The global Enterprise Asset Management (EAM) market size was USD 4.20 Billion in 2022 and is expected to register a rapid revenue CAGR of 10.4% during the forecast period. This growth can be attributed to the rapid advancement of innovative technologies like Artificial Intelligence (AI), Internet of Things (IoT), and data analytics. EAM plays a pivotal role in managing and utilizing a company’s operational assets throughout their lifecycle, and its ability to identify parts of assets that need replacement using IoT, AI, and Machine Learning (ML) tools is driving the market’s revenue growth. The utilization of advanced analytics allows for data insights that aid in decision-making and preventive maintenance, leading to increased productive uptime and reduced operational expenditures.
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