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Industry Landscape
The Enterprise Asset Management (EAM) market is experiencing significant growth, driven by the increasing adoption of IoT and AI for predictive maintenance and real-time asset visibility. Companies are seeking EAM solutions to optimize operational efficiency, reduce costs, and extend asset lifespans. Cloud-based solutions and integration with existing enterprise systems are key trends shaping the market.
Total Assets Under Management (AUM)
Enterprise Asset Management Market Size in United States
~$7.5 Billion (Approx. for North America in 2023)
(10-15% CAGR)
- Driving factors include rising demand for operational efficiency.
- Increased adoption of IoT and AI for asset tracking.
- Growth in cloud-based EAM solutions.
Total Addressable Market
7.5 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Digital Twins
Digital twins are virtual replicas of physical assets, systems, or processes that provide real-time insights and predictive capabilities for optimized asset management.
Generative AI for Predictive Maintenance
Generative AI can analyze vast datasets to predict asset failures, optimize maintenance schedules, and even suggest proactive solutions before issues arise.
Edge Computing for IoT
Processing IoT data closer to the source (at the 'edge') reduces latency and enables faster, more efficient real-time asset monitoring and control.
Impactful Policy Frameworks
NIST Cybersecurity Framework 2.0 (2024)
The National Institute of Standards and Technology (NIST) updated its Cybersecurity Framework in 2024 to provide more comprehensive guidance for managing and reducing cybersecurity risks, including supply chain risk management and governance.
This framework impacts Apptricity by necessitating robust cybersecurity features in their EAM solutions to protect sensitive asset data and ensure compliance for their enterprise clients.
California Consumer Privacy Act (CCPA) - as amended by CPRA (2020)
The CCPA, significantly amended by the California Privacy Rights Act (CPRA) in 2020, grants California consumers more control over their personal information and applies to businesses that collect, use, or share data of California residents.
While primarily consumer-focused, the principles of data privacy and transparent data handling can influence how EAM solutions manage personal data associated with field service personnel or asset usage, particularly in terms of data collection and consent.
Energy Efficiency and Conservation Block Grant Program (EECBG) (Ongoing through various acts)
While not a single recent policy, the EECBG program (re-emphasized and funded through various acts like the Infrastructure Investment and Jobs Act) provides grants to local governments for energy efficiency and conservation projects, often involving smart infrastructure and asset upgrades.
This program can stimulate demand for Apptricity's EAM solutions as government entities and their contractors seek to optimize asset performance and track energy consumption for compliance and reporting related to federal grants.
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