Technavio, a leading provider of market research reports, has released its latest study on Enterprise Asset Management (Eam) Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
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The market size is estimated to grow by USD 2183.5 million, at a CAGR of 7.81% during the forecast period. In today's business landscape, the shift towards cloud-based services is driving the adoption of cloud-based Enterprise Asset Management (EAM) solutions. The escalating volume of enterprise data and the ensuing storage costs are compelling organizations to migrate to cloud-based EAM applications. Cloud deployments eliminate the need for upfront investments in hardware infrastructure, offering enterprises direct access to cloud resources and benefits such as scalability, reliability, and high resource availability. Cloud-based EAM managed services, equipped with integrated debugging and high-performance monitoring tools, not only reduce capital expenditures but also minimize operational expenses for enterprises.
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Enterprise Asset Management (EAM) is a business process that optimizes the lifecycle of an organization's assets, from acquisition to disposal. The global EAM market is experiencing significant growth due to the increasing adoption of IoT and AI technologies, which enable predictive maintenance and improved asset performance. Additionally, regulatory compliance requirements and the need for cost savings are driving organizations to invest in EAM solutions. These systems enable organizations to streamline operations, reduce downtime, and enhance overall asset productivity.
Modern Enterprise Asset Management (EAM) systems have become essential for businesses to optimize their operations, minimize asset breakdowns, and ensure high asset availability. With the increasing use of cell phones and IoT devices in business operations, data security concerns have become a major focus. Modern EAM systems employ advanced technologies like AI and data analytics to predict asset failures and prevent data loss. Vertical industries like Government and Defense, Transportation and Logistics, IT and Telecom, and others rely heavily on EAM systems for managing their Linear and Non-Linear Assets. Asset MRO (Maintenance, Repair, and Overhaul) is a critical function that these systems support, enabling organizations to reduce downtime and maintenance costs. EAM systems can be deployed OnPremise or in the Cloud, with the choice depending on an organization's specific needs and data security concerns. Geopolitical factors also play a role in the adoption of EAM systems, with governments and defense departments increasingly investing in advanced solutions to secure their assets. Field Service Management is another important aspect of EAM, allowing organizations to manage their workforce and dispatch resources efficiently. Business units and departments within organizations can benefit from EAM systems by gaining real-time insights into asset performance, enabling them to make informed decisions and improve overall operational efficiency.
The global IT software market encompasses businesses specializing in the development and production of application and system software, as well as database management solutions. This market is segmented into application software and systems software. The application software sector caters to businesses and consumers, featuring enterprise, technical, and cloud-based software offerings. Technavio determines the market size by calculating the consolidated revenue of organizations providing all types of IT software, inclusive of cloud solutions. This calculation excludes companies engaged in interactive home entertainment software and those producing systems or database management software. - The Enterprise Asset Management (Eam) Market is experiencing significant growth, fueled by the Growing number of partnerships and acquisitions | Compliance of regulations | Increasing demand for a 360-degree view of assets. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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