Enterprise Asset Management Market Size, Share, Growth Analysis, By Offering(Solutions, Services), By Deployment(On-premises, Cloud, Hybrid), By Enterprise Size(Small & Medium Enterprises (SMEs), Large Enterprises), By Application(Asset Lifecycle Management, Inventory Management, Work Order Management, Labor Management), By Vertical(IT & Telecommunications, Transportation & Logistics, Government & Public Sector, Healthcare & Life Sciences), By Region - Industry Forecast 2024-2031

Drivers

Need for Regulatory Compliance

• Enterprises are subject to strict regulatory compliance mandates, which is why they need to track and maintain proper records of their assets to stay compliant. Enterprise asset management solutions help them achieve this, thereby driving market growth going forward.

Demand for Predictive Maintenance

• Enterprises around the world are focusing on opting for predictive maintenance to reduce their operational costs and improve profits all while extending the lifecycle of their assets. Enterprise asset management plays a crucial role in helping organizations manage predictive maintenance and creates new opportunities for market players.

Restraints

High Costs of Implementation

• From development to deployment, enterprise asset management solutions require multiple resources, and this makes them expensive. Even the maintenance of enterprise asset management solutions is also quite expensive, further adding up to the overall costs and slowing down enterprise asset management market development potential.

Dearth of Skilled Workforce

• Implementing and managing enterprise asset management solutions and services is quite an extensive task which requires skilled professionals, and dearth of the same is projected to hamper enterprise asset management demand outlook in the future.