According to P&S Intelligence, the enterprise asset management market is witnessing growth and is projected to reach USD 19,401.9 million by 2030.
This growth of the market can be credited to the surge in demand for cost reduction, improved asset availability, and higher asset returns has fueled the growth of asset management solutions. Additionally, concerns about data breaches have prompted companies to invest more in enhancing their security systems.
Cloud deployment is expected to experience the fastest growth, estimated at 14.3% in the coming years. This can be attributed to the increasing number of startups worldwide, which favor cloud deployment for its ability to quickly establish its operations without the need for significant hardware investment. Cloud-based services enable easy access to data for multiple users, regardless of location, without the need for hardware expenses.
During the projection period, the healthcare and life sciences categories are projected to experience the fastest development. This is mainly because of the surge in healthcare expenditure, development in the concentration on enhanced patient care management, fast acceptance of digitization and high-tech medicinal devices, robust need to fulfill compliance guidelines, and requirement for advanced performance monitoring. Furthermore, the worldwide healthcare expenditure as a share of the gross domestic product (GDP) is projected to be approximately 10.3% in 2023, up from 9.9% in 2018.
APAC is projected to grow at the highest rate of 15.1% in the coming years. The major reasons for the market growth are the rapid acceptance of digital services between organizations, increasing help by governments to support SMEs, rising information technology expenditure, the mounting focus of enterprises on business enhancement and expansion and snowballing industrial and commercial construction activities.
Hence, the thriving requirement to lower the procurement and maintenance cost, enhancement in asset availability, the snowballing acceptance of such solutions for the effective use of assets, and the demand for a higher return on assets will drive the enterprise asset management industry in the future.
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