According to a report by Adroit Market Research, the Global Enterprise Asset Management market is expected to reach USD 8.49 billion mark by 2025, growing at a CAGR of 10.2 percent till 2025. Latest technological advancements have enhanced the scope and visibility of Enterprise Asset Management Systems to address the challenges of the asset-intensive businesses in managing their assets.  Here are some of the latest trends in the Enterprise Asset Management that are improving the operational efficiency in the asset management by increasing the asset longevity.     

Cloud-based asset management: Eliminating the deployment and maintenance costs

The cloud-based asset management software enables businesses to manage their assets eliminating the deployment and maintenance costs of the servers and delivers immediate results in terms of cost reduction, ease of operations and improved efficiency with precise tracking of the enterprise assets. Cloud-based asset management software also provides better security by allowing only authenticated users access to the sensitive data.     

Artificial Intelligence and Machine Learning: Integrating human-like capabilities into systems

Experts believe that cognitive technologies like AI and ML are going to disrupt the enterprise asset management landscape by integrating human-like capabilities into the asset management systems to impact the entire value chain. AI empowers businesses to clearly understand the big-picture of assets beyond the technology aspects and enables them to develop an enterprise wide strategy to increase the overall performance of the organisation.  

Internet of Things: Improving efficiency

IoT in the asset management helps to integrate physical assets with information technology systems for exchanging data over the internet allowing connected devices to automatically send information about their status accurately. IoT automation eliminates the need for human intervention for the inspection of the assets and improves the efficiency making the process more efficient. IoT also provides management and staff with real-time visibility about asset location and operations.

Mobility: Providing flexibility for remote operations

Today mobile applications are replacing the web based applications providing flexibility for the remote operations. Mobility offers competitive advantage to the businesses by extending the functionalities of enterprise asset management systems for the maintenance of the physical assets and infrastructure. Mobility enables businesses to handle the enterprise asset management through a mobile application by collaborating with field staff working in the remote locations.