Impact of COVID-19 on the Global Enterprise Asset Management Market
Multiple companies across the globe have adopted enterprise asset management (EAM) solutions for the management of assets, machines, structures, IT, and other project resources. EAM offers accurate management of assets, prevents the glitching of hardware or machines, and further minimizes the machine downtime during operations. Computer-based intelligence is utilized heavily in EAM for improving the information transfers. EAM also supports the evaluation of information from the records. It empowers mid-level enterprises to opt for better solutions in basic leadership processes to gain an edge over their competitors. New opportunities in enterprise asset management are emerging with the growth of IT infrastructure worldwide. The increasing need to prevent system failure downtime along and enhance efficiency is expected to propel the demand for enterprise asset management solutions over the forecast period.
The demand for enterprise asset management has been steady during the COVID-19 pandemic. However, this requirement is anticipated to be hindered by the reduction in industrial expenditure budgets due to full/partial lockdowns imposed worldwide. The lockdowns imposed to contain the pandemic have also resulted in severe losses to businesses across the globe. The lockdowns have placed restrictions on public gatherings at international events, concerts, theatres, and music festivals, which is hampering the market growth. However, government policies for supporting the industries are projected to stimulate the growth of the enterprise asset management market over the forecast timeframe. Moreover, the market is recovering at a significant rate, which can be attributed mainly to the remote working policies adopted by several companies to prevent the spread of COVID-19 at workplaces. However, the industry is expected to face challenges owing to the effects of COVID-19 in the near future.