Product ID: SQMIG45F2098
Report ID:
SQMIG45F2098 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
149 |
Figures:
78
Enterprise Asset Management Market Driver
Increase Demand for Cloud-based EAM Solutions Among Enterprises
Enterprises worldwide are increasingly adopting enterprise asset management (EAM) systems to enhance productivity, streamline processes, bolster agility, and effectively manage facilities. Cloud-based EAM software and services play a pivotal role in optimizing vital corporate assets and leveraging business analytics for informed decision-making. These solutions not only enable cost savings on overheads but also offer superior technical support and services, including managed services featuring integrated debugging and performance monitoring tools. Additionally, they alleviate the need for enterprises to incur extra expenditures on asset management. Consequently, the escalating demand for cloud-based EAM solutions among enterprises is propelling the expansion of the enterprise asset management industry.
Adoption of technologies such as the Industrial Internet of Things (IIoT) is driving the market
The Global Enterprise Asset Management Market is undergoing notable evolution, propelled by the emergence of innovative technologies like the Industrial Internet of Things (IIoT). This transformation is accompanied by a swift surge in market demand for EAM systems. IoT plays a pivotal role in facilitating efficient tracking and gathering insightful procurement data from remote locations. Integrating this collected data with EAM systems proves invaluable, serving as a rich source of information for informed decision-making.
Enterprise Asset Management Market Restraint
Lack of Understanding of EAM systems
In recent years, Enterprise Asset Management (EAM) systems have evolved as pivotal operational platforms. Despite successful adoption by several organizations, some have yet to fully integrate EAM systems, revealing a notable disparity between customer expectations and actual outcomes. Implementing EAM, especially for organizations spanning various functional domains, presents significant complexity. To mitigate these challenges, asset managers must comprehensively grasp the intricacies of asset workflows susceptible to modification during implementation. Given its impact on people, processes, and technologies, a thorough understanding of these facets is crucial for successful EAM implementation. Achieving this necessitates cross-functional coordination due to the system's broad-reaching influence on multiple systems and processes.
High Cost of Software and Lack of Awareness in Developing Economies
EAM software is integral to sustaining essential business operations, representing a worthwhile investment. Nonetheless, its installation and upkeep come with substantial expenses, deterring its uptake among SMEs. Additionally, limited awareness among enterprises in developing nations serves as a significant obstacle to the Global Enterprise Asset Management Market. Consequently, these firms, sensitive to costs, rely on traditional asset management methods. Consequently, the high cost of software and insufficient awareness in developing regions impede the expansion of the enterprise asset management industry.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG45F2098