WILMINGTON, DE, UNITED STATES, March 14, 2024 /EINPresswire.com/ — The U.S. enterprise asset management industry was valued at $1,604.68 million in 2020, and is projected to reach $4,391.99 million by 2030, registering a CAGR of 11.5% from 2021 to 2030.

Cloud based EAM segment is expected to observe highest growth rate in U.S. enterprise asset management market forecast. Cloud-based unified endpoint management software has low capital expenditure as well as low maintenance requirements and is therefore highly preferred by mid-sized financial institutions and SME’s. The growth in the adoption of cloud-based EAM software among large and medium-sized enterprises is mainly driven by market growth. These cloud-based EAM solutions facilitate enterprises with fine control over the access of applications and sensitive information from remote locations. Moreover, cloud based EAM solutions have been widely adopted as remote work environments have forced businesses to look for viable alternatives to prevent system failure, increase efficiency and manage assets. Moreover, during COVID-19, due to WFH (work from home) policies, many industries adopted cloud-based EAM solutions for hassle free work and this led to rapid adoption of cloud-based EAMs.

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Enterprise Asset Management (EAM) encompasses a suite of software, systems, and services designed to efficiently manage and control operational assets and equipment. By orchestrating maintenance activities and optimizing resources, EAM aims to maximize asset quality and utilization throughout their lifecycle, thereby enhancing productive uptime and reducing operational costs. Industries reliant on complex physical assets, such as manufacturing, oil and gas, mining, energy, and aerospace & defense, heavily rely on EAM solutions for effective asset management.

In the U.S., the EAM industry is experiencing robust growth driven by the increasing demand to prolong the lifespan of critical enterprise assets through the adoption of advanced technologies. EAM solutions play a pivotal role in enhancing uptime, inventory management, and strategic planning for businesses across various sectors. Additionally, the market is witnessing a surge in demand for Software-as-a-Service (SaaS) based EAM solutions, further fueling market expansion.

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Despite these growth drivers, challenges related to regulatory compliance, cybersecurity, and data security concerns pose obstacles to market growth. However, the convergence of technologies such as Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), and analytics with EAM solutions presents lucrative opportunities for market advancement. By leveraging these advanced technologies, organizations can unlock new efficiencies, predictive maintenance capabilities, and actionable insights, thereby driving innovation and growth in the EAM industry.

The EAM market in the U.S. is poised for continued expansion, propelled by the imperative to optimize asset performance, mitigate risks, and capitalize on the transformative potential of emerging technologies.

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The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. During the COVID-19 pandemic, manufacturing and utility industries were hampered due to non-maintenance of assets and were not able to operate efficiently; however, due to adoption of EAM solutions, the effective management of assets was possible and they were widely adopted. Moreover, the COVID-19 impact has prompted every company and business to shift their business operations a remote work environment. As a result of the dire situation, companies began to implement the BYOD program or enterprise-owned equipment. Therefore, the need EAM solutions have increased for asset management and cost effective operations during WFH policies.

Some of the key U.S. Enterprise Asset Management industry players profiled in the report include ABB Group, CGI, International Business Machines Corporation (IBM), IFS (Industrial & Financial Systems), Infor, Inc., MRI Software, LLC, Oracle Corporation, Ramco Systems, SAP SE, and Schneider Electric.

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