Enterprise Asset Management Market to Witness a Steady Growth by 2024

It requires organizations to make significant investments in finding the right servers, storage devices, and communication infrastructure. Moreover, it requires skilled professionals to maintain the functioning of the system. On the other hand, cloud-based enterprise asset management solutions require little to no hardware other than mobile devices, tablets, or personal computers.

They can be easily scaled to fit the needs of an organization. Additionally, there is far more reliability with a cloud-based system, because data centers are geographically dispersed along with storage. Asset-intensive organizations take advantage of the latest hardware, software, and communications features available in the market by adopting cloud-based enterprise asset management solutions. These solutions make it easier for organizations to gain business intelligence and optimize the use and value of enterprise assets.

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The growing demand for cloud-based EAM solutions to enhance asset lifecycle and reduce maintenance and repair cost with the help of advanced technologies are some of the major factors driving the growth of the enterprise asset management market.

Physical assets used in different industries can range in scope and size. Hence, it becomes essential for any organization to manage its critical assets and maximize the total cost of ownership throughout the asset’s lifecycle. Most times, organizations lack the granularity to view every asset lifecycle and how these stages can affect the whole business processes.