Enterprise Asset Management (EAM) Market Size

Enterprise Asset Management Market Size

Enterprise Asset Management Market size valued at USD 4 billion in 2022 and is anticipated to register over 9% CAGR from 2023 to 2032. The industry growth is driven by the rising usage of IoT devices and platforms for managing enterprise assets.

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IoT-enabled asset management solutions offer a host of benefits to enterprises, including enhancing asset life cycle, optimizing equipment effectiveness, reducing errors, enabling predictive maintenance, tracking their asset performance, and improving security. As a result, many firms are developing intelligent and advanced IoT-enabled asset management solutions for their customers. For instance, in June 2021, Safecube, a French logistics software firm, launched a new IoT-enabled asset-tracking solution powered by Sigfox OG network.

Cybersecurity and data security concerns may constrain industry development

While industries are growingly investing into cybersecurity measures, increasing instances of cyberattacks across the financial sector is likely to constrain the market outlook. Cybercriminals almost always target financial institutions to gain access to the vast stores of financial databases and other personal information of customers. Ransomware attacks are the most common ones faced by asset management companies as they help cybercriminals steal highly confidential and consequential data.