Every company is nowadays looking to reduce its operational costs in order to become more profitable. Lower operational costs result in lower product/service prices, and with the increasing competition in every industry, companies are focusing on making their offerings more accessible to as many people as possible. One of the best ways to reduce operational costs for a company is to care for its assets, including its offices and machines, deeply.

Thus, with enterprises scrambling to be operationally more efficient and cost-effective, the enterprise asset management (EAM) market, as claimed by PS Intelligence, is expected to witness a high 17.0% CAGR between 2020 and 2030 (forecast period). As a result, the revenue generated by the providers of such solutions and services will likely surge from $5.5 billion in 2019 to $25.9 billion by 2030.

This is because EAM includes a host of solutions that help companies monitor the operations of their assets, so that maintenance costs and the risk of unplanned system failure can be reduced. IoT is being integrated into the entire spectrum of EAM solutions, especially in the manufacturing sector. As this industry has the most voluminous physical assets of all, optimum asset utilization is of the utmost importance for it.

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Moreover, with the rising demand for customized products, the manufacturing process and the machines themselves are becoming increasingly complicated, which is making manual EAM a labor-intensive and economically infeasible task. Additionally, with industrialists automating their operations, a software-based approach to asset utilization and maintenance has become important.

Owing to the advancing manufacturing and healthcare and life sciences sectors, North America has generated the highest demand for EAM solutions till now. Additionally, the region has the most-advanced IT sector, which is why it is the first to adopt any new computer technology. In the same way, with industrial production and healthcare spending growing in Asia-Pacific (APAC), the demand for such solutions is expected to surge quickly in regional countries.

Hence, with companies across industries modernizing their operations and looking at more profitability from the assets they have, they will continue to procure EAM solutions.