The enterprise asset management market was valued at $5,966.2 million in 2021, and it is set to reach $19,401.9 million by 2030, growing at a CAGR of 14% between 2021 and 2030, according to a research report by a market research company P&S Intelligence.
This growth can be credited to the thriving requirement to lower the procurement and maintenance cost, improving asset availability, the snowballing acceptance of such solutions for the effective use of assets, and the demand for a higher return. These days, data breaches are one of the major worries for several companies and to avoid that, they are spending more on strengthening their security systems.
Based on deployment, the cloud category is estimated to grow at the highest rate of 14.3% in the years to come. This growth can be ascribed to the snowballing number of startups in developed and developing nations, preferring the increased cloud deployment of such solutions, to quickly establish their company. This is due to the cloud-based services allowing multiple users in an association to access data any time, any place, without any hardware expenditure.
The healthcare and life sciences category will grow the fastest. This can be credited to the heavy investment in the healthcare sector, rapid acceptance of digitization and high-tech medical devices, increasing concentration on advanced patient care management, a requirement for greater performance monitoring, and the strong need to fulfil compliance guidelines.
The solution category holds the larger share in the enterprise asset management market. This will be on account of the rising necessity to efficiently manage enterprise assets, the mounting importance of a proactive approach of asset management, snowballing demand for a better return on investment, an increasing requirement for streamlined business operations and extensively growing industries, such as telecommunications, healthcare, retail, and manufacturing.
North America was the highest revenue generator in the recent past, credited to the significant concentration of enterprises on predictive maintenance, optimal asset consumption, and supply chain management for streamlined business processes.
APAC is projected to grow at the highest rate of 15.1% in the coming years. The major reasons for the market growth are the rapid acceptance of digital services by organizations, increasing support of the governments to SMEs, rising information technology expenditure, the mounting focus of enterprises on business expansion, and snowballing industrial and commercial construction activities.
Hence, the thriving requirement to lower the procurement and maintenance cost, improving asset availability, the snowballing acceptance of such solutions for the effective use of assets, and the demand for a higher return on assets will drive the enterprise asset management industry in the future.
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