ENTERPRISE ASSET MANAGEMENT MARKET ANALYSIS

Market Challenges And Opportunities

Global Enterprise Asset Management Market- Restraints

Concerns regarding data security and confidentiality among customers

Cyber-attacks are also dramatically rising along with the increasing digitization. Data security has thus become crucial for organisations to maintain competitiveness in the global market. Organisations that adopt cutting-edge digital technology expose their data to threats. Concerns about the movement of data from the field to the cloud platform have significantly increased due to the possibility of server, network, and communication channel attacks by malicious parties. According to Ultimo Enterprise Asset Management Trend Report 2022, among organisations manage their assets using software-based solutions, such as cloud-based or on-premises EAM software, the respondents do not appear to prioritise cyber security. The majority of people considered security elements to be relatively significant when choosing asset management software, although more than 30% ignored them. If staff members don't know what to watch out for, the increased amount of connectivity and integration between devices and solutions may lead to new vulnerabilities that are difficult to resolve.

Global Enterprise Asset Management Market- Opportunity

Implementing a digital asset management approach to improve return on investment

Business strategies for digital asset management are crucial. Organizations place a high priority on increasing the performance and dependability of their assets. The deployment and implementation of EAM solutions across organizations can be difficult and require a lot of strategic and technical choices. Businesses are concentrating on keeping expenses under control and getting the most out of their investments. Businesses' lack of a digital asset management strategy is their main obstacle. However, businesses have begun to see the value of the digital asset management strategy and have improved labor productivity, decreased equipment downtime, and cut back on inventory requirements. A well-crafted asset management strategy would aid organizations in making the greatest use of their assets across a variety of touch points.

For instance, on January 18 2023, IPwe Inc., an AI and blockchain-based IP analytics software and services provider, announced the launch of their Smart Intangible Asset Management (SIAM) platform. SIAM is a comprehensive SaaS solution—utilizing world-renowned IP datasets from Clarivate and IPwe's certified patent valuation algorithm and AI—for IP management, valuation, and transactions. It is an AI and blockchain-based tool that removes the complexity and cost of valuing and transacting IP, allowing enterprises to achieve greater ROI for their intangible assets.

Global Enterprise Asset Management Market- Driver

The rise use of mobility and mobile devices in EAM solutions

A "mobile-first" approach is pervasive across businesses and industries due to the pervasiveness of mobility and mobile devices, such as smartphones, tablets, and phablets. The reach of mobility in EAM solutions is anticipated to rise as a result of the rising use of mobile devices. Alongside EAM and field service systems, handheld smart devices have improved in functionality thanks to GPS, GIS, RFID, and embedded cameras.

EAM users' lives can be made simpler and more productive with the help of contemporary mobile devices and ruggedized versions of these gadgets. Work order instructions, equipment hierarchies, part numbers, inventory information, and similar information are readily available to maintenance staff. Due of this data duplication, EAM and CMMS software suppliers have developed mobile applications that are simple to link with the main system. Even remote workers may enter the data swiftly and safely thanks to the interface with the main system.

Growing demand for cloud based EAM solutions among customers

Numerous businesses all around the world are using EAM systems to raise business agility, increase job productivity, and manage facilities. In order to optimize crucial corporate assets and obtain business data for decision-making, cloud-based enterprise asset management software and services are also used. Additionally, these technologies enable firms to reduce overhead costs. Additionally, cloud-based corporate asset management solutions offer greater technical assistance and services, including managed services with built-in performance monitoring and debugging tools. Additionally, it lowers additional costs that businesses must incur for asset management. Therefore, the expansion of the enterprise asset management sector is being driven by an increase in demand for cloud-based EAM solutions among businesses.

For instance, on March 2, 2022, Aptean, a global provider of mission-critical enterprise software solutions, announced the launch of Aptean EAM, a cloud-based enterprise asset management (EAM) solution for manufacturing and other businesses that depend on complex equipment to support production.