EAM Market Poised for Remarkable Global Expansion

It is estimated that the global EAM market will expand threefold by 2031 with the help of AI, IoT, and cloud technologies.

The Enterprise Asset Management (EAM) market across the globe is on a sound growth path, with a projection of drastic growth to 9.9 billion dollars by 2031, up from 3.4 billion dollars in 2021, based on a report released by Allied Market Research. This translates to an 11.5% compound annual growth rate (CAGR) between 2022 and 2031.

The dynamic convergence of AI, IoT, and cloud-based maintenance and lifecycle management systems is transforming the maintenance of assets and the lifecycle in manufacturing, energy, healthcare, and transport sectors. Real-time monitoring and predictive maintenance, as well as regulatory compliance, which are the principal reasons behind adoption, are facilitated by EAM platforms.

The market of EAM remains controlled by North America, supported by industrial IoT development and digital transformation programs, and Asia-Pacific is becoming a region with high growth.

There are still issues such as high costs of implementation and the requirement of qualified data analysts. Nevertheless, with the emergence of SaaS-based EAM solutions, it is becoming more of a possibility to have more sophisticated asset management available to the SMEs.

Since efficiency, sustainability, and predictive analytics are integral to the industries, EAM is transforming into a key business facilitator of operational resiliency and asset value over the long term.