One of the major driving factors of the Enterprise Asset Management Market is the surging adoption of EAM for efficient utilization of assets. The organizations make use of asset turnover ratio, which is the ratio of sales and price of assets, for the calculation of company’s productivity and efficiency. Hence, in order to increase the ratio, the company simply needs to grow its sales as compared to the price of its assets. The utilization of EAM enables the decision-makers to compare expected billing amounts and invoice and detect unusual activity to prevent fraud and reduce waste.
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Another factor driving the EAM market is the rising need for reduction in management and procurement expenses. EAM solutions and services can reduce maintenance costs by giving better information on capital investment decisions, closely tracking operation, and integrating the procurement to maintenance jobs for effective control of equipment. Furthermore, EAM aids in reducing operation costs by decreasing procurement of material cost, increasing project return on investment, and reducing maintenance cost. Because of these factors, businesses are optimizing their operating costs by making use of EAM software.
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A major trend being observed in the EAM market is the rising integration of internet of things (IoT) with EAM solutions. IoT devices are increasingly being utilized in EAM for providing real-time data to the EAM system, which provides significant insights to the user. Because of this, the businesses can maintain, manage, and supervise their assets in real-time. Moreover, integration of IoT with EAM provides potential process control modifications, identification of performance non-conformities, and repair as well as replacement opportunities.
Thus, the market is growing significantly due to the surging requirement for reduction in procurement and management costs and rising adoption of EAM for efficient usage of assets.
