Enabling the interaction of data, intelligent machines and processes, the Industrial Internet of Things (IIot) is having a surprising impact on the productivity, efficiency and operations of many industries around the world. It has been primarily welcomed as a way to improve operational efficiency, but companies are more and more leveraging it as a tool for fast-tracking innovation and exploring new growth opportunities.
As the IIot pushes businesses, particularly asset-intensive industries, to develop and implement effective strategies to enhance control over production and processes, demand for Enterprise Asset Management (EAM) solutions is rapidly increasing. According to Frost & Sullivan’s recent analysis, global EAM market revenues are expected to reach about $2,900 million by 2022 due to the increased focus on asset health and the need to create smart, connected infrastructures.
EAM software can effectively contribute to minimize asset management costs and prevent production downtime, enabling predictive maintenance strategies even in complex industrial environments. Frost & Sullivan’s outlook is particularly optimistic for the North American market, currently generating nearly 35% of total EAM software revenues, as companies are facing severe regulatory changes around energy efficiency, financial transparency and product quality.
In Europe, EAM spending is mostly triggered by plant modernization decisions, with power and utilities as most promising industries. Energy is a key sector for EAM even in Asia-Pacific, considering large oil&gas investments in Australia, infrastructure modernization taking place in India and industrial automation progress in China.
EAM adoption is favored by software standardization: manufacturing companies are likely to privilege platforms offering core features and industry-specific modules, which prove to be better in reducing deployment time and mitigating integration risks across various business processes. And that’s exactly how leading EAM solutions such as IBM® Maximo® are designed.