM solutions. Due to this factor, demand for enterprise asset management solutions is expected to increase notably in the forecast period.
Organizations across the world are increasingly concerned about data security at the time of implementation of an advanced IT or cloud-based EAM solution. Several manufacturing organizations wanting to improve business efficiency, asset management, and industrial operations believe security and compliance as the main barriers restricting the deployment of EAM solutions. For instance, in October 2022, Oracle launched an asset-based customer service for Oracle Fusion Cloud Applications Package to assist organizations in improving service effectiveness and customer experience.