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Enterprise Asset Management (EAM), or Computerized Maintenance
Management System (CMMS), helps maintenance all task associated, people, tools,
and space associated with your company. The key feature of EAM is that it
enables a company to get its inventory, personnel, and resources in order and
to make its employees efficient in their tasks.
The increasing demand for cloud-based EAM solutions in order to
gain a complete view of assets is a prime factor driving the market growth of
enterprise asset management. Growing demand for innovative technologies such as
AI and ML for reducing errors and the overall maintenance cost is again
expected to augment the market growth. Moreover, increasing penetration of the
internet around the globe coupled with the growing need for improving
production efficiency is also expected to stimulate the market growth of enterprise
asset management. Furthermore, growing concern over the security and
privacy of data in an organization is further anticipated to augment the market
growth of enterprise asset management.
From the geographical point of view, North America is expected to
gain significant growth over the forecast period and this is attributed to the
strong presence of the IT &software industry in the region. According to
CompTIA, Inc., the United States is the largest tech market in the world, representing
32% of the total, or approximately $1.7 trillion for 2020. In the U.S., as well
as in many other countries, the tech sector accounts for a significant portion
of economic activity.
Key Developments:
1. In October
2020, Synechron has launched its InvestTech Accelerator program built for the
investment management and asset management sector of the financial services
industry.
2. In August
2018, Infor, a provider of industry-specific cloud applications, released Infor
Enterprise Asset Management (EAM) version 11.4, which uses predictive and
preventive technologies to extend asset life and increase efficiency.
3. In August
2020, Sony Electronics Inc.’s cloud-native professional media management has
launched enterprise asset management.
The Ci Catalog is beneficial for enterprises to build and securely
manage centralized libraries of rich media and make them easily accessible to
stakeholders across teams, departments, divisions, or companies.
4. In September
2019, QuEST Global, a global product engineering and lifecycle services
company, has launched an end-to-end customizable open-source IoT platform to
enhance asset management and performance monitoring at Gastech Exhibition and
Conference in Houston, Texas, USA.
5. In August
2020, Huobi has launched a digital asset management platform – with custody
services for institutions.
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