Enterprise Asset Management 2.0: Predicting the Future of EAM
The EAM landscape is bustling with excitement and change. Gone are the days when the only focus was basic maintenance management.
Now, it’s all about seeing the big picture and managing assets in a way that’s good for the entire business. In this post, we’re digging deep into the EAM world, checking out the hottest trends, sizing up the market, and giving you the facts and figures on what’s really happening out there.
Buckle up; it’s going to be an enlightening ride!
Enterprise Asset Management Today
Let’s jump right into some key insights: we’re looking at an EAM market ballooning to a staggering $21.47 billion by 2030.
Regions like Asia and North America are leading this growth charge. The primary drivers propelling this market expansion include asset performance management, project and performance management, and project portfolio management. Interestingly, a whopping 96% of asset managers are currently leveraging cloud computing tech, and 67% have plans to bolster their reliance on these core financial services by 2024.
Now, let’s dig a little deeper.
EAM Market Overview: Size, Share, and Scope
At its heart, EAM software revolves around asset life cycle management. Whether it’s maintenance execution, asset monitoring, or purchase forecasting, if it involves asset interaction, EAM software has got it covered.
Forecasts predict the EAM software market hitting $21.47 billion by 2030, growing at a CAGR of 14.2%. This growth is fueled by three core cycles:
- Performance and Project Management: This feature empowers users to track and manage projects efficiently from inception to completion. It’s all about ensuring accountability and keeping projects on schedule.
- Asset Performance Management: This facet is all about using analytics, data collection, and visualizations to enhance the dependability, availability, or performance of physical assets. Think condition monitoring, reliability-centered maintenance, and predictive forecasting.
- Project Portfolio Management: Here, asset performance management data aids users in making informed decisions about future asset acquisition and maintenance. The objective? Maximize ROI and elevate every asset’s return on investment.
The EAM Market: Top Trends
With the market basics covered, let’s peek into what’s currently shaking up the EAM market:
- Countering Inflation: In a climate of rising inflation, asset managers are scrambling to find effective measures to cushion its impact. Many are considering reducing exposure to traditional fixed income assets. However, structured credit remains an attractive investment, despite liquidity and pricing challenges.
- Technology to the Rescue: The race is on for asset managers to boost growth, cut costs, and enhance capabilities. The good news? Technology is lending a hand. With advances in AI and IoT, companies are discovering innovative, cost-efficient ways to increase productivity and generate value.
- Data Capabilities Reconsidered: The pandemic-fueled digital transformation surge has set a new bar for data collection and usage. Legacy systems struggle to keep pace, prompting companies to reassess their data strategies. More than ever, asset managers need to aggregate and integrate data from various systems to meet regulatory reporting requirements.
Looking Forward
The future of EAM is thrilling as technology advancements fuel the spread and power of EAM software.
Inflationary pressures will spur organizations to cut costs, driving them towards technology adoption to boost productivity. This shift will, in turn, refocus attention to data management and storage capabilities, making information more secure and accessible for teams.
Additionally, as a partner to Hexagon, we get the ins and outs of the EAM software market. We’re here to help you on your adventure, crafting smart marketing strategies, reaching out to the people who matter, and shooting your EAM software business into the big leagues. Together with Hexagon, we’re riding this new wave of industry trends, using our innovative approach to steer the EAM world’s future.
So, what are your thoughts on what the future holds in store for the EAM market? We’d love to hear your insights, and if you’d like the discuss specific strategies for marketing your EAM solution or service, we are at your service.
